Washington Business Daily

How do I sell my car while still making payments on it to the bank?

Im about a year into my 4 year plan on making payments on my car. I want to get another car, and so sell this one. I want to know how I would go about either signing over the payments so some one else, Or being able to get money from the person who may buy my car and give it to the bank. I dont know how the process goes, or the rules of the contract. Any advice?

Public Comments

1. you got it right, just ask the bank
2. Call the bank for the payoff amount first. When you sell the car, arrange with the buyer and the bank to meet at the bank. The seller gives the bank their money and any extra to you, or if your loan is upside down like most car loans are after only a year, you would pay the bank the remainder owed. The buyer doesn't have to wonder if you will actually go to the bank with their money and you don't have to come up with the entire loan amount to clear the title.