Can You Scrap A Car With A Title Loan
Camila Farah
In fact pay the balance if you can to clear the issue and avoid interest.
Pay the sum if you want get the full title and junk the car. It is your obligation to pay that loan. If the selling price does not meet the pay off then you gotta deal down what is. Ok let us face this and i want you to know that i am being respectful to you.
In some cases you may be able to just take your car to a scrap yard and they will scrap your car even if you don t have a title but this is rare. You cannot legally sell a vehicle unless you have full permission and ownership of the property. The lien is now worthless as is the title but your credit is of value. You do not have the full open title until all is made well with the auto loan company.
Bank and tell them that you want to sell the car and you will find a buyer and bring that buyer to the bank to do the paperwork. The answer is yes but you have to make sure the car title loan is paid off before you will be able to transfer the title to the new owner. Go to the loan co. No you have not stolen the car you have sold it.
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You re allowed to sell your car with a title loan as you retain ownership of the vehicle. You cannot legally junk a car unless you have complete permission and the title of ownership. The borrower does not have the freedom to make his own choice. Selling a car with a title loan on it.
Once you pay them back you can remove the lien and do whatever you want with the vehicle. However you ll generally have to notify the lender beforehand and may have to obtain written consent depending on the law in your state. Keep paying if you can. It s not a simple process but you can sell a car with a title loan still on it.
Even if someone did buy it you wont get enough to pay off the balance of the loan. No do not junk the car. The only condition in which a car can be scrapped is that if the borrower gets the amount which they need to give back to the lenders. Tell the car loan company that they can come to pick up the car.
RELATED ARTICLE :
October 19 2019 by tom harbid in theory removing a car lien from your title is straightforward. There is no option for a car to be scrapped with a title loan. No matter what the condition of the car is the car cannot be scrapped with a title loan. If that can happen it is important to get approvals from the lenders beforehand.
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