[Marine Wife] asked: We have a loan on a car and we owe about $10,000. We would like to get rid of the car and get something newer with a warranty. After we bought the car we found out there was more wrong with it, than the carfax report and the seller told us. We would like to get rid of it and we know it’s not worth a whole lot. By the time we sell it in a couple months we will have a little more money saved up and could put about $3,000 on the loan. That would bring the car loan down to $7,000 and we know someone would definately buy it for that because we posted it on craigslist and people are willing to pay roughly or a little over $8,000. What I’m wondering is….say we find a buyer that meets the amount owed on the loan. Could we sell the car and pay the loan off? Also, we do have the title in hand.
I know we will take a big dive on the car, but we are just wanting to get rid of it.
It’s leal to sell it though?
We still have the title because we need to get a new steering wheel air bag. We really dont have a use for it because it’s not turned on and we are looking for and pricing air bags now. Once the air bag gets put in, it goes to the bank.
car title loan
