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"Is there a way to do a transfer of equity on a car loan? "
"I need to cut back on my monthly expenses. My car payment is one of the biggest ones. I spoke with the bank and they said I could voluntarily surrender the car to them or do a transfer of equity. How does a transfer of equity work on a car loan?
"
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“A transfer of equity simply involves selling the car for what you have left on the loan. If you can find a buyer with good credit, you can go to the bank together and work out a deal.
If, for whatever reason, the bank does not want to work with the buyer, you can go to a different bank.
This process is easier than it seems, but a lot of buyers are turned off by the idea. For this reason, finding a buyer may take a long time.
If your financial situation is extremely dire, you might be forced to surrender the car to the bank.
“
View full answer
- Gregory R.
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