Friday, November 6, 2009

If I owe $16k on my car and get $14k for it, will I owe the bank $2,000, like a personal loan? Hows it work?

I am selling my car to a private seller, and will be upside down about $2000 - $2500. Do I have to pay that off to the bank once the title is moved to new owner, how does it work?
If I owe $16k on my car and get $14k for it, will I owe the bank $2,000, like a personal loan? Hows it work?
yes you will still owe that to the bank. There will also be a fee for paying off the loan early or a transfer fee.
If I owe $16k on my car and get $14k for it, will I owe the bank $2,000, like a personal loan? Hows it work?
You must keep paying the bank until "YOUR" loan is satisfied.
Reply:You will have to pay the car in full to sell it because the bank will not release it's lean on it until then and the new owner will not be able to transfer the title to their name.
Reply:You are what they call "backwards" in the car. The entire loan balance will need to be paid in full before the bank will release the title. So to sell your car you will need to come up with the difference. Good luck.


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