I'm going to sell my car and pay off what I owe on it. What do I tell me finacing company once it's paid off? Will they give me the title and then I give it to whoever buys the car from me? Or do I tell them to put the title in the other person's name?
2007-01-15 06:42:12 · 6 answers · asked by kellzz 1 in Cars & Transportation ➔ Buying & Selling
You will need to have your finance company sign off on the title, which means you have to take the money to the finance company, have them sign off on the title. They will give the title to your buyer, or if they are financing at the same place you are, well, that's all the better. You will need to sign a bill of sale to your buyer, and a release of interest. You can sign off on the title, or a notarized bill of sale with your release included. Depending on the year of the vehicle, you will need to disclose the mileage. This is a federal law. If there is more than one registered owner, all will need to release their interest in the car, either on the title, or a notorized release of interest/bill of sale. You also will want to report to the state that you live in that you no longer own the vehicle, this is often called a "Sellers Report". This document will protect you if the person you sell the vehicle to fails to register and title the vehicle in their name. Be sure you follow your state's rules and regulations as all states don't have the same rules.
2007-01-15 07:05:52 · answer #1 · answered by fisherwoman 6 · 0⤊ 0⤋
You tell the lender you're selling the car. The lender quotes you a payoff figure--that's what you owe them to pay the loan in full. You pay the lender [find out how they want payment to release title immediately--cashier's check?]. They sign the title to indicate that the lien [lender's claim of the loan] has been satisfied, and they give you the title. YOU sign the title, and signify that the sale has occurred between you and John Doe. John Doe can then go to the Dept of Motor Vehicles [or whatever name], turn in the existing title, and get a new title eliminating all the previous signing, giving him a clean slate to start the process over again. Your lender will probably NOT be interested in helping your buyer with the title work--that's between him and the state.
2007-01-15 14:58:50 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If I am not mistaken, the the title papers are handled by the finance company or the county records office for vehicle registration. But, if you want to skip all that, go to a lawyer that handles business matters in your area. Also, you could go to any car dealer in town and talk to the finance manager for the dealership. Tell him you will give him $10 to answer your question. He will probably be happy to help. Good luck.
2007-01-15 14:52:32 · answer #3 · answered by rasckal 3 · 0⤊ 0⤋
The finance company filed a lien against the title when you purchased it, so the easiest way to sell it is simply to take the buyer to the finance company and have him pay them. If it is done with cash or a cashiers check, they will release the title to the buyer and pay you any excess funds from the buyer.
2007-01-15 14:50:35 · answer #4 · answered by crustysob 3 · 0⤊ 1⤋
Call the finance company and they will tell you what their procedure is.
2007-01-15 14:50:09 · answer #5 · answered by Galileon 2 · 0⤊ 0⤋
You will probably have to sit down with the buyer at your bank and have them take care of it there.
2007-01-15 15:08:51 · answer #6 · answered by superfunkmasta 4 · 0⤊ 1⤋