Selling financed car to private party?

I currently owe about $14000 on my car. However, my car is only worth about $12000. I was stupid when I bought the car and it%26#039;s just too expensive for me now so, I want to get rid of it. Trading the car in is not an option so, I want to sell it to a private party.





Basically, if I sold the car for $12000, I would still have $2000 floating around on a car that I just sold and I don%26#039;t think the bank would go for that. Could I obtain an installment loan for the remaining balance, or is there another more simple way? And if a loan option would work, how could I protect both me and the buyer since, I still would have to pay the $2000 before they received the title.
Selling financed car to private party?
You will need to come up with the $2000 to supply to the company. The new buyer will not be able to insure or register the vehicle with out the title. You can not legaly sell a car that has a loan on it (unless someone is takeing over the payments and this has been established with your lender). Unfortunatally... you may want to go to your bank... take out a loan for $2000, pay off the loan on the car... and from there pay your bank back. This way there is no mess between you and the buyer. Good luck.
Selling financed car to private party?
If you don%26#039;t have the cash to pay off the loan balance you will need a loan. Your bank should work with you to get you out from under the expensive car and the negative equity. If they won%26#039;t, shop around, there are plenty of available options for low interest small loans.





Once you obtain the loan you%26#039;ll get a check that you can apply to the car and pay off the loan. Just make sure the loan you get and the amount of money you get from selling the car are enough to cover the full balance due on the car loan.





Just meet the buyer at your bank, take his money and the check you got from your personal loan and put them together and pay off the car in full. The bank will process the paperwork and send the title directly to the new owner.
Reply:Ok here is the deal. You HAVE to pay of the lender. So get the loan for the two grand from someone. THEN you can sell the car for $12000. Try and get more if you can...then you can sell the car, send their 12 grand and your 2 grand to the lender...they will send you the title THEN you are done. Then just pay off the person who gave you the two grand. Thats it. YOU CAN NOT SELL THAT CAR TO ANYONE WITHOUT PAYING THE ENTIRE AMOUNT TO THE LENDER.
Reply:Cars are sold by title, and you don%26#039;t have a clear title since you owe the bank money.





So, gather up $2 grand to go with the $12 grand you can get from the sale. You and the buyer go to the bank together, he hands them $12 grand, you hand them $2 grand, they hand you the title or the lien release, depending on the way it works in your state, and you sign it over to the buyer.