Can you help me sell my car? it's not paid-off. any input will greatly be appreciated.?
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i am planning to sell my car and just go back to school. i still haven't paid off the loan and i still don't have the title. how does this work? what payments can i accept to avoid being scammed? what if selling it will cause me a 2,000 USD loss? do i have to contact GMAC (the bank where my loan is at) and get any papers from them? and do i have to have the "title" ready when meeting with a buyer, or can the title follow once i'm able to cover the $2,000.00 deficit?
in summary: I have an 06 hummer with 13k miles in good condition. my loan is with GMAC and my debt is $28,500.00. i am planning to sell it for $27,000.00 (or $26K),whichever will sell the car fastest. the blue book value is at $27,500.00.
Sorry if i have too many questions. i have never sold a car that i haven't fully paid for before. thank you in advance for your time, tips and input.
Can you help me sell my car? it's not paid-off. any input will greatly be appreciated.?You will be responsible for paying the difference between the sale price and what you owe on the loan immediately before they'll give you the title. So, when you sell the car, you would have to give GMAC the amount you sold it for PLUS the other 1,500.00 (approximately). Then, they'll consider it paid and send you the title, which you can transfer to the new owner. It's a little bit of a process and takes about a week or so. You'd have to get the buyer to pay first. Then they'd have to wait until you get your end in good order.
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