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    TheShanty27's Avatar
    TheShanty27 Posts: 1, Reputation: 1
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    #1

    Nov 16, 2010, 09:33 PM
    I cannot afford my truck payments! Can I sell it for less than I owe?
    In a very poor decision, I bought a truck than I simply can't afford. I have had it only six months and have put 6,000 miles on it. I must get out of these payments or have them drastically lowered. My credit is too poor to take out a personal loan to pay what I owe on the vehicle. My question is can I sell the truck, pay down most of the loan, and then arrange with the bank to make payments on the remaining balance?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Nov 17, 2010, 04:54 AM

    You can. The bank doesn't care whether you own the vehicle or not. However, if they have a lien on the vehicle that might prevent transferring ownership. You may have to refinance the balance of the loan as a personal loan. Or, get the money for the truck, get a personal loan for the difference and pay the current lendor off.
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