I need to sell my car but I still owe money on it, I need the title to be able to sell it to someone but the bank still has a lien on the car because the loan is not paid off, I need to sell the car, pay the loan without having to borrow money to pay it off before selling it, has anyone had a similar issue?
2006-11-27 09:45:19 · 3 answers · asked by Cid2006 2 in Cars & Transportation ➔ Buying & Selling
Every state is different, but this is how it works:
Explain to the buyer that you still need to pay off the loan on the car.
They will pay you for the car. It would be best in this situation to have a bill of sale notarized in front of you and the buyer, explaining that they have paid for the car, and that it may take several weeks for you to obtain the car title after the loan is paid off.
(If you already have the title (which is normal in some states), you will need to wait for the Notarized Lien release from the place you were making payments.
Go and pay off the loan, and explain that you need the title and/or lien release to be mailed very fast, because you need to sign the title over to someone else. If you can, offer to pay them for 2nd day or overnight express mail, so they can get it to you fast and securely.
Once you get the title, sign it over to the new owner. Get his signature on it too, and make a photocopy of both sides before he takes it.
If you already have the title, and the lien release only is being sent through the mail, once you get it, keep a photocopy of it, then staple the original to the back of the title and give it to the new owner.
That's it.
2006-11-27 12:00:03 · answer #1 · answered by gg 7 · 0⤊ 0⤋
If your loan is at a local bank you can just meet the seller there and handle the whole process in fifteen minutes with a loan officer. It's done hundreds of times a day.
2006-11-27 12:32:19 · answer #2 · answered by Anonymous · 0⤊ 0⤋
go through the bank, sell the car, pay it off
2006-11-27 09:53:36 · answer #3 · answered by mxzptlk 5 · 0⤊ 0⤋