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If you buy a car and still owe money to the bank and then privately sell the car can the loan go from being in your name to the other person?

Zach Chandler

in Student Loans

1 answer

1 answer

Deborah Edwards on November 2, 2018

It is strictly between the owner of the note and the buyer of the car. The owner of the note also has the title, so you need to be part of the transaction. The buyer need to repay the loan, or re-take their name. And remember, now "used vehicle" for the purposes of funding, and in accordance the interest rate is higher, I guess.

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