can I sell you my car if I still owe money on it?
Asked by Guru9P9XW2 Jun 07, 2022 at 01:59 PM about the 2021 Honda CR-V EX AWD
Question type: Car Selling & Trading In
say I owe $10,000, your offer is $12,000. how do you take possession of the
car, when the bank still holds the title?
1 Answer
Cargurus doesn't buy or sell anything. They're an advertising site only. Similar to Craigslist, Facebook Marketplace, etc. If you trade in the vehicle and still owe money on it the money owed will be added to the price of the new vehicle. So then you're paying for two vehicles, one of which you no longer have! If you sell the vehicle to a Dealer for more than you owe on it the Dealer pays off the vehicle and you get a check for the difference, in this case $2,000. You'll sign an agreement stating that you sold the vehicle to them and when you get the title you will immediately sign the title over to the Dealer. Selling a vehicle outright, that you still owe money on, is difficult because most people won't want to wait for the title or take your word for it that when you get the title you'll immediately sign it over to them without a written agreement. Since the amount owed versus the value of the vehicle is not much, I'd trade it in on something else, if you're financially able to. Hope that helps! Jim