2006-11-12 13:27:18 · 7 answers · asked by mkaustin 1 in Cars & Transportation ➔ Buying & Selling
you need the title to sell the car. if you don't have that, you can't sell it. in order to get the proper documents for the car (registration, etc). depends on who you're paying.
2006-11-12 13:30:30 · answer #1 · answered by Anonymous · 0⤊ 0⤋
O.K. This gets a little complicated. If you are trying to buy a new car and use the one you have now as a trade in, I will tell you what is going to happen. They will give you a price on the car you have now. Say you owe $8000 on the car you have now and the car dealer will only offer you $5000 for it. What they will do is pay off the current car and take the difference and add it to the price of the new vehicle. So if the new car is going to cost $12,000 they will add the additional cost of the last vehicle to it making the new car $15,000. It is called negative equity and you loose before you even get off of the lot.
I have two friends that have done this and now both of them are in trouble. They owe so much more than their cars are worth that they cannot sell the cars now. One has begged the bank to take her car back and the bank said no, she owes $5000 more on the vehicle than it was ever worth.
2006-11-12 13:41:03 · answer #2 · answered by nana4dakids 7 · 0⤊ 0⤋
You have to involve the title holder, credit union, bank etc. They will want to know all of the specifics like selling price. If everything works out with the sale you / the bank will apply for a new title for the new owner.
2006-11-12 13:32:39 · answer #3 · answered by G-pops 4 · 0⤊ 0⤋
I would notify the lean holder. That is the bank or finance agency you borrowed the money from. They will tell you what the payoff amount is. Then when you sign the car over to the new owner you will have to pay the bank/finance company loan off.
2006-11-12 14:24:30 · answer #4 · answered by BiggyBear 2 · 0⤊ 0⤋
You will have to pay the car off first or before you change the title.Maybe whoever wants to buy your car can pay the lien so he can get the title. The bank will tell you how to handle it.
What do I know ??
2006-11-12 13:35:13 · answer #5 · answered by "Hooks" 3 · 0⤊ 0⤋
find out what you owe sell it for that go to the bank tell them and they transfer the title
2006-11-12 13:35:27 · answer #6 · answered by lyle2727 2 · 0⤊ 0⤋
ask for payoff or sell for retail value and use money 2 payoff car and pocket the rest.
2006-11-12 13:31:00 · answer #7 · answered by waiting2getfree 2 · 0⤊ 0⤋