Selling a 2004 pontiac grand am.....?

Question

What is the best way to sell a car that still has a loan on it????

I bought a 2004 Pontiac Grand AM for my now Ex. I got the car back from him and now I'm not sure what I should do. I cannot keep it I already have my own car and my own payments to make. I just bought it in January so the loan on it is new and it was for 5 years at the time I bought it.

Any suggestions would be appreciated!! :)

Answer 1

Your best choice is to try to sell it to someone else, but the problem is will you get what you owe on the car.  If not you will have to get a loan to cover the difference between your selling price and the amount on the car loan, that way you can hand the new owner a clear title to the car.  Do not let it get repossessed it will destroy your credit and they will sell the car a wholesale and sue you for the difference.