2006-08-07 10:11:00 · 14 answers · asked by JackC 2 in Cars & Transportation ➔ Buying & Selling
If this person is buying it directly from you (giving you a check or cash), then you need to pay off the loan at the bank, and they will then give you the title.
If the person is getting a loan through a bank, then the banks will communicate and take care of everything. His bank will pay off your bank, and your bank will send the title to his bank because, if he has a loan, his bank will hold the title.
2006-08-07 10:14:43 · answer #1 · answered by FozzieBear 7 · 2⤊ 1⤋
If the bank holds the lien, the purchaser needs to talk to the bank and the proceeds of the purchase go towards the loan.
You can do it the other way, just sell the car and pay the loan yourself but the title transfer wont be as quick. Either way the person buying the car will need to know.
2006-08-07 10:18:15 · answer #2 · answered by Keanu 4 · 0⤊ 0⤋
If the bank is listed as the legal owner, you would have to pay off the existing loan to the bank and clear the title. Either that or the person you are trying to transfer to would have to do the same.
2006-08-07 10:14:34 · answer #3 · answered by tinydancer42001 4 · 0⤊ 0⤋
Get the title from the bank after the final payment.In South Africa you cannot transfer a vehicle to another person until the original loan has been paid
2006-08-07 10:16:07 · answer #4 · answered by Snowey 4 · 0⤊ 0⤋
Pay off the loan to the bank first. They'll then give you the title,
2006-08-07 10:14:31 · answer #5 · answered by The Man 5 · 0⤊ 0⤋
i exploit to possess a used cardealership in TX. If the vehicle is a commerce interior the lot can no longer resale without circulate of possession.. If at a auction it (identify) would desire to be sign upon front to auction. the coverage money will circulate to whomever is the named insured holder however the guy named on the identify would be in charge guy or woman for damages, or despite in view that they nonetheless own the vehicle. Calling the tax workplace interior the county wherein the identify is held and asking for practise is the commencing up. those workplace are frequently the place the circuit courts are besides whether it fairly is a small city.. supply extra practise and that i might actually assist you extra.
2016-09-29 00:31:45 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Pay it off, have the title transferred to your name, then transfer it to the other person.
2006-08-07 10:14:31 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If the title has a lein on it then you cannot transfer it, it must be paid off first. You can transfer the balance to a low interest credit card if you want.
2006-08-07 10:16:10 · answer #8 · answered by Josh 4 · 0⤊ 0⤋
The person you're transferring it too needs to either pay off the loan or you pay off the loan first. Before you can transfer anything that loan must be paid off.
2006-08-07 10:14:19 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Call the bank and ask them their policy on transferring vehicles that aren't paid off...otherwise you will have to pay it off first
2006-08-07 10:15:14 · answer #10 · answered by Anonymous · 0⤊ 0⤋