How do you sell a car with a loan balance?

I want to sell my car, but I still owe on it. Is it possible to sell since I technically don’t own my car? My car is worth more than what’s left on the balance if that helps.

Answer
You can! First, you’ll need to tell your lender that you’re interested in selling and ask them about the car’s payoff amount. Once you’ve determined that amount, you have three options for selling your car:
Don’t forget to transfer the title to the buyer to make the sale official. Also, your lender may require additional steps for the sale.
Whenever you decide to buy a replacement car, you’ll want to make sure you’re getting the best possible rate on your car insurance. The Jerry app compares competitive quotes from over 50 insurance carriers so that you can save money without sacrificing coverage.
Lauren Smith
Answered on Nov 18, 2021
Lauren has written for World Nomads, the Matador Network, Korvia Consulting, and once upon a time Three Fates Games. She graduated from Columbia College of Chicago with a BFA in Creative Writing. After graduating, she moved overseas and lived in South Korea where she spent her free time traveling and going on road trips with friends. She misses the rest stop potatoes and is trying to figure out how to recreate them at home. She's now based outside of Chicago and when she's not writing she spends her free time reading, playing video games, and exploring whenever she can.
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