denot
01-04-2008, 04:42 PM
Hi all,
I was just wondering about this after having a chat with a friend of mine on the weekend...
Basically, he wants to sell his car that still on Car Loan (note: not becoz he cant paid it, but he wants to buy a diff car - which apperently a bit cheaper than his current loan ballance). Is this possible?
I've read this thread, which similar to this one: http://www.ozhonda.com/forum/showthread.php?t=82300
I say he cant, coz his car is still on loan, which means the car legally was owned by the Finance company/bank right? So I told him that he need to pay off his Car Loan 1st (which means pay more than he owns - fees & charges, etc). But he cant paid the whole full amount atm. So here is what I suggest him to do:
1. Take personal loan
2. Payout C/L with his P/L
3. Sell his car
4. buy the other car
5. Since his car worth a bit more than the other car he wants, put the rest of the 'surplus' into his P/L.
Any suggestion on what he needs to do to sell and purchase the other car? btw the other car is private seller, so no dealer trade-in his current car as well...
hope I have a clear explanation on his current situation here. Any help will be greatly appreciated...
I was just wondering about this after having a chat with a friend of mine on the weekend...
Basically, he wants to sell his car that still on Car Loan (note: not becoz he cant paid it, but he wants to buy a diff car - which apperently a bit cheaper than his current loan ballance). Is this possible?
I've read this thread, which similar to this one: http://www.ozhonda.com/forum/showthread.php?t=82300
I say he cant, coz his car is still on loan, which means the car legally was owned by the Finance company/bank right? So I told him that he need to pay off his Car Loan 1st (which means pay more than he owns - fees & charges, etc). But he cant paid the whole full amount atm. So here is what I suggest him to do:
1. Take personal loan
2. Payout C/L with his P/L
3. Sell his car
4. buy the other car
5. Since his car worth a bit more than the other car he wants, put the rest of the 'surplus' into his P/L.
Any suggestion on what he needs to do to sell and purchase the other car? btw the other car is private seller, so no dealer trade-in his current car as well...
hope I have a clear explanation on his current situation here. Any help will be greatly appreciated...