Questions about paying off the loan
22-Aug-2006, 03:24 PM
#1
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Join Date: Mar 2003
Posts: 19
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?
22-Aug-2006, 10:33 PM
#6
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Join Date: Apr 2002
Location: Moon
Posts: 8,921
Originally posted by Cablerat
I'll give you wholesale value for your car..
I'll give you wholesale value for your car..
22-Aug-2006, 11:21 PM
#7
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Join Date: Dec 2002
Location: Pickering
Posts: 3,984
Originally posted by Team Rukus
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.
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.
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.
23-Aug-2006, 01:22 AM
#8
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Join Date: Aug 2005
Location: Windsor
Posts: 2,641
Originally posted by Team Rukus
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.
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.
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.
23-Aug-2006, 01:27 AM
#9
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Join Date: Aug 2002
Location: Mississauga
Posts: 13,184
Originally posted by Team Rukus
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.
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.
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.
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