Can someone sell his/her car (2007 model) that is still under bank loan?
To all the readers,
I have this car that I bought last Sept. 2007 through Doha Bank car loan. It has been with me for 3 years now but it is counted 4 years old since it was newly registered on Sept 30th, 2010. I wanted to get rid of it not because of any other reason but only because I have enough of it. Though I already paid 3 years installment but still need to pay 2 years more. My questions is.... Can I sell it and settle the remaining balance with the money I will get from selling it? Do I need the bank's permission before I can sell it? Please advice me on what best action necessary to sell my car in a legal manners. Thank you!
Get funds from the vehicle sale - pay off the remaining outstanding loan - might have to pay a penalty for foreclosure of the loan (loan terms) - once u pay the outstanding the bank will give you a letter which has to be provided to the traffic department in order to transfer the vehicle to the buyer of your vehicle.
Yes, she/he can. Provided the bank approves it.