Im wanting to sell my truck, but honda finance has the title, I want to sell it to pay it off and pocket the difference. How does that work?
2006-07-04 02:00:41 · 14 answers · asked by jarrod_234 2 in Local Businesses ➔ United States ➔ Other - US Local Businesses
You can't until you get the title from the bank. So that means you have to pay it off with the bank and then do something else
2006-07-04 02:02:35 · answer #1 · answered by nastaany1 7 · 1⤊ 0⤋
Contact Honda Credit and tell them what you want to do. They'll arrange to release the title as soon as you pay off the loan. You take the proceeds from the sale, pay off the loan, and pocket the difference. They'll release the title and you sign it over to the buyer.
This is messy when dealing with a distant finance company. For that reason, I usually finance with a local bank or credit union. This makes sellling a vehicle with a lien on it fairly simple. You and the buyer go to the bank or CU together and handle the whole thing in about 30 minutes.
There is nothing illegal about this, people do it all the time.
2006-07-04 02:07:44 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
I think, but am not 100% sure that you would have to get the money first, pay of the truck and then get the title from the bank. Problem is I just paid off my car and it took 3 weeks for the bank to finally get the title to me. Wasn't an issue because I wasn't waiting to sell it, but in your case, it would be. I would ask the bank how long after paying off the loan would it take for them to forward the title to you.
2006-07-04 02:04:46 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Depending on what state you are from you either have a title and/or a lien release.
You sell the truck for whatever, then you pay off the bank you owe the money to. They send you the title and/or lien release, and you give it to the person who purchased it from you.
Or... if they are financing it, they can have their bank pay your bank off and have your bank send their bank the papers.
2006-07-04 02:04:48 · answer #4 · answered by Joey 5 · 0⤊ 0⤋
You call the bank and ask for a payoff. They will give you the amount you owe right now. It will be good for a couple of days but then interest is added. If you can get more out of your truck then you pay it off, get the title, sign it over and voila...there ya go
2006-07-04 02:10:28 · answer #5 · answered by Stratman 3 · 0⤊ 0⤋
Sell the truck.
Pay off the truck.
Bank will send you the title, which you should then transfer to the new owner.
Pocket the difference.
Be honest with buyer. "Look, dude. It's going to be a couple of weeks until I get the title in my hands."
This happens all the time.
2006-07-04 02:04:54 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Talk to Honda but the guy should pay you then you pay off the loan and forward him the title if the new owner is getting a loan then his bank will handle it.
2006-07-04 02:06:20 · answer #7 · answered by Anonymous · 0⤊ 0⤋
It is a little shady but you have to get the buyer to take over the bank loan and get your nam eoff of it then he'll be able to title it in his name etc. as for the rest of the money, you gotta work out a cash deal on the side.
2006-07-04 02:06:27 · answer #8 · answered by Ricky J. 6 · 0⤊ 0⤋
You can do this but when you have whomever buy it they have to pay the money owed to Honda Finance and the other to you. I'm pretty sure that is how it works.
If you want to be for certain contact Honda Finance.
2006-07-04 02:03:38 · answer #9 · answered by 'Barn 6 · 0⤊ 0⤋
Find a buyer, go to bank. Pay off loan, keep rest of money.If they financed the vehicle, they will aid in title transfer.
2006-07-04 02:06:01 · answer #10 · answered by Anonymous · 0⤊ 0⤋