QuestionI have a car loan that is now what's considered upside down, I was reading another post when the guy was informed not to return the car b/c it's still viewed as a repo even if it's voluntary, but to sell it and then pay off the balance himself. How can you sell a car that you first of all, owe more on it than it's worth, and secondly you don't have a title...plz advise how a sale is done...Thanks
Answer1) If you owe more than it's worth, then you have to come up with the difference in cash. For example, if you owe $14,000 and you sell it for $10,000, then you have to write a check to the bank, out of your own pocket, for $4,000.
2) I'm assuming you mean the bank is holding the title (it varies from state to state). You would make arrangements with the bank to either a) pick up the title at the bank as you hand over the necessary funds, or b) agree that the title will be sent to the buyer (once the checks have cleared) if for some reason you can't physically pick up the title at one of the bank's branches. If you mean you don't have a title because the car isn't in your name, then you can't sell the car, as it's not yours to sell in the first place.
