Car update

[neadods]

Subaru Annapolis just replaced my catalytic converter. For free. The repair guy swears that there is absolutely nothing else that will fail.

I don't believe him, but I'm going to give it a shot.

In the meantime... if I decide to sell this bugger, does anyone have any experience in selling a car that you're still making payments on? I assume there's a way of transferring financing, but I'm not familiar with the mechanics.

Comments

[fiona64.livejournal.com]

In the meantime... if I decide to sell this bugger, does anyone have any experience in selling a car that you're still making payments on? I assume there's a way of transferring financing, but I'm not familiar with the mechanics.


It depends on the circumstances, actually. If you trade the car in with a dealer, the financing on your new car will include the "payoff" on your trade-in that is above the credit the dealer is giving you. If you are selling it privately, your best bet is to sell it for what you owe and directly pay off your car note. The buying party can worry about the financing at his or her end.

[karenmiller.livejournal.com]

Not a clue. But I'm very pleased the damned thing's fixed ... at least for now ...

selling a car you owe $s on

[fandance.livejournal.com]

When you get a car loan, the lender places a lien on the title to your car. You have to clear the lien by paying off the loan, refinancing, etc, when you sell the car. This is because the car is collateral for the loan.

If you work with a dealer, they can roll the loan over into a new loan (secured by the new vehicle). If you do a private sale, you will have to figure out some way to pay off the loan in full to clear the lien off the title or your buyer, when they go to claim title to the car (which they have to do in order to register the car and get license plates), will have some problems, and will be back to see you.

In short, it can be done. But there are those pesky details.