Buying a car on credit is quick and easy, especially when dealing with a car dealership and a bank. However, if the circumstances are such that there is no way to continue repaying the loan or there is a need to change the car, the loan car can be sold.
Instructions
Step 1
There are two main ways to sell a credit car: contact the lending bank or find a buyer on your own who is willing to pay the remaining amount on the loan. Regardless of the method chosen, contacting the bank is inevitable.
Step 2
Method of selling through a bank To sell a credit car, the owner must first contact the bank. After agreeing on the intention to sell with the bank, you can sell the car: yourself or with the help of the bank. In either case, it should be remembered that the bank will transfer the vehicle title to the owner only after the debt has been fully repaid. Before selling the car, it should be evaluated by independent experts or bank experts in order to sell it at the most favorable (maximum possible) price. The proceeds from the vehicle are used to pay off the loan debt. The balance is transferred to the client's account. In most cases, no commission is charged for these procedures.
Since the bank does not sell the car on its own, but assigns this function to the car dealership, a general power of attorney is required from the owner for a representative of the car dealership.
The owner has the right to sell a credit car of any brand and model, as well as choose any car dealership that is convenient for him. The fact of the sale of the car does not affect the bank's decision to provide this client with a new loan. Of course, if this client is a bona fide borrower and did not have credit problems.
Step 3
Self-sale If the owner of the car being sold decides to find a buyer himself without the help of the bank, or the buyer has already been found, the owner, together with the buyer, should contact the bank for early repayment of the loan. Immediately after transferring funds to repay the loan debt, the bank issues a PTS. Legally, the car is transferred from the mortgage to the ownership. And in the future the sale of this car is carried out in the usual way. When contacting the traffic police to remove the car from the register, in addition to the criminal history, the credit will also be checked: employees will make a request to the bank to pay off the debt. To find a buyer faster, you can contact the trade-in department of any car dealership. In this case, for the sale of a car, the consent of the bank will also be required and the implementation procedure will resemble that described in paragraph 2. The owner arrives at the car dealership by car to undergo preliminary diagnostics and assess the residual value. Then a letter is sent to the bank indicating the approximate price offer for the car. With the consent of the bank, the car is sent for a comprehensive diagnosis and final assessment to set the final price. The car is put up for sale in the showroom. If the final price of the showroom is equal to or higher than the amount owed to the bank, the car dealership pays off the debt, and the bank transfers the title to the owner. The car is removed from the register at the traffic police. The bank enters into a tripartite agreement with the owner and the car dealership. The whole procedure is carried out within three working days.
Step 4
If the bank does not meet halfway and does not give consent to the sale of a credit car, the following methods are possible: 1. Take a consumer loan for the amount of debt on a car loan, pay off a car loan, get a PTS in your hands and then sell the car as clean (not credit). 2. Sell a car by proxy to a well-known buyer. In this case, the buyer gives part of the money to the owner, and pays off the rest of the loan. After the expiration of the loan term, the car is reissued to the buyer. By the way, with the consent of the bank, you can immediately reissue the loan to the buyer. This will be a less risky option for both the seller and the buyer. And it is more profitable for a bank to change the owner of a credit car than to get problems with an existing loan.
