Overhaulin'

Im from Chicago and I need to sell my car. I still owe the bank. What is the procedure?

I need to sell it fast. I'm willing to just to transfer the note, and loose my down payment money. RUSH!!! Please give me some advice. Thanks. I live in Chicago, Illinois

Public Comments

1. I'm sorry I can't give you advice but plz don't report abuse.
2. Most banks won't let you transfer the note. That type of loan is called "assumable". After you find a buyer for your car you will need to pay off the bank to release the title. Then you sign the title over to the new buyer.
3. Don't tell any prospective buyers that you need to sell it fast -- they'll lowball you. Just sell it for whatever you can get and pay the bank, get title, sign it over.
4. I was actually going to say that you could always turn the payments over the person that buys it. Thats how my brother-n-law got his car. See he made the next payment that was due and the man turned the car over to him. The payment was like 200.00 dollars. Thats all the man was asking for it because that was the next payment for the car. Do you live in Oklahoma?