You do not need to pay off your loan before selling. We contact your lender, get the payoff amount, and handle the title release. Most sellers do not need to do anything except bring their lender information when they come in.
A large percentage of vehicles on the road are still being financed. Selling one is common and the process is well-established. The short version: we get the payoff quote from your lender, subtract it from your offer, and handle everything from there.
When you sell a financed vehicle, two things happen simultaneously. We pay your lender the outstanding loan balance directly, and we issue you any remaining equity. Your lender releases the title to us, and the transaction closes. You do not need to pay off the loan first, arrange a wire transfer yourself, or coordinate the paperwork between buyer and bank.
The key variable is whether you have positive or negative equity. Positive equity means your vehicle is worth more than you owe — you walk out with a check for the difference. Negative equity means you owe more than the vehicle is worth, which requires a different conversation. We cover both scenarios in plain terms below, and we review the specific numbers with you before you make any decision.
If you are also considering a trade-in toward a new vehicle, the same payoff process applies and you receive the $500 trade bonus on top. Some sellers find that rolling a small negative equity balance into new financing makes sense when they are upgrading anyway — we walk through that math clearly before anything is signed.
Before you come in, it helps to know roughly where you stand. Here is how each scenario plays out.
The most common situation for sellers in reasonable standing on their loan. We pay off your lender and issue you a check for the difference at closing.
This requires paying the difference out of pocket, or rolling it into new financing if you are purchasing another vehicle. We review the exact numbers with you before you decide anything.
If you are upgrading, your equity applies toward your next purchase and we add the $500 trade bonus on top. Negative equity can also be rolled into the new financing, though we review that math with you clearly first.
The process for a financed vehicle has one extra step compared to a clean title sale. Here is each one.
Use the tool below to get a current offer on your vehicle. This is not affected by your loan — it is based purely on the vehicle's market value. Compare it against your estimated balance to see where you stand.
When you come in, give us your lender's name and your account number. We contact them directly and request a 10-day payoff quote. Most lenders respond same-day or next business day.
Once we have the payoff amount, we lay out the complete picture: your offer, your payoff, and your net. If there is negative equity, we explain your options clearly before anything is signed.
We issue payment to your lender and they release the title. You do not send money to anyone or manage the wire transfer.
If your offer exceeds the payoff, we issue you a check for the difference at closing. Same-day finalization is available once the payoff is confirmed.
Your lender releases the lien and the title transfers to Feldmann Acquisitions. The loan is fully retired and no longer appears on your credit.
Get a current value on your vehicle now. Compare it to your loan balance to understand your equity position before you come in. The offer is based on your vehicle's market value — the loan balance does not affect it.
Your value is generated instantly. Compare it to your loan balance to understand your equity position before coming in.
Practical answers about selling a car you are still paying off in Minnesota.
Yes. You do not need to pay off the loan before selling. When you sell to Feldmann Acquisitions, we contact your lender directly to get the current payoff amount. We handle the title release and issue payment. You do not need to coordinate with the lender yourself.
If your vehicle is worth more than your loan payoff, you have positive equity. We pay off the loan and issue you a check for the difference. For example, if your offer is $28,000 and your payoff is $22,000, you receive $6,000.
If your loan balance is higher than your vehicle's current value, you have negative equity. To sell outright, you would need to pay the difference. If you are purchasing another vehicle, the balance can sometimes be rolled into the new financing. We review the numbers with you so you understand exactly what the transaction looks like before you commit to anything.
You do not need to contact your lender first. Bring your lender's name, your account number, and their contact information when you come in. We request the payoff quote and handle the coordination from there.
Most lenders provide payoff quotes within one business day, though some respond same-day. The payoff amount is typically valid for 10 to 14 days. We factor in the timing so the payoff is accurate when the transaction closes.
Yes. Use the offer tool on this page to get a current value for your vehicle. You can compare that against your estimated loan balance to understand whether you likely have positive or negative equity before you come in. The offer is not affected by the loan — it is based on the vehicle's value in the current market.
We work with all types of lenders, including credit unions, regional banks, and manufacturer financing arms like Mercedes-Benz Financial, BMW Financial Services, and others. The process is the same regardless of who holds your loan.
Get a current value on your vehicle and compare it to your loan balance. Come in when you are ready — we handle the rest.
Feldmann Acquisitions is operated by Feldmann Imports, a family-owned dealer at 4901 American Blvd W in Bloomington since 1983.
A service of Feldmann Imports · 4901 American Blvd W, Bloomington, MN