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    katalina_O's Avatar
    katalina_O Posts: 2, Reputation: 1
    New Member
     
    #1

    Apr 16, 2008, 07:30 PM
    Can I cancel a car loan?
    I have been paying the car for about 3 years now, however I want to get rid of it. Is it possible to cancel the loan if I sell the car? I do have a title but I am not sure what to do, please advice.
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
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    #2

    Apr 17, 2008, 02:18 PM
    Welcome to AMHD, where you can read, write, and enjoy a lot. Just curious: You are presently making payments on a car? You have the title to the car? When did you purchase the car? How much did you borrow? When did you receive the title? How much do you owe? How much is the car worth?
    SBU's Avatar
    SBU Posts: 51, Reputation: 3
    Junior Member
     
    #3

    Apr 17, 2008, 02:49 PM
    If you pay it off you can. If you sell it and there is still a balance on the loan you still owe that money. Remember, you signed an agreement that you would pay it back, you can't just cancel an obligation because you don't want it anymore.
    katalina_O's Avatar
    katalina_O Posts: 2, Reputation: 1
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    #4

    Apr 20, 2008, 08:34 AM
    Yes I have a title of the car. I have been paying for 3 years and under the contract I have 3 more to go. Right now the car is worth about 17,000 or so. I was thinking about delling it and giving back the money to the bank. It just that I'm not sure if I can do this?
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
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    #5

    Apr 20, 2008, 09:52 AM
    You have to pay off the loan by either sale proceeds or coming up with the difference; the lien will be satisfied and you can convey a good, clear title to the purchaser.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
     
    #6

    Apr 20, 2008, 10:36 AM
    Normally if you have the title, it will list the bank on it as the lien holder, this is normal in many US states. So the title is not clear and the ownership can not be transferred to the new owner unless it is signed off by the bank also.

    So to sell the car you have to sell it for more than the loan or at least the same amount, and pay the loan off when you sell the car

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