Insurance After Selling a Car?

[pherio]

What is the name of your state? Arizona.

I'm just curious how insurance works when you sell a car but still owe money on the loan. My insurance rates are what is forcing me into selling the car off, and I'd just like to know how that all works out. My loan is through Arcadia Financial, by the way. Optimally, I'd like to not have to continue coverage until I'm done paying on the loan.

Thanks for any help, I really don't know anything at all about this kind of thing.

Jason.

[racer72]

Thanks for any help, I really don't know anything at all about this kind of thing.

Your right. First, no one is going to buy the car unless you can give them a clean title, this means paying off the car. Of course, once the car is paid for and sold, you no longer have to insure the car. What you will have to do is find a buyer and agree on a price, when the buyer gets the cash, you go to your creditor and pay off the car and sign the title over to the new buyer. If you sell the car for more than you owe, you have some cash in your pocket. If you owe more than you can sell the car for, you have a problem. Unless you can find a sucker to buy the car while you are still making payments, you are stuck.