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I am unemployed an no longer able to make my car payments and the bank has moved my auto to a repo status. Am I able to sell the car and try to get a enough money to pay the loan off, or at least get them a bigger chunk than what thy would get at the auction, or is the bank not going to allow any sale and force me to give the car to them?

5 Comments »

1. 

   Let the bank repo it. Because if you sell the car, be prepared to have, somebody named Bruno show up at your house, and plant a size 12 shoe in your butt.

   Comment by Big D. — April 19, 2011 @ 7:13 pm

2. 

   If you can sell the car for more than than what you owe on the loan the bank wont have a problem with it because you will be paying the loan off.

   you cant however sell it for less than what is owed unless you were to bring the loan current and had the person you are selling it to take over the payments by getting the loan into there name. In the end the bank doesn’t care how you get them there money as long as they get paid.

   So yes you can sell it if you have the cash when you approach them.

   Comment by vengy — April 19, 2011 @ 7:13 pm

3. 

   You are correct in that what you will get with a private sale is more than what you will get from a repo. Your problem is that most buyers will not consider the car until they see the title. And you need to pay off the bank to get the title.

   Discuss this with the bank and propose a deal where they buyer comes into the bank with you and pays the money direct to the bank. You will have to then pay the bank any remaining balance and then the buyer can get the title.

   Comment by chuckles951 — April 19, 2011 @ 7:13 pm

4. 

   You are the only one who knows if you can sell the vehicle for enough to pay off the loan. You didn’t include any details in your question. You would have to be able to pay the loan and fees off in full to get the title to transfer ownership to the new owner. You do not own this car legally and cannot let someone take over the payments. A partial amount would not work in this case.

   Comment by Scott H — April 19, 2011 @ 7:13 pm

5. 

   They are looking for the car, so it is obvious that you lack the cash to subsidize a "short sale". A FEW banks will negotiate a short sale on a car, up to the point you are at.

   But, once in repo, no bank will negotiate. This is because the bank has a legal right to pursue you for any shortfall on the loan, and is obligated to pay you any equity the car may have. IF they sell it for less than the loan balance, and do not offer you any equity the car may have had, they will be unable to support a claim for the shortfall unless they sell it in competitive bidding to the highest bidder.

   Thus, the only LEGAL means to dispose of the car is to satisfy the loan in full, or sell it at auction to the HIGHEST bidder. If you attempt a short sale, the bank has no way to verify the offer as the highest bidder. Even when the auction is wholesale only, and will most certainly get well below the loan balance, an auction is the bank’s only legal option.

   Comment by zealot144 — April 19, 2011 @ 7:13 pm

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