Selling Car Upside Down on Loan-Help
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Selling Car Upside Down on Loan-Help
| 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


I am assuming you do not have the cash to pay the difference.
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.
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
All my best,
Danni