Overhaulin'

Is this type of car sale legal?

I am contemplating having someone take over payments of a vehicle that I want to sell but still owe money on the bank loan. I was thinking of asking for a down payment approx. $1000. It is for an 04 Dodge Dakota SLT Crew Cab. It's got around 100,00mls on it, and I still owe $4600. Is this legally ok, and if so advisable? Please let me know if you have experience with this.

Public Comments

1. This is completely illegal and one of the worst possible decisions you could ever make. Don't Do It!!!! The loan is assigned to you. You are the only one legally responsible for the loan. If the person you gave the car to stopped paying it comes back to YOU. If they wreck the car, it comes back to you, because you are the legal owner. If the car gets tickets they are issued to you, because you are the legal owner of the vehicle. If they want your truck tell them to go get a loan and pay the bank, not you. If they can't afford the car then don't sell it to them.
2. No, it isn't. You cannot legally sell what you don't legally own. As long as money is owed on it, you don't legally own it. You need to be able to convey clear title to the buyer at the time of sale. Otherwise, the buyer is driving around in a car you are financially and legally responsible for. He won't be able to insure or register it, either.
3. NO, NEVER You don't own the car, the bank does. Until you pay the bank off, the banks owns the car. You can not sell something you don't own.
4. 100% illegal. You can't sell a vehicle without the owners permission. Your lender is still the owner of the vehicle if you are still making payments on it.