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02-05-2009, 07:00 AM
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#7
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DIMA ZMEY
Drives: B5 S4 avant
Join Date: Apr 2007
Location: Chicago, Illinois
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Quote:
Originally Posted by UCSBMW
Yes, the negative has to be paid off right away...otherwise you won't be able sell the car only with partial pay off. Though you hold title on the car, your bank holds the car as collateral. Whether it's all proceeds from the sale of the car, or a combo of sale money plus out of pocket, your existing loan has to be paid off in full at time of sale.
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got ya, thank you
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