Nissan Forums | Infiniti Forums NICOclub staff, History and Advertising eMail NICOclub Webmaster Advertising on NICOclub NICOclub main online forums
 
          

Active Topics

Nissan Forums / Infiniti Forums - NICOclub » NICO Marketplace » Car Buying Advice, Financing, Warranty & Insurance » Car loan question
Quick Reply  Print  Email  Subscribe RSS  Help
 Car loan question
Author Post
Rejor

Offline

5 posts

Brunswick ME
2-21-2008

  Car loan question 7:07 PM 2/21/2008

I currently have an '05 Pontiac G6 GT. Right now, I'm looking at getting rid of this car next year once I reach my next duty station, after buying a 240sx and building it up enough to make it my daily driver (and eventually a weekend racer)

Anyways, problem is, I currently owe about 17,500 on it. This'll probably be around 15ish grand when I get ready to sell it. In any case, I'll still owe money to the bank on it.

So, is it possible to sell my current car when I have negative equity? I'll be buying the nissan in cash, so I wouldn't be getting another loan.

I've been trying to research this with my bank, but being overseas right now doesn't help, lol.


---"Look at me. Take a picture. I guarantee the photo lasts longer."---
boerne_ka-t



Offline

93 posts
*1995 KA24DET* *1990 SR20DET*
Boerne TX
11-10-2007

 « Re: Car loan question (Rejor) 7:31 PM 2/21/2008

The only way to get rid of negative equity with a bank WITHOUT putting down any cash is rolling it into another car loan.. since your not going to do that, unfortunately for this situation.. you will have to pay off the remaining balance when you find a buyer in order to release the title.. Lets say you owe 15,000.00 but you can only sell it for 13,000.00.. chances are, the person buying it isn't paying cash which means they are also going through a bank.. their bank has to have the title to give them the loan. Your bank needs the 15,000.00 to release the title.. so you will have to make up the 2,000.00 dollar difference.. And.. it all has to be done at the time of sale. Hope this helps...
boerne_ka-t



Offline

93 posts
*1995 KA24DET* *1990 SR20DET*
Boerne TX
11-10-2007

 « Re: Car loan question (boerne_ka-t) 7:34 PM 2/21/2008

Oh.. another option would be to try to sell as a "take over payments" type sale. That means, as long as whoever wants to buy it passes the credit credentials your bank requires.. the loan goes into their name, without a down payment and they take over the current payments..



Rejor

Offline

5 posts

Brunswick ME
2-21-2008

 « Re: Car loan question (boerne_ka-t) 9:37 AM 2/22/2008

Thanks for the reply. I'll probably end up getting a 240sx from a dealer in cali, since I can get the loan transferred there. Who knows, I might get some money towards the loan for it.

Thanks again man


---"Look at me. Take a picture. I guarantee the photo lasts longer."---
 

» Return to Car Buying Advice, Financing, Warranty & Insurance
Forum Jump
Quick Reply

Powered by ZeroForum 2.1.1c. ©2004 RelyNet, Inc.



< Contact Us - NICO >



Copyright © 2000-2007 by NICO


Google
Web NICOclub.com




 Car Specific Links
-  350Z
-  300ZX
-  Classic Z
-  240sx & Silvia
-  240sx Convertible
-  Foria
-  Skyline
-  Q45
-  M35/M45
-  EX35
-  G35
-  G37
-  Maxima/I30 & I35
-  Murano & FX35/45
-  J30/M30
-  Altima/Bluebird
-  Hybrid Altima
-  G20 & Sentra
-  200sx & Sunny
-  Armada/QX56
-  Pathfinder/QX4
-  Xterra/Titan & Frontier
-  Datsun
-  Versa
-  Rogue
-  Terranaut
-  Others

-  VIP Forum

-  SEARCH

-  NICO Banners

 General Forums
-  General Chat
-  Infiniti General
-  Multimedia

 No Parking
-  Sport Zone
-  Gaming
-  Computers
-  Media
-  Great Outdoors
-  Around the House
-  The Music Room
-  Politics Forum

 NICO Meets
-  Regional Meets
-  National Meets

 Motorsports
-  Team HLM
-  Drift Forum
-  Road Racing/Auto-X
-  Drag Racing

 Classifieds
-  Advertisers Specials
-  Nissans For Sale
-  Infinitis For Sale
-  Other Vehicles For Sale
-  Wheels/Tires
-  Brakes/Suspension
-  Engine/Drivetrain
-  Exterior
-  Interior
-  Electronics
-  Complete Part-Outs
-  Infiniti Parts
-  Parts WTB
-  Non-Car Related
-  Fabricators' Market

 Engine Forums
-  CA
-  KA
-  KA-T
-  RB
-  RWD-SR
-  Transverse SR
-  VQ
-  VG and VE
-  VH and VK
-  Hybrids

 Tech Forums
-  240sx Tech
-  Nissan Online Mechanic
-  Infiniti Online Mechanic
-  Engineering Talk
-  Audio and Security
-  Wheels and Tires
-  Brakes and Suspension
-  Interiors
-  Car Buying Advice


Do NOT copy content, plagiarism will be detected by Copyscape.


Home Photography Help