loan questions

L

latinking

Member

• May 26, 2006

• #1

if i sell my car what will happen to my loan, i don't mind paying it till the end i just don't want them telling me to pay them first.

if my chance my car gets in a accident and is riden off what happens to the money from the insurance company? do i get to use it for another car or will the bank try to get it???

 

M

mogi

Member

:

2002 Mazda Protege5, Black Mica

• May 26, 2006

• #2

you will have to pay off the loan or get someone to take over the loan if you intend to sell it, it isn't anything out of the ordinary

if your car it totaled, you are still responsible to pay off the loan, the insurance check will be issued to you to use however you see fit.

 

J

Jack Daniels

Member

• May 26, 2006

• #3

If you sell your car the bank will release the title after you pay it off with the proceeds. Once your buyer signs a sales agreement, gets in the car and drives away, any accidents are his problem not yours. However, the buyer cannot re-title the car in his name until he gets the title from your bank. It sometimes takes up to 4 weeks to receive the title from the bank once the car is paid off.

 

P

Pro5Monkey

Member

:

'02.5 Red Pro5 manual

• May 26, 2006

• #4

Call your bank and ask them how to do it. I did this and the bank sent the title to my local branch. I got the buyers money, paid the loan off, got the title and went to the notary with the buyer. Done deal. Again, check with your bank.

 

S

SlowPro98

Member

Contributor

:

02P5, 98ES,95miata

• May 27, 2006

• #5

Make sure you sell the car for enough $$ to pay it off or you could have some issues.