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Can a car be sold if the loan is not paid off?In: Car Selling |
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Answer
Yes.
You can sell the car. At the time of the sale when you know you will be recieving funds, call the bank and ask them for a "10-day payoff" this is the amount owed to pay off the loan 10 days from now.
Once you sign the title over to the buyer and recieve the money, You are obligated to pay off the car at your bank. You want them to get the money within 10 days so you don't end up owing more than the "10 day payoff" you requested. Interest accumulates daily so that's not a big deal anyway.
If you do not pay the car off at the bank, when the person tries to title the car in thier name, it will come up as "Lien not satisfied" in the states' database and they will not be able to register the car in thier name.
First answer by Jamieplantz. Last edit by Jamieplantz. Contributor trust: 15 [recommend contributor]. Question popularity: 7 [recommend question]
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