What happens when you sell your vehicle for less than you owe?

AmberLeeMarie: What happens when you sell your vehicle for less than you owe?
My boyfriend wants to sell his bike, but he owes more then its worth. If he sells it for what its worth, and pays off that much of the loan, does he just keep paying on the rest?

Answers and Views:

Answer by feng shui master
you still owe

Answer by Pedro S
he cant sell it with out clear title…and cant get clear title without paying off loan…

Answer by mark t
You have to finish paying for it. If the loan is on the bike then he would have to pay it off entirely before the new owner could title it.

Answer by Mad Jack
He has to come up with the money to pay off the loan so the title will clear. The bank will generally want the money right away, unless you can make prior arrangements with the loan officer.

Answer by CarMan
He has to come up with the cash difference to pay off the loan to get the title to give to the buyer at the time of the sale.