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Selling a car with a car loan

Selling a car with a car loan

Old Sep 20th 2010, 2:32 pm
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Default Selling a car with a car loan

I've dug through some other posts here but still slightly confused.

From what I can see, if I want to sell a car with an outstanding car loan on it, I have to pay off the entire loan first before I can sell it? Is this correct?

Is there no way to use the proceeds of selling the car to pay off the loan directly?
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Old Sep 20th 2010, 3:02 pm
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Default Re: Selling a car with a car loan

Originally Posted by ctfc View Post
I've dug through some other posts here but still slightly confused.

From what I can see, if I want to sell a car with an outstanding car loan on it, I have to pay off the entire loan first before I can sell it? Is this correct?

Is there no way to use the proceeds of selling the car to pay off the loan directly?
Find your buyer, take him to the bank and settle the loan retaining any extra monies. Get letter from bank and then transfer title at RTA and give buyer car while merrily waving him/her on their way.

Simples really...well for this part of the world anyway.
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Old Sep 20th 2010, 3:55 pm
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Default Re: Selling a car with a car loan

Originally Posted by ctfc View Post
I've dug through some other posts here but still slightly confused.

From what I can see, if I want to sell a car with an outstanding car loan on it, I have to pay off the entire loan first before I can sell it? Is this correct?

Is there no way to use the proceeds of selling the car to pay off the loan directly?
no you have to show to traffic that mortgage is paid off. sometimes the new owner can take over the payments etc. but as the prices have come down i suspect that the payments will be more, also you have to factor in the fact that some people cannot get loans.
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