Only the lender can take a party off a loan. Generally, a loan must be paid off and refinanced to convert it to one person's name. If both parties are on the certificate of title, one party must voluntarily give up their title to the car by signing the title over to the other party.
If you are selling the car for enough cash to pay off the balance on the loan it is simple. Simply take the buyer with you to the lender and pay off the loan. You will get a lien release that you then take with you and the buyer to your DMV and transfer the car over to the buyer. If you are not getting enough to pay off the loan, then you have 2 choices. Ask the lender to allow the buyer to take over the payments, or pay off the loan with money from another source. You cannot sell the car without a lien release from the lender, so you must talk to the lender.
Take the buyer & title to the car with you to the lender that holds the lien on the vehicle. Use the money he is paying you to pay off the loan and get a lien release from the lender. Sign the car over to the buyer at the lender's place of business. Take this lien release and the title with you and the buyer to your DMV, and transfer the car into the buyer's name.
The deed supersedes the loan.
The loan must either be paid off at which point the bank sends the title slip to the "owner" or the bank agrees to transfer the loan to someone else's name (the new buyer).
If you co-signed a car loan you can't take your name off the loan. If you co-sign for someone with no credit or poor credit you are promising to pay off the loan if they don't. The only way to get your name off the loan is to pay it off or have the borrower refinance the loan in their own name.
Of course you would give notice to the buyer that there is a default of the car loan in effect. To not give notice to the buyer would constitute fraud. You must be able to pass clear title to the buyer. If there is a car loan in effect the lender must have possession of the title. The buyer should contact the lender for a payoff figure and to arrange to have the loan paid off in order to receive CLEAR TITLE on the vehicle. You may not receive any of the proceeds of the sale if you owe the bank as much as the price the buyer is willing to pay.
they take your car
Yes, but the price would most likely be higher then average because you'd be forced to pay off the remainder of the loan and whatever the car buyer wants for it.
Sell it for what you owe if it is possible. Pay off the loan, get the title and sign it over to the new buyer. If you cannot get what you owe, then get as much as you can. Get a personal loan from the bank to pay of the remaining balance. The personal loan is better than the amount you owe on the car.
You don't. If the cobuyer has possession of the vehicle and is no longer making payments, you as the buyer may take possession and either take up and make current the payments, or voluntarily surrender the vehicle. Failure to do so will result in repossession, and will adversely affect your credit.
The time it takes to pay off a car loan with an average interest rate depends on many factors such as the type, cost, and mileage of the car. The average to pay off a car loan for a new car is generally about 5 years, give or take the model of the vehicle.
Yes, he or she would be equally responsible for the repayment of the loan balance.