HOW TO SELL A CAR WITH A LOAN OR LEASE
Selling a car with a loan or lease can be a burden. Just because you owe money on your car doesn’t mean you cannot sell it. We have helped hundreds of people get out of their lease or loan over the past two decades.
The process of selling a car with a loan starts with your call to your lending institution (such as a bank, financial institution, or other party) to obtain the following information:
- Confirmation of loan payout amount
- Loan Number
- Confirmation of per diem rate (daily interest, if applicable)
Once we have this information, we appraise your car and determine if you are in a positive or a negative equity position.
Seller’s positive position
If you, as the seller, owe $7,000 dollars but the car is appraised for $10,000, you are in the positive position. YourCar4Cash will pay you any money above the payoff amount and we’ll clear your loan. In this example a $3,000 check goes to you and $7,000 dollars is paid to the lending institution.
Seller’s negative position
In this instance, your loan payout is $10,000 and, upon appraisal, we determine your car is worth $7,000 dollars. This is the negative position and you will have to come up with $3,000 to cover the balance.
Once the paperwork is complete, we provide you with the confirmation that the balance of your loan is paid off.
Getting out of a car lease early
A lease is usually difficult to leave, however there are several ways to end a car lease early. One of the fastest ways is buy out a lease. It is the preferred choice for those who need to quickly end the lease.
We do lease buyouts on an individual basis.Give us a call at 888-910-5274 and we’ll guide you through the process.
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