Can I sell a car that is about to be repossed?

My GMAC tahoe is 3 months past due. I have a buyer--- can i get payoff from gmac and have the buyer pay off gmac?
how does this work. thanks

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You'll need clear title in order to transfer it to someone else...and you won't have that until the load is paid and you receive a release from GMAC.

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"Lu M via CarKB.com" wrote:
My GMAC tahoe is 3 months past due. I have a buyer---can I get payoff from gmac and have the buyer pay off gmac? how does this work. thanks ______________________________________________
Sure you can. Call GMAC, tell them you have a buyer and ask for instructions to complete the deal. They will tell you:
1.) The payoff amount including principal, pro-rata interest, any late fees and payoff fees, contingent on payoff on or before a stated date.
2.) The location of a GMAC office or a bank where you are to take your paperwork and your buyer with his payoff cash on or before the payoff date specified.
After the transaction is done, you will owe nothing more and your buyer will own the vehicle free and clear. Keep a record of the sale, notify GMAC and notify the DMV to be sure you are free of owner liability.
This is an easy business transaction, done every day. The benefit to you is that the debt is eliminated, possible legal collection action is avoided and your credit remains good.
If you let your Tahoe be repossessed, GMAC will tow it away, some GMAC insider or relative will buy it at half your balance, then GMAC will sue you for the other half plus towing fees, legal fees and any other fee they can dream up. Then they will put a negative notice in your credit report.
Good luck.
Wendy & John
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This response gets my vote.
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"Scott" <homealone.com> wrote in message

I agree with the exception of "After the transaction is done, you will owe nothing more". Often a loan will exceed the market value of the vehicle. In such instances, GMAC will permit the sale of the vehicle for fair market value, however the borrower will still owe any shortfall on the payout of the loan.
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"StingRay" wrote:
I agree with the exception of "After the transaction is done, you will owe nothing more". Often a loan will exceed the market value of the vehicle. In such instances, GMAC will permit the sale of the vehicle for fair market value, however the borrower will still owe any shortfall on the payout of the loan.
_________________________________________________________
The "payoff amount" is the amount of cash that GMAC acknowledges will completely satisfy all remaining GMAC claims under the contract. That amount may be more or less than the vehicle's market value.
The OP had a buyer ready to pay the full payoff amount. After the payoff is completed the OP will owe nothing more and the buyer will own the vehicle free and clear.
GMAC has no power to permit, nor prevent, nor influence the vehicle sale, provided that GMAC receives its demanded payoff amount.
Wendy & John. _________________________________________________________
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Like I said, if the sale price of the vehicle is sufficient to meet the "payoff amount" stipulated by GM, there is no problem. However, if the sale price of the vehicle falls short of the "payoff amount", the borrower remains liable for any remaining balance owing to GMAC. And before you ask, yes, GM will allow you to sell a vehicle for less than loan value if the market value of the vehicle is less than the loan value. But you still owe any loan residual to GM after the vehicle is sold.
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"StingRay" wrote:
Like I said, if the sale price of the vehicle is sufficient to meet the "payoff amount" stipulated by GM, there is no problem. However, if the sale price of the vehicle falls short of the "payoff amount", the borrower remains liable for any remaining balance owing to GMAC.
And before you ask, yes, GM will allow you to sell a vehicle for less than loan value if the market value of the vehicle is less than the loan value. But you still owe any loan residual to GM after the vehicle is sold. _______________________________________________________
StingRay is correct - To avoid repossession costs, GMAC may (not will) allow the seller to make less than the full payoff and to treat the unpaid balance as an uncollateralized loan to the seller. Such an arrangement would have to be negotiated and accepted by GMAC before GMAC would release the title to the buyer.
Wendy & John. _______________________________________________________
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Your loan needs to be satisfied. GMAC does not care where you get the money. After it is satisfied you will receive the title and can sell the vehicle. ALL of that can be done at same time at an authorized title agent in your state.
mike hunt
"Lu M via CarKB.com" wrote:

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