Currently financing 2005 Pontiac & can't afford it, we're expecting a baby!!!?

Question

In July 2005 I purchased a 2005 Pontiac Pursuit, I love the car but I can' t afford it any more, especially that I'm not using it very often & we're expecting a baby and would like to be deibts free. I would like to sell my car but HSBC will not allow me because it's financed, & they tell me that I have to pay it off first then I can sell it. I can't pay it off, & I can't get another loan because I'm trying to get out of loans. Does anyone have any idea how do I go about selling my car ASAP? Thank you!!

Answer 1

As long as it was a purchase and not a lease, you can.

Call HSBC (again) and you should be able to do a 3 way transaction at the time of sales.  I've done this when I bought my friend's car.

Good Luck...

Answer 2

SELL THE CAR!!! when you sell the car go to the loan company with the buyer,money in hand pay off the loan,get a release of intrest from loan company. and sign title over to buyer.check with loan company ,they may only take a cashiers check or cash. its your car and you can sell it as long as the loan is satisfied at time of sale.

Answer 3

If your selling price of the car exceeds the payoff amount that you owe HSBC, you can sell the car.  The car is titled to HSBC so you will have to secure enough funds with the buyer's money to get the title transferred from HSBC to the new buyer.  If the payoff to HSBC is greater then your selling price, you have to come up with the difference.  Then you do the same thing ... take the buyer's money and the difference that you come up with, go to HSBC...pay them off so that they release the title and you transfer it to the buyer.

Answer 4

You can go to a car buyer and they will pay off the loan. This is assuming you are not upside down financially in the car. You do not have to pay it off first. You can also trade the car in on a cheaper one. Just make sure you do the math correctly and make sure you aren't worse off after the new transaction. Be careful and good luck.