How can I sell the car I bought in November when I still owe money on it?

Question

The month after I purchased it, I found out that I'm pregnant with my 3rd child and the car is no longer large enough. I've paid my payments on time and have good credit, but I need to sell it in order to get something else.

Answer 1

start making double payments right now, this will help with the negative equity you have....trust me, you do.  Call your finance company and find out the pay off of the car, and compare that to the trade in value, and private party sales value.  figure out how much "upside down" you are.    Now figure how long it will take to shrink that gap to a manageable level before the baby arrives.  Remember, you don't need the car until the baby gets here, you have some time, use it wisely.  If you can get the negative equity down real low you will be in better position to get what you want and as apposed to getting what you can only afford.

Answer 2

I bought a car from an individual a few years ago that had it financed with an out of town bank. We used a speaker phone while she verified the pay off for the car. She wrote a check for the payoff and handed it to me to mail. I paid her and in a week she had the title and signed it over to me.

I do not know if there is a better way, but that is how we handled it and it went smoothly.

Answer 3

Chances are, you owe more on the vehicle than it's worth. The difference is called negative equity. This is going to be your problem, not your credit.  If you trade the vehicle in the difference between the amount the dealer gives you for trade in value and the loan balance can be rolled into the new loan. But just because you can do it, doesn't mean it's a good idea to do it. It will make your new vehicle payment higher and it will make it even more difficult to get rid of the car before it's paid off.

Answer 4

of course you can sell it.  The lien will have to satisfied before you can give the title to the new owner but that is done thousands of times each day.  Your loan company can tell you the procedure