How do I sell my car which is still on loan

Discuss which cars to get, where to get them from, tricks and traps to avoid, insurance... Also, great place for First time Car Buyers in UAE!

Moderator: azi malik

  • Share

How do I sell my car which is still on loan

Postby vic_family on Thu Dec 16, 2010 2:50 pm

Hi there everybody. I have trolled all the expat websites looking for information on how and we can sell our cars, which have only 5 months of their loan left. Sadly we are leaving Abu dhabi and returning back home to Australia in 2 months time and cant find any solid information on how to go about it doing, LEGALLY!. I would appreciate any help, tips and sort of information on how we can go about it. Oh and by the way we selling 2 cars, both electric blue honda's. First being honda accord coupe sprt model and second honda city, both in terrifc condition.

Thanks for your help.
Helen
vic_family
Newbie
Newbie
 
Posts: 1
Joined: Thu Dec 16, 2010 2:44 pm
My Ride: I don't know what I ride
My Profession: Teacher
My Dream Ride: Maserati

  • Share

Re: How do I sell my car which is still on loan

Postby azi malik on Mon Dec 20, 2010 10:19 pm

u can always check it in ur organisation... whether some colleague is willing to buy... thats always the easiest way to sell cars with loans pending... :)
azi malik
F1 Racer
F1 Racer
 
Posts: 1446
Joined: Mon Apr 05, 2010 6:41 pm
My Ride: I don't know what I ride
My Profession: automotive consultant
My Dream Ride: dunoo

  • Share

Re: How do I sell my car which is still on loan

Postby elcondo1 on Tue Dec 21, 2010 6:25 pm

Another suggestion would be to find a buyer first... then go to the bank/finance co. and explain the situation. Since you have only 5 months remaining, the buyer could give those 5 instalments up front, which can be used to settle the mortgage, and then the bank can release the car to you so that the registration can be transfered to the buyer. I haven't tried this out, but I'm just thinking it might work.

(Alternatively, if you have the funds, you could also put up the last few instalments up front, and have the car released to you. Then you can recover the same when you sell it.)
User avatar
elcondo1
Rookie
Rookie
 
Posts: 7
Joined: Sat Aug 14, 2010 10:33 am
My Ride: Mazda 6 Sport Touring
My Profession: Visual Communications
My Dream Ride: Raptor

  • Share

Re: How do I sell my car which is still on loan

Postby root on Wed Dec 22, 2010 9:48 pm

Selling should not be a problem if you have a buyer!
So as elcondo1 one says, find a buyer.

Once you have the buyer, you have the following options:
1- You pay up the remaining loan, and early settlement penalty, and 'fully' own the car. Then transfer the car to the buyer. Take a bridge loan as a personal loan from your bank if you need the cash. This will not cost that much. Most credit cards also pester you with low interest cash offers, which you can avail.

2- You ask the buyer if he/she wants financing, and then talk with your financing company to somehow transfer it to them. Banks always want customers, and the buyer might even finance the remaining cash amount he/she pays to you, making it interesting to the bank. Depends a bit about how old your car is, and what its 'financing value' is. If the car is old and low value, the interest from the bank on this option will be low.
Come and discuss at the most lively forums about Cars, Bikes, 4x4s...at http://www.autodealer.ae at the Autodealer UAE Forums.
User avatar
root
Site Admin
Site Admin
 
Posts: 3637
Joined: Tue Aug 02, 2005 1:45 am
Location: Dubai
My Ride: VW Touareg V8 2005
My Profession: Car Enthusiast
My Dream Ride: This month: Nissan GT-R


Return to Car Buying Advice

Who is online

Users browsing this forum: No registered users and 14 guests

cron