Overhaulin'

Can i sell my car to a private party, then keep the cash?

i am trying to get some cash to pay my debt off , and make it just one payment. can i sell my car and instead of paying of the loan, can i just keep making the payments? so it would be just one payment. or u got any better ideas. im on disability, i have horrible credit but i realy need the extra cash and have only one payment.

Public Comments

1. ya sure
2. If you are making payments on a car, then you do not hold the title. If you do not hold the title, you cannot sell the car. If your debt is truly unmanageable and you don't need the car, then consider letting the bank take your car back and stop paying on that at least. Ideally, you should talk to a reputable debt-management company and try to schedule reasonable debt payments.
3. Actually the car is not your property to dispose of until you own it. If in fact you do sell it you will need to show proof of ownership. You would be committing a fraud if you sold it to a third party when you don't yet own it. You certainly could not keep the cash because this rightfully would belong to the credit company you obtained the loan from.
4. Its true you can't sell it because you haven't paid for it yet. but there are options..... You could make arrangements and have someone else make the payments for you. you could make your own "lease" contract and get a cash security deposit up front and let them continue the car payments for you. or try to sell the car for MORE than you owe so you get extra cash and you pay the bank for the title. if you owe TOO much on the car, you really have limited choices.