How do you sell a car you're financing?

[Guest No_Speed4_You]

Just as the title says, how do you sell a car privately that you still are paying on? Does the buyer have to give you the amount then you pay the loan off and then send them the title later? I've never done this or even sold a car so I'm sort of lost here. Thanks for any help.

[Orion]

Just as the title says, how do you sell a car privately that you still are paying on? Does the buyer have to give you the amount then you pay the loan off and then send them the title later? I've never done this or even sold a car so I'm sort of lost here. Thanks for any help.

 

 

in order to get the title out of the banks name, you have to be able to pay in full. for instance, you owe 20k on a car. you sell it for 15k. you better find 5k somewhere so you can get the car titled in the buyers name, or else, no deal. now, if you sell it to homie, and he gives you a few weeks to get the dough together, thats something else.

[Guest No_Speed4_You]

So if the car has 7,000 on a loan and you sell for 8,000, you both can go to the bank and pay it off then they mail you the title? How soon can the title the car in their name and drive it away?

[Got-Boost?]

Depending on the bank, you can get the title on the spot once the loan is paid in full and sign it over to him. Some banks don't keep the title on the property but in another building or records center; so it may take a few days for them to pull it and get it to you.

 

Otherwise, you will have to find someone willing to let you send them the title in the mail. With all the shaddy shit lately some people aren't willing to do that and unless I knew the person probably wouldn't do it either.

 

How are they paying you? Cash, certified check, wire transfer or what?

 

That could be another factor with the bank if it's not a on the spot payment. If it takes a day or two to clear, that will hold you both up also. Best way is wire the money so you know it's official and you won't get screwed.

 

Just make sure you type up a bill of sale and everything to clear you and the buyer.

[Mensan]

Depending on the bank, you can get the title on the spot once the loan is paid in full and sign it over to him. Some banks don't keep the title on the property but in another building or records center; so it may take a few days for them to pull it and get it to you.

 

 

This is what happened to me on my wifes car. i called the bank in advance and when the title came in, they called me. I went in with the buyer and they gave me cash, which I then gave to the bank and the bank signed the title over, just giving it to the new owner. As a courtesy, I went with them to the DMV (it was a guy I worked with). We had no problems, and they had a title in their name over a lunch hour.