we owe $12,000 on a 2004 nissan car and it's worth that much (checked it on kellybluebook.com). we want to sell it out right, send the bank the money and give the title to the new owners. but how would the buyers know that we would give them the title and not just run away with their money?
2006-09-05 11:58:57 · 13 answers · asked by confused mom 4 in Cars & Transportation ➔ Buying & Selling
the loan is through nissan so going to their branch office is out of the question. we would have to both get on a plane and fly there
2006-09-05 12:34:55 · update #1
Sell it for the kellybluebook value. Try to get as much out of it as you can and the buyer can either take over the payments (put the loan in their name) or give you cash or check. If you take a check from them, make sure it is an OFFICIAL BANK CHECK (same as cash, so it can't come back nsf - non sufficient funds - no good). Once you receive payment and it's "good" then you pay off the loan you owe them. As soon as the loan is paid off, the bank should give you the title. Then you can give it to the buyer. If that isn't good enough, take the buyer with you to pay off the loan. They can sit in the lobby and wait for you to get the title. If you go to the main branch where your loan is through, then they should have the title there..... Happy selling!!!!!
2006-09-05 12:05:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Advise the buyers to meet you at your local branch of the bank that holds the lien and conduct the transaction at the loan officers desk..the buyer will give the money (that which is owed)directly to the bank and rest to you. If they pay in cash or certified bank check the bank will type up a lien release right then for the new owner which is acceptable documentation for the motor vehicle that the loan has been satisfied.
2006-09-05 12:07:04 · answer #2 · answered by baalberith11704 4 · 0⤊ 0⤋
I'd try paying off the $12,000 before selling the vehicle. I think once a while ago I heard an advertisement for a car dealership that they were willing to pay off your debts on the vehicle if you traded it in on a different one. Including you want a new vehicle. Hope that helps. If not then sign a contract with the new owners or something that they'll get the car once the title is in your name and have an attorney look over it or have it notarized or something.
2006-09-05 12:03:53 · answer #3 · answered by Bear 5 · 0⤊ 0⤋
Whoever the buyer is will likely be getting a loan for the $12,000. Their bank will then give that money to your bank to pay off the loan.
2006-09-05 12:02:15 · answer #4 · answered by Dan W 2 · 0⤊ 0⤋
well, if everybody want to make sure that everybody else is playing kosher, you have to get a "title company" to help
they are more common in house sales but the situation is the same
the title company holds all the parts until there is a closing when you get the money and they get the car and title
sometimes banks will act as title companies
you could also get a separate line of credit, like a second mortgage, pay off your car, and then sell it, but of course, this method presents some other difficulties
2006-09-05 12:01:55 · answer #5 · answered by enginerd 6 · 0⤊ 0⤋
Step 1 - perform the sale
Step 2 - payoff the loan (from buyer's bank to loan holder)
Step 3 - loan holder instructs DMV to remove lien from title.
Step 4 - sign title over to new owners who then have to visit DMV and obtain new title and tags, etc.
2006-09-05 12:03:19 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Take them with you to the bank and have the bank write a check directly to the lien holder. The title may take a few days to get to the new owner but as long as you have everything in writing it's all very safe.
2006-09-05 12:02:24 · answer #7 · answered by QWERTY 6 · 0⤊ 0⤋
talk to your bank you want to sell the car and take the buyer with you,they will take care of the rest for you like mailing the title to the new owner or owners bank if he has to note it out. Start with ebay
2006-09-05 12:03:44 · answer #8 · answered by Stoner 5 · 0⤊ 0⤋
Go to the bank with the buyer and do the transaction right there at the bank.
When you pay it off, they'll sign off on the pink slip, give it to the buyer and everybody's happy.
2006-09-05 12:00:56 · answer #9 · answered by Anonymous · 1⤊ 0⤋
it must be properly worth 12 besides the fact that a individual won't inevitably be keen to pay that. basically clarify to the broker which you will need the money so which you would be able to pay the lien off and as quickly because of the fact the identify is released, you will sign it over to them. call the lender and ask them how long it takes to get the identify as quickly as the lien is paid off. you could ought to do some sort of revenues settlement with the shopper whilst they provide you the money because of the fact theoretically, you should be ripping them off.
2016-10-14 08:54:38 · answer #10 · answered by wishon 4 · 0⤊ 0⤋