When you sell your car through TRED we handle your loan payoff or lease buyout!
This ensures that the payoff process is handled correctly and safely. Sellers don't have to worry about their loan or lease accounts remaining in good standing and buyers know that they will receive the vehicle's title once it's released by the lender.
If the balance on your loan or the buyout amount on your lease is higher than the price your vehicle ends up selling for, you will be responsible for paying the difference owed at the time of sale. Since your leasing company or lender will only release the title for your vehicle once they have received a payoff in full, this payment is due at the time of sale. When the amount due on your loan is higher than what your vehicle sells for, some folks will call the remaining amount due an "underwater balance".
TRED isn't currently able to offer payment plans on underwater balances, but we're happy to advise you on the best option for your situation. Be sure to speak to a TRED agent before listing your vehicle if you aren't quite sure how you'll pay your remaining loan balance.
You'll be able to pay your balance directly to TRED using any of these options:
Debit or credit card
Please note that while we strive to keep our costs as low as possible, there is a 3.39% card processing fee added to any debit or credit card payments. Card payments are limited to amounts of $5,000 and under, regardless of the number of cards used.
Any other questions or concerns? Get in touch with our team any day of the week for assistance! We're here to help.