Questions about paying off the loan
 

Recently I got a loan for a car I recently purchased but now I decided to leave the country so I want to sell my car. I want to know if I'm going to pay off the loan do I still need to pay the full interest?

no, you'll only have to pay the interest for the amount of time you've had the money. Easier than asking us is go ask whoever you financed the car with and they'll give you an exact payout number.

just flee and not pay a dime!

I'll give you wholesale value for your car..

wholesale? How much it worth for a 02 S2k?

if the car is financed its not owned by him its owned by the bank. he has no decision in whom he can sell the vehicle to until the debt is paid in FULL plus interest.

yeah but that's his prob.. I give him wholesale, and then he compensates for the balance to pay off the loan.

Finance companies don't want the car back.. they want the money.. You can sell the car to anyone you want as long as you get bank approval.

He can sell the car to whoever he wants to sell the car to, he has to have the money though to pay back the loan. He could still even pay the loan and not have the car anymore. I know people who have done that. Its stupid Yes, but it's been done.

When leasing you can't do this. You have to have the leasing companies permission to transfer the lease and they have to meet the leasing requirements of that company. Plus pay applicable taxes and transfer fee's.

not true.

if it's financed you own the car, but the bank has a secured interest in the vehicle also known as a lien. It is secured because it is registered, and they will take precidence over other unsecured interests in the vehicles such as if it was left at a mechanic for work and the owner never paid... if the car was to be sold the bank gets first dibs on the cash because their secured... the mechanic would get paid from what was left over.

if your car is lease THEN the leasing body owns the car.

however in both cases you can sell the car to whoever you want, and discharge the loan/lease in the process.