"Is there a way to do a transfer of equity on a car loan? "
"I need to cut back on my monthly expenses. My car payment is one of the biggest ones. I spoke with the bank and they said I could voluntarily surrender the car to them or do a transfer of equity. How does a transfer of equity work on a car loan?
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Answered on Apr 26, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.
“A transfer of equity simply involves selling the car for what you have left on the loan. If you can find a buyer with good credit, you can go to the bank together and work out a deal.
If, for whatever reason, the bank does not want to work with the buyer, you can go to a different bank.
This process is easier than it seems, but a lot of buyers are turned off by the idea. For this reason, finding a buyer may take a long time.
If your financial situation is extremely dire, you might be forced to surrender the car to the bank. “
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