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Ask Dave

Cleaning Title

Belinda is unsure of how to get her car title cleared, since they owe more on the car than it's worth. What do they do to fix this?

QUESTION: Belinda wants to sell her car to be debt free, but can’t get what they owe. How will this work with the bank?

ANSWER: The bank won’t release the car title unless you give them the entire amount that is owed. To get the rest of the money, you either need to borrow it from someone else or talk the bank into letting you sign an unsecured personal loan for the difference. If it’s a bank or credit union, they may let you do that, but the car companies won’t if the money is borrowed through them.