Selling a 2004 pontiac grand am.....?

[Shortone]

What is the best way to sell a car that still has a loan on it????
I bought a 2004 Pontiac Grand AM for my now Ex. I got the car back from him and now I'm not sure what I should do. I cannot keep it I already have my own car and my own payments to make. I just bought it in January so the loan on it is new and it was for 5 years at the time I bought it.
Any suggestions would be appreciated!!

 

[Zimgxp]

Sell it and pay off the loan.

 

[wde3477]

A 5-year loan on a 4-year-old car? Ouch.

As the previous post-er mentioned - sell it, then pay the loan off. This may get a bit tricky if the title has a lien notice printed on it - but it can be done by carrying out the transaction at the bank where the loan was issued. Hand the money over to the bank, and they will sign off on the lien.

Now, if the sale price is less than the outstanding loan balance, you'll be responsible for making up the difference. If you don't have the cash-at-hand - the bank may balk and give you grief, as you are selling the collateral that secures the loan.