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Transfer of auto loan possible?


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Gentlemen.

I have been through very difficult situation in 2015 when i was trying to sell my 6 months old T-Fort due severe back pain. Buyers were ready unfortunately banks were not the happy about this.

I have heard about auto loan transfer options. Anyone on Carnity have tried this option?

Other options available:

  • Pay full amount from your own pocket to the bank and transfer the ownership. (Which i did in my case)
  • Sell it to the dealer with fancy quotes they will settle the agreed price, difference has to be paid by the current owner.

If the transfer of the existing loan is possible, please mention the procedure.

 

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There is always the option that buyer can make the payment direct to your bank and get the mortgage release letter over the counter. Even if the new purchase value is less than the outstanding payable to bank, you can cover the difference. 

 

This is a standard procedure. It's just that banks sometimes like to have sadistic pleasure by troubling you.

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1 hour ago, Srikumar said:

There is always the option that buyer can make the payment direct to your bank and get the mortgage release letter over the counter. Even if the new purchase value is less than the outstanding payable to bank, you can cover the difference. 

 

This is a standard procedure. It's just that banks sometimes like to have sadistic pleasure by troubling you.

@Srikumar Totally agree if its a cash buyer. What if the buyer is looking for finance option. 

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They will then need to get a formal PO from their bank who is financing it and this needs to be issued in favor of your bank.

It should be the same procedure of transferring a property from one party to another with both being financed by the bank.

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59 minutes ago, Srikumar said:

They will then need to get a formal PO from their bank who is financing it and this needs to be issued in favor of your bank.

It should be the same procedure of transferring a property from one party to another with both being financed by the bank.

@Srikumar Thank You. Last time when i was selling my car. I was told to clear the outstanding from the existing bank by myself and then the buyer will get it re-financed. I was not given this option from the bank. May be the sales guy has to fill in couple of more papers for this option. 🙄

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