How to sell a credit car in Russia?

Almost every Russian has an idea of how to buy a car on credit. And if something is not clear or causes doubts, the managers at the bank will tell and persuade. But not all car owners know how to sell a credit car, if there was an urgent need for it.

Theoretically, it is impossible to sell a car bought on credit until the loan is fully repaid by the bank. After all, the owner of the car is considered to be this institution (until the last payment is made), and the technical passport is also in the bank. Without this document you can not make any transactions with the car. It can not be sold or donated.

But this is theoretically. In practice, you can sell a credit car in several ways.

1. Solve the issue in the bank. In principle, this is what should be used in the first place, if the question arose about selling a car. You should apply to the bank where the loan was purchased. Most of these credit institutions willingly go to meet the borrower and offer options. For example, a bank can take over the sale of your car in the event of a refusal to pay the loan. In this case, the bank will sell the credit machine, subtract the outstanding loan amount, and the rest will be given to you. If there is an early repayment clause in the loan agreement, in this case the bank will not take interest for early repayment of the loan.

2. Consumer credit. Before you sell a credit car, you need to redeem his documents from the bank. And this means that you need to return the bank taken from him money. Modern methods of lending allow you to borrow consumer loans for various needs. To use this option, you will need to take a second loan, but already in another bank. This amount is extinguished loan for the car (and the bank gives out a technical passport). Now the car can be sold, and the money to dispose of it on your own. You can, for example, pay off the second loan, and use the remaining amount as a down payment when buying a loan from another machine.

3. Auto redemption. In other words, this is called a "trade-in". Currently, this service can be used not only by the owners of equipment, but also by owners of credit and mortgaged vehicles. For those who do not know how to sell a credit car, a trade-in may be an ideal option. In this case, all the troubles for diagnosing, evaluating and selling cars are taken by the salon. Of course, this is not entirely free. But this is the fastest way to sell a credit car.

4. Friendly deal. This method is very risky, but if you can find a friend who desperately needs your car, then in this case it is necessary to specify in advance all the nuances of the transaction. From the amount received for the car, the amount of the outstanding loan is deducted. The remaining money is yours, but a friend gets a car and a loan, which he will pay off for you. Since the technical passport in this case remains in the bank, you will have to give a power of attorney to the new owner so that he can fully use the machine.

These are several legitimate options for how to sell a credit car. Which of these ways to use is up to you. Each option has its pros and cons. Therefore, choosing the method of sale, you need to clearly understand all the complexities and consequences of such a transaction.