Will an automobile buyer be willing to buy my car knowing that the lien

[Andre]

will still be attached? I owe about $7900 on my 2000 BMW 323i for the next two years at a rate of 10.84 percent. Given my current situation, I have decided to list it for $6500, which is market value less repairs. I believe that this is the cheapest option. The option I want to avoid is to have to keep making car payments and repairs for the next two years.

I will still owe $1400 after someone agrees to pay $6500 for my car. Has anyone been in a similar situation? Should I work out a payment plan with the bank or the buyer? Will the bank want all $1400 up front (cash I do not have)? Can the buyer get an auto loan for the full amount of my loan and I can reimburse him/her later? What else do you suggest?

 

[Patrick]

The $1400 difference doesn't just disappear. You need to contact the bank and tell them what you propose to do. Maybe you can get a personal loan to cover the difference. You should make sure prospective buyers know there is a lein on it.

 

[Patrick]

The $1400 difference doesn't just disappear. You need to contact the bank and tell them what you propose to do. Maybe you can get a personal loan to cover the difference. You should make sure prospective buyers know there is a lein on it.

 

[nj2pa2nc]

you will not be able to get a clean title until the loan is paid off. i doubt anyone will be willing to get a loan for a larger amount that the car is worth or even willing to buy the car for more than it is worth. actually i really do not think they will be able to get a loan. i think you are stuck unless you can find some fool around. good luck.

 

[Andrew P]

You cant tranfer the title unless the buyer agrees to take on the responsibility for the whole amount. You cant sell it, and still owe on it afetr the sale.