I currently have an 06' Toyota Corolla S (in the state of Florida) and I owe almost 18K to Toyota Finance...I would like to sell the car privately to pay off the loan. How does the time table work with getting payment from the buyer and then getting the Title to the car? Can/will someone buy the car and wait to take possession until I recieve the title? How long does it normally take between the time you pay off a car and when they mail you the title? Also if I write up a bill of sale can they take the car without having the title yet? AND...what if I can only get 16K for the car...might the finance company let me sell the car ( and hand over the title) and I will owe them the difference? Sorry for the amount of questions I just really have no idea how to sell a car...let alone when it is financed. Any help is appreciated.
2006-09-09 16:48:34 · 8 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
If you sell a car you are financing, you remain responsible for the principal amount you borrowed to buy your car, plus any unpaid interest accumulated on that principal. Fulfilling that financial obligation will depend on the details of the financing agreement you entered into.
In most instances, you will be required to payout your finance agreement in full from the proceeds of the sale of your vehicle. If the selling price of your car is less than the balance owing on your loan, you will be responsible for paying the shortfall and you will need to make up the difference through other income sources. Therefore, you will want to recover as much as possible when selling your car privately.
You may be able to renegotiate your loan without paying the balance in full from the proceeds of the vehicle you are selling however, in such cases you should discuss this option with a Loan Specialist at your lender before selling your car.
Contact your lender.
2006-09-09 16:51:06 · answer #1 · answered by DanE 7 · 0⤊ 0⤋
You need to arrange this deal between you, the Toyota Finance that gave you a loan and the buyer. In order to sell the car the lender has to clear the title first and they will only do that after receiving all the money you owe them. You cannot sell the car without clearing the title. Call Toyota or your dealer and ask them, they will guide you through the process.
2006-09-09 16:57:31 · answer #2 · answered by svthech 4 · 0⤊ 0⤋
According to Texas law, if I understand it right, you can not sell the car until it is totally paid off. And as for seeing if the finance company will let you sell the car to pay of the debt all you can do is call the finance company and ask. But if you do call the finance company make sure you talk to management because I have learned from personal experience that they are the only ones that truly know the answers to your questions. And after you pay off the car it takes anywhere from 3-8 weeks to get the title.
2006-09-09 16:55:55 · answer #3 · answered by blestbrenfan 2 · 0⤊ 0⤋
ok the way this works is that is not your car its the bank or finance companys,you can call them for a payoff which is always lower than your loan amount because the finance charges dont apply. this is what you can sell it for
now for you to sell it you have to either send a complete amount to them and wait for the title or like most people you just let the buyer assume the loan and you basically switch info with the new owners but that would have to be handled by the bank or finance company
2006-09-09 16:59:38 · answer #4 · answered by dragnoldmetal 2 · 0⤊ 0⤋
if someone buys your car you dont wait on the title they do. they will take possesion of the car and wait for the title to be mailed just like you did when you bought it
2006-09-09 18:04:47 · answer #5 · answered by Billy T 6 · 0⤊ 0⤋
you can contact the finance company and ask them for a settlement figure, then sell the car and square them up. technically the car belongs to them !!!
2006-09-09 16:53:25 · answer #6 · answered by Bob Bob 5 · 0⤊ 0⤋
to make it easier, I'd refinance the car locally, then put it up for sale; keep making payments, the balance is still your responsibility
2006-09-09 17:36:20 · answer #7 · answered by Dwight D J 5 · 0⤊ 0⤋
contact your car dealer and try and sell your car
2014-07-05 05:53:23 · answer #8 · answered by Lovelycynn 2 · 0⤊ 0⤋