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by Anonymous on May 24th, 2007

Anonymous

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If I owe more on a car than it's worth, can I sell it and take a loan out on the difference (loss) between what the car is worth and what I owe?

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  • by .avallach on May 24th, 2007

    .avallach

    I dont get it...if you still owe on it, you already have a loan. When you sell it you send that money to the people you have the loan through and then you only owe what's left. Right?

    Comments

    • Yes, if I sell it for what it's worth, I will still owe the difference between what it's worth and what I owe. Would a typical dealership buy the car from me and arrange to finance the difference?

      Anonymous

      by Anonymous on May 25th, 2007

    • Why would you need to? Just continue paying on the loan you already have.

      .avallach

      by .avallach on May 25th, 2007

    • To make a long story short, I'm a victim of fraud. I can't afford the car. I don't want the car. But the loan is in my name. So I want to sell it and finance the difference between what it's worth and what I owe.

      Anonymous

      by Anonymous on May 25th, 2007

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