Overhaulin'

Can I sell a financed car for less than balance owed? Sell a car with bank lien on it?

I have a car with a lot of mechanical issues (2002 Olds, Alero with 104,393 miles on it). Have already spent over $2000 this year in repairs and want to get rid of it, however I would rather sell it than surrender it to bank if possible. Only issue is that I doubt I can get what I owe for it (less than $3000). Is there a way I can sell it with balance owed or bank lien on it and pay off balance myself?

Public Comments

1. You will have to talk to the bank, but I have sold a truck and still owed money on it. If your credit is good, the bank will probably convert the balance into a personal loan.
2. Only way to sell it is to have the person buying it go to the lienholder with you and get approved to take over the balance of payments. The buyer cannot get the title (copy of) without doing this. No title equals no way to register it.
3. Anything is negotiable. Al depends how good are you selling.
4. You would need to contact the bank and let them know you want to sell the car. Once you have a buyer, andhave explained to them you have a lein on it, both of you go to the bank. You must pay them the difference between what you owe and what the buyer is paying for the car. They would then release the title to the buyer and you would have no further obligation to them.
5. Hi, You can if the buyer is ready to bear the balance payment. When the lien is on, you can't sell the car without bank's knowledge. Visit http://www.getbestcars.com for some useful info related to your query. Good luck!