Selling GM auto to an individual with a GMAC balance. How do I handle the sale and payoff?
146200
You should contact GMAC to find out what their procedure is to handle the transaction.  I imagine this is a pretty common occurence, so I'm certain they'll be able to lay out what to do and how to do it to expedite the transactio.
974927
trade it in for a new one, you will have negative equity and your new car payment will be higher..but that's easier than getting a loan to pay off your current vehicle.
915959
I'm with fr_chuck, you can save the money (do not pay), and let it hurt your credit a bit. Otherwise you pay the price for a good credit rating and she keeps the car as a bonus. I am so sorry there are such users, liars and cheats in the world.
1103946
It's probably not going to happen.  If you trade it in, the dealer is going to add that 8K to any balance on the new car so your payments will likely be a lot higher and you'll have to step down quite a bit on a car (and not sure a dealer will take that risk if you step down)\n\nBetter ideas: (some of these require excellent credit)\n- Talk to the loan holder on the car and see if you can't refinance it for a lower interest rate.\n\n- Join a credit union and then see if they will do a refi.  You might be able to both lower the interest rate and extend the term a bit longer so your payments will be lower.\n\n- Sell you car on the street and get more for it.  You will have to have the cash for the difference between what you owe and what it sells for (but still should be a LOT higher than the dealer trade in value).  Then you can go get a loan on a new, cheaper vehicle.\n\nTake this lesson to heart and buy cheaper next time.  A car really only has to reliably get your from point A to B, so stretching your finances to own something  fancy is pretty much a waste.  You will never accumulate real wealth if you keep doing that.\n\nGood luck.
13955
1.  401(k) is like a scooter.  You're company that you work for provides you this savings plan. The company selects who administrates the savings account (where you park your car) which investments you can have (which road you can drive your scooter on), and they can match your contributions (like mom & dad giving you gas money).  If you want to get that money (selling your car), you need to work with the "Fund Administrator", and sometimes your "Human Resources/Supervisors" to get that money.  Sometimes, you'll only get the money if you promise to pay it back.  ( yep, mom & dad want you to be responsable )\n\n2.  IRA is like a standard car. You can select who administrates the account (or where you park your car), what investment to buy (what roads to drive on).  Unfortunantly, there is no one available to give you a match on your contribution (no gas money from mom & dad); but you can deduct your contribution from your taxes.  You can also withdrawl the money at anytime (selling your car). . . BEWARE. . . there are financial concequences to this. . .research before you choose to withdrawl (its like sales tax from selling your car. . .if you sell at the wrong time, you'll get jipped on the sale proceeds).\n\n3.  A Roth IRA is like a hybrid car.  You get to pick who administers the account (parking the car) which investments (which roads to drive), but there is no matching and you can't deduct your yearly contributions from you taxes.  Instead, you can get your money without tax conseques (selling your car) when you need it. . .BEWARE. . . to get your money without tax problems, there are still rules.  Research before you withdrawl funds (sell that car). Providing you withdrawl (sell that car) under the guidlines, you don't have to pay sales tax on the withdrawl ( no sales tax from selling the car).
797962
Is the car worth $8000 now or is that what you paid for it?\nAlso do you still owe anything on it.  There are a lot of variables.  I filed last year in California and our attorney who handled it answered a lot of the questions for us.  That is what you pay them for.  Most of the time you can also low-ball the value.\n\n  Our attorney looked up the lowest blue book and then asked if there were problems with transmission or if tires were due to be replaced etc and kept deducting values until it fit.  \n\nAlso if you have an active account you don't always have to include it in the bankruptcy.  Especially if it is your only car and you need it for transportation to work/doctors, etc.  My husband and I had both lost out jobs within 2 weeks of each other which prompted our bankruptcy.  But my son has chronic health issues so we were able to extend what assets we kept.\nGood luck.\n\nAdded noted:  in reference to below, personal property.  They will ask you to list the value of your wardrobe, any jewelry, appliances, electronics, furniture, even kitchenware... as to what you might get out of them if you sold them to try to pay back your debts.  Fortunately they will usually go by 'Yard Sale' values.  Just keep that in mind when you try to determine what they determine as your total value.
1148097
This isn't very clear.   However, you might have an oral contract, such as, "if you do this, I'll do that", and Person B goes ahead and does it.  For example, if Person A says, "I'll buy your car for $5000 if you will have it tuned up and get it to pass state inspection." and you go ahead and get the work done.  Person A may be stuck with a contract to buy your car.  I don't know if this is close enough--you can email me if your situation is different.
348764
you probably still owe more than the book value if you did not make a large down payment.\n What many dealers do is add what you owe to the price of the new vehicle.\n  You would probably do better to sell it yourself.\n Not knowing what you have for options or mileage I looked up a short bed V6 automatic with 18,000 miles.\n Kelly Blue book list trade in at 13,400. With all the rebates and overstocks you should be able to do $5000 better than that.
1126720
If it's not completely paid off, then they will apply the negative equity (the amount you still owe) to the new loan.  The only way to do an even trade is to pay it off and then find a car that has the same worth (go to kbb.com)\n\nHonestly, I dont think you can do what you want to do.
175680
If you use the money to pay the car fully then you would hold title to the car. If the car will have a loan on it then the one that lends you the money would hold the title.
333734
Run your add on EBay! Just go to their page and it will walk you through the process of how to sell your fifth wheel. You can also use the "Trader" it's free.
126610
does it have a transfer agent? is it DTC eligible? if so then depositing it at the brokerage firm should be easy.\n\ncall the company or the transfer agent and ask. if it has a cusip number than the brokerage firm should be able to tell you if it can be transferred.
837807
they should send you a paper that states wo to call or where to write if you had and property in the vehicle. seems unfair they should have to at least mail it to you but nope you have the burden of getting it back wherever it may be. they will also include a day and time that they will auction off the vehicle so you can have a chance to buy back. also just in case noone told you you will also be responsible for the amout of the loan over that of which they auction the vehicle off for.
556039
Consider filling in a small claims court. Chances are, the guy won't show and the judge will allow you to sell the mobile home and keep the money. If the home is worth enough, you collect the outstanding debt and get rid of the home in one move.
995477
AMEX did the same thing to me years ago. They call the shots. I cant tell you if you should pay it but I can tell you it will haunt you longer than the 7 years because it will continue to be "sold" and thus will stay on forever.
287398
usually sell for $60K, if you are willing to believe that then i guess you have a sure thing. NOT Likely..\n\nsounds like a scam. I owned part of a race horse and was lucky to break even.
319385
Yes it is legal.  What typically happens is that you are still on the books for the full purchase of the loan.  If they repo the car, they auction it off and then try to collect on the difference.  The only recourse that you might have is if the auction price was considerably less than the fair market value.  You might be able to do something there.  Other wise, sorry to say..You are stuck.