Can You Sell a Car You Are Financing?

Can You Sell a Car You Are Financing?

If you’re looking to sell a car you’re financing, the solution is simpler than you may imagine. With AcceleRide®, you can receive a firm offer on your used car, truck, or SUV within minutes, even if you’re still making payments. Our team of experts can help secure a payoff amount with your lending agency. This includes any interest or fees associated with your financing terms.

Thanks to our streamlined approach, you can seamlessly part ways with your vehicle and receive a check or electronic payment in no time! Check out this quick guide to see how you can sell a car you’re financing before downloading the AcceleRide® app today!

AcceleRide®: Creating Smiles for Miles

On the road of life, your plans can change in an instant. That new car, truck, or SUV you thought you’d own for years suddenly no longer fits your lifestyle. So, what happens when you try to sell a car you’re still financing? When you have an open loan, it means your lender still partially owns the vehicle.

That means you can’t legally sell your vehicle or transfer the title until the lender receives their full payment. So, the first thing you’ll want to do is request your lender to provide a payoff amount. This price includes the principal, interest, and any outstanding fees. Once you know the price, the next step is to determine the value of your used car.

Receive a Firm Offer Within 30 Minutes

Thanks to our innovative platform, receiving a fair market estimate is easier than ever. All you need is a smartphone and about five to seven minutes. Here we’ll break things down into three easy steps. . .

Identify Your Ride To help us identify your used car, truck, or SUV, enter your license plate number or vehicle identification number (VIN). Next, confirm the year, make, and model before moving on to the next section.

Take a Few Pics Using your smartphone’s camera, take six high-quality photos of your vehicle before uploading them. Please be sure to remove all personal items and avoid using any special filters that might alter your vehicle’s appearance.

Tell Us About Your Vehicle Complete a brief questionnaire before clicking “I’m Ready. Get My Offer.” Once it’s submitted, one of our friendly experts will reach out to confirm your info before presenting you with an offer. If you’re still financing your car, truck, or SUV, our experts will simply deduct the amount still owed from your offer and pay that to your lender.

How Long Is My Offer Good For

Once you do receive your offer, you’ll be able to go ahead and accept it right away if you’d like and continue along the process of selling your car. You can also take some time if you’d like to think it over. The offer you do get will be valid for up to seven days or for the next 250 miles you drive your car.

During that time, you can evaluate your choices and confidently know whether you are ready to sell. Even if you go beyond that time, you can simply go through the steps above again and resubmit your vehicle information to get a new, updated offer for your car.

What If I Owe More on My Loan Than the Offer Amount?

In some cases, the value of your vehicle might end up being less than what you owe. In that case, you can either provide the dealership the difference between your appraisal value and the balance of your auto loan or you can roll over your vehicle’s loan balance into the purchase of another vehicle.

Thanks to our nationwide network and simple financing solutions, AcceleRide® can help you trade in your current ride and assist you in finding your next one!

Can I Sell a Car I Am Leasing?

While some drivers may still owe payments for their loan, others may still be paying monthly for the car they are leasing. If you are leasing a car and looking to upgrade it before the end of your term, we are also here to help. You can still use AcceleRide® to begin the process of selling your car online.

Then when you are ready to complete the transaction, one of the local dealerships we work with can assist you with any additional paperwork you might need to process your leased vehicle.

After that, you can then begin to shop for the new ride you want right online with AcceleRide® as well. Whether you just want the newest model year of the car you are driving or want to switch to a different type of car with more space or better efficiency, our selection features a wide array of vehicles from various makes.

How Do I Get Paid for My Car?

You will have a few options when it comes to deciding how you’d like to be paid for your car. When you bring your vehicle by your local dealership for a quick inspection and to finalize the transfer of your car’s ownership, you can then get a check for your car if you prefer to have physical payment. You also can choose to receive your payment digitally.

With Zelle, you can get your funds sent directly to your bank account and see that cash come through right on your phone. You can also choose to trade in your car. This allows you to use what you earn for your car and directly apply that amount to the new car you want, which can help reduce some of the costs such as the taxes and total amount owed.

Sell a Car You Are Financing Today

Now that you understand how simple it can be to sell your car through AcceleRide® whether you still have loan payments or not, we encourage you to get the process started today! Go ahead and use our platform now to get an offer for your car and see what you can earn for it.

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