Sell Your Car with Existing Financing in NJ
Many people opt for financed cars due to the availability of finance schemes and offers. Buying a financed car is a perfect option for anyone who doesn’t want to spend a bulk amount upfront. However, the process of selling a financed car is a little bit different than the usual one as when you sell a financed car with a pending loan on it, the third party also comes into the picture. Follow the below guide to sell a financed car in New Jersey.
Procedure to sell a financed car in New Jersey
- Do the analysis
The most important thing is to do the analysis before you sell your financed car. Get the estimate of the amount you’ll have to pay to the bank for the early payment and compare it to the total value that you are expecting from the sale of your used car.It is beneficial to go ahead with the sale process if you find that you are still earning some profit even after including the cost of early repayment.
- No Objection Certificate (NOC)
If you have decided to sell your financed car, remember that it is not legal to sell it until you receive the No Objection Certificate.
- Ask the buyer to pay directly to the bank
You can also convince the buyer to pay the amount directly to the bank or financial agency as it will help in making the process more swift. If the outstanding amount exceeds the deal price then you’ll have to pay the remaining money.
- Be honest
It is rightly said that honesty is the best policy. Do no hide any facts from the buyer or the financial agency even if it creates a negative impact on your deal. Keep the process transparent as the buyer can also sue you for concealment of facts or forgery even after the deal.
Selling a financed car does involve some extra steps but it is not that complicated. Make sure to follow the above tips to make your car selling experience easy and hassle free.
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