Q:
How Do You Sell a Car That Is Still Financed?
A:
Quick Answer
To sell a car that is still financed, sellers must determine the pay-off amount and include that in the selling price. This is done by contacting the bank or lender.
Continue ReadingFull Answer
To sell the car, the seller must use the buyer's money to pay the lender.
- Visit the bank
- Pay off the car
- Sign the Title
The first step is for the user to meet with the buyer at the bank or lender's office.
There are two options at the bank, the seller can pay off the loan with their own money and then sell the car to the buyer. The buyer can also pay the bank directly to pay off the loan.
After the loan is paid, both the buyer and seller will complete the information required to transfer the title.
Sources:
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