If i finance a used car can i sell it whenever i want and pay off what i owe?

I have never financed a vehicle.

Public Comments

1. When you finance it make double sure it's a simple interest loan with no early payoff penalties, only then can you do that!
2. You can. It would be better to pay it off first and then get the lien release on the title. Then you can sell it whenever you want. It takes a little time to get the lien released and then you have to take the title down to the County Clerks office and get the lien voided or cancelled and notarized. Basically though, you can sell it whenever you want, but the lien must be paid off.
3. When you finance a vehicle, the finance company records a lien on the vehicle, and it's theirs until it's paid for. They will be listed as lien holder on the title, and they will have possession of the title until paid in full. You could theoretically sell the vehicle, take the money to the finance company, pay them off. Get the title and then sign it to the new owner. However most people want to see a title before handing out cash....In some states, and depending on how you handle it, it could be considered disposal of mortgaged property, and is a prosecutable offense....
4. Yes
5. Sure you can. However, if you sell for less than your loan balance, you'll need to come up up with extra cash to pay off the loan so that you can give title to the buyer.
6. In order to sell any vehicle that is financed, you would have to pay off the loan completely to get the lender to release the title so you can transfer ownership to the buyer. Most cars are not worth the amount owed on them. You would have to pay any difference out of your pocket.