Can I sell a financed car before it is paid off?
By: Vicky on 2017-08-10
1 Answers:
Yes, you are legally allowed to sell a financed car even if you have not paid it off in full. You can pay the outstanding balance on your loan and then sell off your car, but if you don’t have money to pay the loan off, then you would need to get the loan title transferred to your buyer. This generally involves signing the back of the title to indicate that you are giving up ownership to the buyer. The lender (bank or other organization) will charge some amount of additional processing fees and legal charges for entering into such agreement. The lender will also issue you a NOC Certificate, on closure. I advise you to contact your lender for more information and guidance.
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