If your privately sell a car for less tehn what you own do you have pay the difference off right away?

Question

I have a car that I owe 16,700 on I would be lucky to get 14,000 on it selling it privately

With that said if I sell it privately do have to pay the bank the 2,700 I owe right away or can I just pay it off in installment payments?

Thanks to all who answer

Answer 1

Yes. You have to pay off the ENTIRE loan in order to get the title released so you can transfer the title to the new owner. Nobody is going to pay you cash for a car and have to wait for you to pay off the loan before he/she can get the title.

Answer 2

You would need to pay the whole loan off if you want the title from them.

We always warn people not to buy a car without seeing the title. A buyer would expect to get the title when they pay you for the car. They can not register it in their name without the title.