#1
Hey all, I still owe money to the bank for my car loan. Could I sell the car even though the bank has the title?

This is the first car I'm going to sell so I'm just looking for some advice.

Thanks!
#2
Yes but you have to pay off the lien before you can transfer the title to the new owner.
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#3
i think you should ask your bank. thats the only way to be sure. never ever take advice from the pit on these things or you will definitely get screwed over you should know this you're from ´05
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#4
Quote by Jackal58
Yes but you have to pay off the lien before you can transfer the title to the new owner.


So I can use the buyers money to pay off the loan, and then transfer the title over?
#5
Quote by hairsprayqueen
So I can use the buyers money to pay off the loan, and then transfer the title over?

Yes sir. That's typically the way it's done when selling a vehicle that still has a lien on it.
I've done it a couple times. Requires a bit of patience and understanding on the buyers part but it typically doesn't take very long to have the title cleared.
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#6
Don't know how it works in other countries, so are you in the UK? If so, did you:
a) get a loan from your bank which you used to pay for the car?
b) set up a finance agreement with the dealership you purchased the car from?

If it was A, then it is most likely an unsecured loan which has no direct relationship with the car so you are free to sell the car and do whatever you want, but you will still have to keep paying the bank until the loan is cleared.

If it was B, then you can't sell the car as the finance agreement will be directly linked with the car so you cannot sell it until after the agreement has been settled. If this is the case, the only option is to trade the car in with a dealer who will settle the outstanding finance as a part of the deal.
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Last edited by GaryBillington at Jan 15, 2012,