selling car I have a loan on
I want to sell my 2015 Prius but I still owe money to Toyota Financial. In order to sell I think I would need to pay the car off and wait until I have the title in my name. This is a rather large sum of money. Any suggestions on how others have done this?
Dealer will take into account the final payoff vs how much the car is worth, as long as you don't have 'negative equity' you should be able to trade it towards another car. If the car is now worth less than the total amount of your loan, then you're in bad shape.
You can use the buyers money to pay off the loan. Do the transaction at the lenders office and they will take care of all the paperwork.
If you are trading in the money you owe will be added to the loan for the new vehicle. So you'll be paying for 2 vehicles. One of which you no longer have. You can trade into a lease and the dealer will buy your old vehicle. Provided it's worth more than you owe on it. Selling it privately will be tough. Unless you can make arrangements like F O R said. HTH. -Jim
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