Selling Car Upside Down on Loan-Help

iVillage Member
Registered: 12-26-2005
Selling Car Upside Down on Loan-Help
4
Fri, 08-01-2008 - 11:57am

When looking at our budget, selling my husbands car would greatly help out. It is a 2007 Dodge Magnum with a loan balance of $19500, the private seller balance is $17000. How would you go about selling a car you owe more in than its worth. I know the additional amount would need to be paid, but how do you sell someone a car that the title still shows a lienholder? Anyone ever done this before? Needing some guidance.

Thanks



iVillage Member
Registered: 01-25-2006
Fri, 08-01-2008 - 1:03pm

I am assuming you do not have the cash to pay the difference.

iVillage Member
Registered: 12-26-2005
Fri, 08-01-2008 - 2:10pm

I think I can find the difference. It should be around $2500. So the buyer would need to get temp tags while the title is cleared. The bank we hold the loan through has local branches, do you think you can payoff the car there with the buyers money and the difference. I know they submit a lien release letter and we have the title here. Missouri started sending the title to you even if theres a lien. Just trying to get things figured out, Ive never done this before. If I could sell it that would save us $363.00 a month. My husband works at a body shop so he can fix up a damaged vehicle for cheap. My van will be paid off in Feb so then we would be car payment free.

Any information is greatly appreciated.



iVillage Member
Registered: 11-17-2007
Fri, 08-01-2008 - 3:23pm

We sold a car many years ago less then the lein If I remember right what we did is go to the finance company that

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Fri, 08-01-2008 - 3:45pm
We did this a few years ago.

All my best,
Danni