Hello all.
The title may be a little confusing but I wasn't sure how to put it.
Here's the question in detail: I have a Forte Ex bought in 2010 for a period of 7 years ( i was still a student..had to reduce my monthly payments). Total price 21000. After 2 years I paid around 6k. So 15k left. Say I sell this car for 12k and use the money to pay the bank back. I'll still have to come up with the remaining 3k. My question is.. will the bank ask me for the 3k right away since I transferred the car to someone else? Or will I be able to continue my current monthly payments until I cover the 3k ?
Basically to make it easier.. if I sell the car for 12k.. can i Keep the money and continue paying my monthly payment to the bank ? Or a car transfer would force me to pay the bank right away ?
Thanks in advance. Noob here. first new car I bought. Im assuming it matters where you live so I'll mention im from Montreal / Canada. Any general info would help !
The title may be a little confusing but I wasn't sure how to put it.
Here's the question in detail: I have a Forte Ex bought in 2010 for a period of 7 years ( i was still a student..had to reduce my monthly payments). Total price 21000. After 2 years I paid around 6k. So 15k left. Say I sell this car for 12k and use the money to pay the bank back. I'll still have to come up with the remaining 3k. My question is.. will the bank ask me for the 3k right away since I transferred the car to someone else? Or will I be able to continue my current monthly payments until I cover the 3k ?
Basically to make it easier.. if I sell the car for 12k.. can i Keep the money and continue paying my monthly payment to the bank ? Or a car transfer would force me to pay the bank right away ?
Thanks in advance. Noob here. first new car I bought. Im assuming it matters where you live so I'll mention im from Montreal / Canada. Any general info would help !
