Can I sale a car back to the finance company?

I have a 2006 nissan altima that I purchased in september 2005. I have not been driving the car in about 4 months, I am getting ready to start pta classes and I know that my income will be limited. What is the point of keeping a car I am not driving plus an extra bill? Is there anyway possible that I might be able to sell the car back to nissan motor acceptance cooperation(finance company) without being penalized?

Can I sale a car back to the finance company?
Unfortunately, NMAC doesn't buy cars, they only finance loans. There is no penalty for selling your vehicle before the end of the loan. Their Simple Interest loans don't have pre-payment penalties. The only thing you will have to worry about is the difference of your selling price to your loan amount.





If you sell the car to Carmax for instance, you will be responsible for the difference before the lien holder will release the title. i.e. Balance due = $14,000. Carmax offers $12,000.. you will have to pay $2,000 to get out of the car loan. And to clarify, if you trade that car to a dealer, very few would actually send that to the auctions.





My suggestion would be to call for you payoff and see how much they are selling for in your area. Maybe if you had put some money down on the car when you bought it, you can sell it private party and break even. Good Luck!
Reply:Thank you so much for your advice, luckily my aunt is going to buy the car from me for $14,000 and I am going to pay the additional $3,000 that is owed on the car out of pocket. Report Abuse

Reply:No. You signed a contract obligating you to pay "x" amount of money for a specific period of time. Chances are, you owe more on the loan than the car is worth. You should have thought of this situation before you chose to reduce your income.
Reply:Highly unlikely. I sold cars for a while and the situation you are considering is financial suicide. You are better off going to a car company, such as carmax, that buy cars outright, without your needing to buy another. You may be struck with some left over debt, but that is a better outcome, in the long run, than returning the car to the financial institution.
Reply:The only thing you can do is sell. DONT !! sell to a dealer. They will only give you auction value which will leave you making the remainder of the unpaid balance to the bank without the car. Call the finance co. and ask what the payoff amount would be, which eliminates the years of intrest, and sell private. Private party value alows you to sell the car for what its worth without the dealers giving you nothing and selling for the same private value and keeping the profits themselves. Try to get as much as you can, pay off the loan, and maybe you will get lucky and have a little extra cash in your pocket.