Ask for the bank, as far as I know, you can look for the buyer and if the buyer is willing to pay and buy the car as the assumed owner, transfer is to be concurred by the issuing Bank upon payment of arrears, if any.

Else, if you want you can look for the buyer and assumed the car without the transfer of ownership and you will still pay the bank on monthly installments. But this might pose risk for you.

Option 1 is better.