A dealer can help with the paperwork and speak with your lender. However, you are still responsible for paying off your loan in its entirety. Selling it might help you pay it off but you need to be sure of that. Otherwise, your lender will not allow you to make the sale since the car is still in their name. If you want to salvage a car that you still owe money on, you will have to be certain that you will earn enough to pay off your loan.
Otherwise, you might be in trouble with your lender. However, a reputable salvage yard will not even accept your vehicle if you still have a loan on your car.
At DamagedCars. After getting our fair-market quote, you can decide if the amount is enough to cover your loan. Either way, we can work with your lender to help you sell your car to us. They cannot accept and demolish vehicles that are not in your name and having a lien indicates that your name is not on the title. Guaranteed Offer For You! Get Paid In Hours! Easiest Way To Sell!
So is the financial institute going to have someone come tow it and receive the money for it being junked? I am a little confused?
It is theirs and they need to pick it up from your property. Additionally, there are 3 different locations listed but I would imagine that I'd use the address that came up on DMV with the Vin. It seems as if something financially came about with the financial institution that originally gave me the loan? Hand the title to the junkyard official along with the keys to your car. You might make some money from donating the scrap metal.
How do I get the title cleared? Not really looking to make money off of the vehicle? So as mentioned above, I am concerned that negative reporting could reappear on my credit report from trying to get rid of the vehicle.
While I know this is my problem and that I was irresponsible and then fell on hard times I am not sure of how to handle it. Left with the question of do I send a certified letter??? Thanks for all your help in advance. Join Date Mar Posts 18, Your best bet it to call around to local wrecking yards, offer the car for free with no title, and hope one of them decides to take it.
Quoting lmbennett. Call the bank that is owed money for the car [for permission] Find out how much you owe them, and whether they would accept a lesser amount since the car no longer operates.
Send your car loan company a certified letter, notifying them that they need to junk the car. Haul the car to a local junkyard with the clear title, when you obtain that document. I will attempt to call the local yards to see if they'd take the car for free without the title. I thought this information I found on-line was crazy! I will attempt to contact the lender to negotiate a payoff. As I mentioned above, I am still not financially sound being I am a single mom and only work part-time because of medical reasons.
With this said, I am still concerned about this reappearing on my credit report? The money we make helps us give you access to free credit scores and reports and helps us create our other great tools and educational materials.
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A car lien gives the lienholder — typically your auto loan lender — legal claim over your car until your loan has been paid off. Ask your lienholder to give you the exact amount needed to pay off your loan so you can determine how much money you need to make in the sale.
If you plan to sell your car to a private party , ask your lender about the process you should follow to pay off your loan and transfer the title to the buyer.
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