Often, a long-term car loan is associated with a lot of risks and unforeseen circumstances. And even a well-developed foresight does not save one from life's surprises. If circumstances do not allow you to continue repaying the loan or you have a strong desire to change the car for another, the way out is to sell the car on credit.
Instructions
Step 1
In order to sell a car on credit, contact the lending bank to agree on this issue. Upon reaching the agreement of the bank, the car can be sold. Look for a buyer yourself or with the help of a bank. Regardless of the method chosen, the transfer of the registration certificate to the car will occur only after the full repayment of the loan debt.
Step 2
The bank's assistance in finding a buyer includes assessing the market value of the car in order to sell it at the highest possible price. After the sale, the proceeds from the car are primarily used to pay off the loan debt. The rest of the funds are transferred to the account of the former owner of the car (seller). Since the funds circulate within the bank, commissions are not charged for this.
Step 3
The sale of a mortgage car is often entrusted to a specialized company - a car dealership. To do this, choose the most convenient car dealership or trust the choice of a bank. Prepare a notarized general power of attorney for a representative of the commissioning company. There are no restrictions on the make or model of the car sold.
Step 4
In the case of an independent buyer who agrees to pay the remaining loan amount for the car, the signing of the purchase and sale agreement takes place at a bank institution. This is necessary so that the bank can control the payment of the credit debt by the seller from the funds received for the car. When transferring to the credit account the amount sufficient to pay off the debt, the bank hands over the TCP to the client. When this vehicle is removed from the register, both the criminal and the credit history of the vehicle are checked.
Step 5
When you independently contact the trade-in department of a car dealership for the sale of a credit car, specialists conduct an inspection and diagnostics of the car to assess the likely price of it. A letter is sent to the bank with a price offer for the vehicle. After the approval of the bank, the car remains in the showroom for its sale. The car dealership independently pays off the loan debt from the proceeds from the sale, and transfers the remainder to the client.
Step 6
The fact of the sale of a credit car does not have a negative impact on the client's credit history. Naturally, in the absence of delays in payments. Therefore, obtaining a new loan or credit from the same bank will depend only on the good faith of the borrower.
