If you buy a car and still owe money to the bank and then privately sell the car can the loan go from being in your name to the other person?

Answer

That's strictly between the holder of the note and the buyer of the car. The holder of the note also holds the title, so you need them to be part of the transaction. The buyer either needs to pay off your loan or re-assume it in his own name. And remember, it's now a "used car" for financial purposes, and subject to a higher interest rate, probably.

Improve Answer Discuss the question "If you buy a car and still owe money to the bank and then privately sell the car can the loan go from being in your name to the other person?" Watch Question

First answer by don motorhead. Last edit by don motorhead. Question popularity: 109 [recommend question]


Research your answer:

Answers.com > Wiki Answers > Categories > Cars and Vehicles > Car Selling > If you buy a car and still owe money to the bank and then privately sell the car can the loan go from being in your name to the other person?

Our contributors said this page should be displayed for the questions below. (Where do these come from)
If any of these are not a genuine rephrasing of the question, please help out and edit these alternates.
Owe money on car?  How do you buy a car that has a loan?  Can you sell a non-paid off car privately?  You want to sell your car but still owe on it?  What happens if you die and still owe a car loan?  How do you buy a car on which you still owe money?  How do you sell a car and someone assumes the loan?  Can you sell a car for less than what you owe on it?  How do sell a car for less than you owe for a new car?  If you have a car loan with a bank can you sell the car?  How do you sell your car privately when you still owe on it?  How do you buy a car if a person owes on a car and you want to get a loan?  How do you sell a car on which you still owe money if the lender is out of state?  Can main person on the deed sell the car if they do not have custodey of the car?  The emeron first national bank is lending you money to buy a new car the loan agreement will probably state that you must carry what insurance?  The emerson first national bank islending you money to buy a new car the loan agreement will probably state that you must carry insurance?  The Emerson First National Bank is lending you money to buy a new car The loan agreement will probably state that you must carry?  You bought a car privately 17months ago and have found out they still owe money on it what should you do?