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How to Sell a Vehicle you Still Owe Money on

By: Used Car Guys, On: February 27, 2018, Categories: Daily Blogs, Comments: no responses

It is already a hard task to sell a vehicle. But to sell one that you still owe money on is even more daunting. Fortunately, this is not an uncommon thing to do. Sure, it is easier to sell a car that you have the full ownership of.

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However, selling a car with money still owing isn’t impossible. There are a few options you have at your disposal to help you do this without spoiling your credit.

A successful sale can take place using one of two options:

  1. Make a transfer to the buyer of the vehicle’s title: Choose a safe and easy method for transferring the car’s title to the buyer.
  2. Use the money that you get from the sale to complete all the payments you have owing on the vehicle.

A few factors will have an effect on the process as a whole. One factor is where the debt is being held. The other is who you are selling the car to. Perhaps you are selling it via private sale, or maybe you are selling it to a dealership.

The following tips may help you to do this:

Get Advice from your Lender

Ask the lender that you have borrowed money from what options you have for freeing the car in question from the loan so you can sell it. This is a normal occurrence for them so they will be able to give you good guidance. All you need to do is contact them and ask for guidance with selling a car that has money owing on it. It is also a good idea to actually visit them in person. This can make the transaction run smoothly. Enquire as to whether you will need to pay penalties, along how long it will take for the title to be processed.

Get an Official Payoff Amount

You will need to know exactly how much money you owe on the vehicle.

Get the Debt Removed

You cannot sell an automobile that has an outstanding loan. Therefore you have to get rid of this debt before you sell it. Secure a “payoff amount” from the lender in question, and you will then have a good idea of how much money you need to pay.

Get a Payoff Letter

Have your lender send you a special payoff letter. It will tell you how much the payoff amount varies throughout the weekdays, along with information on how to pay the unpaid money.

Clear Title

Get the title transferred to the buyer. This is done so that the sale can be completed as fast as possible. You will most likely have to sing the papers.

Trade-in at Scrap Dealership in Brisbane

Sounds weird but trading it in at a Scrap dealership is a lot easier than selling privately & good way to get the top dollars for vehicles. This is for a few different reasons. First of all you need to know how much auto wreckers pay for scrap cars in Brisbane. One reason is that they do this all the time. Another is that they will complete the paperwork for you. You may even be able to do it without purchasing one of their cars.

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