Hey everyone! Love the forums! People have been very helpful in the credit card section. This is my first post in Auto...so bear with me and help out if you can: Paid my original unsecured co-signed car loan off in April of 2012. It was a 3 year loan that I paid off through a local credit union 6 months ahead of my loan end month. I have had 2 other unsecured personal loans not co signed and no collateral. The car loan that was my very first loan that my father consigned, the one I paid off, was for almost 5k that was 160 per month. The other two unsecured loans were 1500 and 2000. These two personal loans began and ended during my 3 years with the car loan. Now: I went to the same credit union that had worked with me on these 3 loans and asked them about another personal loan. They said no problem. It was for a big move, a spontaneous vacation, and living expenses while my work was transferring me. I asked for 3800 after I did my figuring. My loan officer (who knows me from the other 3 paid off loans) said I can have it unsecured at I think 11 or 12 percent or if I wanted a really low rate, I could get a secured loan with the paid off car as collateral. I chose the secured collateral loan after he was touting the benefits of the lower interest rate. (I will have to look at the paperwork to remember what it was). I know they deemed it a "re-fi"? I am not sure what that means exactly. Anyway, to my MAIN question: I want to sell the car. My job is really close to home and I am tired of car dependency, gas, etc. etc. Can I sell the car if it's listed as collateral on the loan? Better yet, can I go to the credit union and simply ask them to convert the collateral loan to an unsecured and take the slightly higher rate for interest? I have offers on the car for 3k and am just going to pay off the loan with it, if this is possible. The 3800 is 120/month and is a 36 month loan. Thanks to all who get through this and reply!
