0
Do the best you can to get what you owe for the sale price. If you can't get that much for it, you will have to pay the difference on the loan. Once the loan is paid off, you will get the title in the mail. Sign it over to the buyer and give them the keys. In the mean time, once the deal is made and money is handed over, have a "bill of sale" ready for them with both signatures (keep a copy). You can download an auto bill of sale form in the related links below that's compliant with your state's laws.
If you are talking about getting the title so you can sell it yourself without trading to a dealer for a lower sale price, then go to the bank and get a signature loan, or even a cash advance place if you don't owe a lot on your vehicle. Use the cash from the loan to pay off your vehicle. You have replaced your first loan with a second loan, but now you have the title to sell your vehicle yourself.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Your vehicle gets repossed you owe 11000 they your vehicle gets repossed in Ohio you owe 11000 and they sell it for 6000 do you have to pay the 5000 dollar difference sell it for 6000 do you have to p?
you usually do. it happened to my brother.
Can you still owe money after your car is repossessed because of the recall?
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
How do i sell a wrecked car i still owe money on?
You cannot sell a car you have a loan on if the lender has a lien on the vehicle. You will need permission from the lien holder to sell the car. If the lender has no lien on the vehicle then you can sell it if you wish. The title will list any lien holder.
What if sell the car but owe on it?
If you owe money on the car you cannot legally sell it without the lender signing a release form removing the lien on the vehicle. The lender actually owns the car, not you. Once you make the last payment the cars is yours.
If you voluntary give back your vehicle repo and they resale it any way they want do you still owe the whole bal or the difference?
You will generally owe the difference between the outstanding balance on the loan and what they were able to sell the car for.
If you sell a car and you owe the creditor do you have to pay them the amount the car was sold for?
If you sell a car you owe a creditor a balance on, you pay the creditor the amount you owe him in order to get the title to the vehicle to turn over to your buyer. Anything over the balance owed to the creditor is yours to keep, assuming you sold it for more than you owed on it. If you sold it for less than you owe on it you will have to pay the additional amount out of your pocket to get the title.
How do you get rid of a car on which you still owe money?
Sell it privately for what you owe on it.
Can you trade in your car and get the same for it if you still owe on it?
This is tricky. If you trade in your car and get what you owe on it, it is likely you are paying more for your new vehicle (they always mark up the price to equal everything out). If they only give you what the vehicle is worth by blue book value, then they will give you a better deal on the new vehicle. If you want the best deal, then sell the car person-to-person and then buy yourself a new vehicle.
Is it possible to sell a motorcycle that you owe money on Is there any way to simply sell the bike for it's current value and still retain the extra debt owed to the dealer?
If you owe money on the motorcycle then the lender has a lien on the vehicle. You cannot sell it without the permission of the lien holder. You need to contact the dealer holding the loan and see if they can help you.
How are funds distributed after sell of repossessed vehicle?
Whatever the sale of the auction is the bank will take it and pay the cost for the auction and whatever the balance is will be applied to what is owed. So if your car sells for $9 thousand, and the cost is $1k to sell $8k is applied to the balance of the car. If you owe $12k minus $8k you will owe $4k.
How do you sell a vehicle that is still being financed?
Yes, you can sell a vehicle that is still being financed. You will need to pay the loan company the balance of the loan with the sale proceeds in order to give the buyer a clear title. If you have to sell the car for less than you owe, you will be responsible for paying the balance out of your own pocket in order to transact a legal sale.
When you vehicle is reposed are you financially responsible to pay the bank anything?
When your car is repossessed from the bank, the bank will sell it, usually at an auction. You are responsible for the difference of the selling price and what you owe on the car.
