? asked in Cars & TransportationBuying & Selling · 1 decade ago

can i sell a car i bought from a dealer?

i got it financed and am under contract with a lender . i am trying to get out of the contract. someone told me to sell it ???

i was given another car and want to now rid myself of the monthly payment and the car. so can i sell it and get the highest amount and pay the amount left over in order to pay the principal amount of the loan will this plan work can u make any other suggestions besides just not paying it and damaging my credit

Update:

this is my real question

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does car max work has another done this process !!!!!!!! of selling car and paying off negative equity

3 Answers

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  • 1 decade ago
    Favorite Answer

    Of course you can sell the car. Take the money the buyer gives you and go to the bank and pay off the loan. If you sold the car for a lose you will be responsible for the difference. Once the loan is paid off the bank will issue you a title. When you receive the title, sign it over to the new owner. The whole transaction should take less than a week.

  • 1 decade ago

    Selling a car on hire purchase.

    You must sell the car for an amount equal or higher than what is owed on it. (Ring finance co for a payout figure.)

    Tell the buyer that there is money still owing, he then pays out the finance co first, and the residue to you,

    finance co will then have there name removed from the reg so it can be transfered to new owner.

    Failing to tell a buyer a vehicle is encumbered is illegal, and can see you in big trouble.

  • 1 decade ago

    If you sell the car, you will have to get the title quickly and transfer it to the new owners. I don't know how fast it'll work when dealing with a lender

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