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80SMAN
Joined: 26 Jul 2007
Posts: 4
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 Posted: Sat Jul 01, 2006 11:09 pm Post subject: how do i sell a car when I still owe money on it.? |
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| I owe about 8k on my acura and its worth around 17k. I am financing with capitalone blank check program. If i want to sell my car before i pay it off, does the buyer send capitalone the whole amount or just the amount that i owe? will they send me a difference? heres the situation, I have an acura that i love to death but dread the color. I will be buying the same car except in a different color from another buyer. But before I buy it, I want to sell the current one but I still owe money to capital one. So im just wondering if anyone has had any experience with it. Maybe I should just refinance with a local bank so that the local bank can take care of it huh. hmmm |
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NishantV
Joined: 16 Jun 2004
Posts: 2
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| Posted: Mon Jul 10, 2006 12:00 pm Post subject: how do i sell a car when I still owe money on it.? |
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| If you owe 8K and it is worth 17K sell it and pay it off, if you want another color paint it and keep It as long as you are getting good service on it. Why buy someone else problems. God Bless |
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studious
Joined: 25 Jul 2005
Posts: 3
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| Posted: Wed Jul 19, 2006 12:50 am Post subject: how do i sell a car when I still owe money on it.? |
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| why not just have it painted? |
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JulieP
Joined: 08 Aug 2003
Posts: 3
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| Posted: Thu Jul 27, 2006 1:40 pm Post subject: how do i sell a car when I still owe money on it.? |
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| Sell it and use the money to pay it off. If you dont have the title yet then have the purchaser's bank wire the money to your bank account. Then its up to you to transfer 8k from your account to the loan. Then you will recieve the title and its all taken care of and you have the rest the money it your bank account.-thier bank sends ur bank money-money goes into your checking account- u take the amount needed and pay off the loan- u get the title from bank and give to new owners- u make money and they get the car |
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pdcb
Joined: 01 Oct 2005
Posts: 3
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| Posted: Sat Aug 05, 2006 2:31 am Post subject: how do i sell a car when I still owe money on it.? |
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| Lets say you agree on $17,000 for a sale price. How it works is when you sell the car, the person you sell it to gets a loan from their bank. Their bank will pay you $9,000 and send a check for the $8,000 you owe directly to CapitalOne. Capital One will release the title either to you (then you sign the back and give it to the buyer) or release it to the buyers bank. They will stamp their lien on it and send it to the buyer directly. (this method is common but will require you to sign a POA allowing the buyers bank to sign over the title on your behalf. |
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