How to sell my damaged car ?

Poppy

The lender legally owns the vehicle, not you. You can’t sell it without their permission.

Rick B

I am certain that your car is worth less than you owe on it. That means that you can't sell it unless you are able to come up with the difference to pay it in full. For example, if you owe $5,000 and someone is willing to pay you $4,000 for it, you would need to come up with the extra $1,000. This is why you don't finance depreciating assets. And if you do, you fix any damage when it occurs. You also finance it for a very very short term and you put lots of money down. In short, you are unlikely to get out of this car until you pay it off.

Robert

you will agree on a price, he will pay it to you and you will pay off the loan.

Anonymous

Your loan contract was set by you using your credit rating and the bank. The dude buying the car may have a credit rating that has "tanked" He could not get a loan from anyone. He has to pay cash. Your car is damaged so he is not going to pay you the new price you paid for it. You are going to take a loss. The new buyer does not have to buy your car as the guy down your street has the same car in better shape FOR LESS MONEY...so he is going to buy that one. . You have to expect to take less money for your car than you paid because of your damage. This loss comes out of your bank account to pay the difference.

Ninefinger's Leaky GayAnus

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Sunsu

If you can get the car for FREE (there are people that are sick of their car so tow it away and it is yours). Not many, but it happens...or $50 BUT THEN YOU "GOT TO BUY INSURANCE" & gas & tires(maybe) and coolant and oil. The car is "Your B*tch" When she wants, you take care of it. . You need a second or 3rd job just to satisfy your car. . It is like a dead weight around your neck. You are essentially only able to afford a pedal bicycle. It is cheaper.

ElGrande

In order to do it legally, you have to pay off the current loan before you can transfer ownership. If you are selling it for less than you owe, you still need the cash to cover the difference. If you have the cash, and the lender is local, you would meet the buyer there and usually the bank can get them a title that can be signed over. If you try it any other way, the sale will be stopped somewhere along the line. If you tried to "just have them take over payments", YOU are still liable for everything... car stays in YOUR name, insurance stays in YOUR name. You cannot transfer ownership or liability if you try to do this. Usually, the whole "take over payments" crap is just for desperate people who are begging to get out from under a payment. If the buyer wants to get their own loan, they would go to their lender and see if they would be given one for the sale price. (The whole answer above involving an "encumbrance" is incorrect. You would not be able to keep paying on a loan for an asset you don't have, and you wouldn't have a title to sign over until the loan was paid in full and the lender sent one.)

arther

The first thing a person does before looking at any used car is find out if there is any money owing on the car or leans if there is that car isn't worth wasting your time with I can tell you from previous experience. IF the loan isn't paid the car won't have been serviced and it will be a shitheap in your case the car sounds like a damaged shitheap. pay out the loan. Why hasn't your insurance sorted it if was in an accident?

AlCapone

If you sell your car, YOU use the money to pay off YOUR loan. If the money is not enough to fully pay off YOUR loan, then YOU must come up with the extra money to fully pay it off. A buyer would have to get his own loan to buy the car.

KayleenR

what ever happens you need to pay off the loan. You cant expect the new owner to pay it off

Anonymous

Wait until you get the insurance settlement, then figure out what to do. A buyer obviously won't give you anywhere near what you owe on it because it is damaged, so you will have to come up with the difference to pay off your loan. You cannot sell it with a loan still on it. A car dealer isn't likely to take it as a trade in if the damage is too bad. So, wait and see what the insurance company does and then come up with a plan. In the mean time, stop freaking out about it. No problems get solved by worrying.

amy lynn

YOU must pay off YOUR LOAN in order to sell the car. You CAN NOT let someone else take over the payments on YOUR LOAN. Basically, you need to sell the car for enough money to pay off the loan that you owe. How the other person comes up with the money to pay you for the car is up to them to figure out.

Anonymous

Not a big problem. You can sell the car with an encumbrance. You give the buyer the car and the title, with the agreement you will pay off the loan and thus have the encumbrance removed. It is a snag only. If the lender has an office in your town you could probably take care of it there, the three of you. As for the selling part, you should consider having it repaired first. It depends on the value of the car and the cost of repair. But in dealing with a buyer, by no means bring this little hangup into the negotiations. Otherwise you will lose you keister. After the deal is agreed upon then this little matter. You will need to go first to the lender and find out the process. You could also ask their advice about the transfer.