Selling car with loan still on it
Asked by Ang133strohl Feb 23, 2019 at 06:22 PM about the 2014 Cadillac XTS Platinum AWD
Question type: Car Selling & Trading In
Someone offered me 10,000 but my whole loan amount is 23,000 so my
question is if i accept the offer. will i no longer be responsible for the loan and
the car? Or will i have to pay off any amount
4 Answers
You signed the loan and you are responsible for the 13 grand difference!
Ang133strohl answered 5 years ago
Right but when I asked car grurus they said Autopay will work with the lien holder to get the lien paid off and the title released to the buyer? So i would still be responsible?
Yes you are responsible .There is no getting out of your debt. AutoPay is not a welfare agency. What could happen is you would have to take out another loan to pay off the car or if you are buying another car the balance gets rolled over into the new loan which makes your payments even bigger. You may want to reconsider selling the car until you have positive equity.
