Selling a vehicle That's not paid off?

Question

I have a vehicle for sale that I still owe on and once I sale it I can pay it off ,What Im wondering is what do I tell the person buying Vehicle and what kind of Contract do I need to write up for that person so they know Im on the legite .Of course I dont have title till vehicle is paid off and the finance company siad it would take 7-10 days for tittle to get to me once its paid off ,Any suggestion

Answer 1

Dodge man is right. There is no problem selling a vehicle that you don't own outright as long as you are honest and see that the bank or finance company and the buyer know what is going on and agree when you make the transaction. It's best to put this information in the when you advertise it. I bought my last vehicle in this manner. We just both met at the credit union and everything was signed. Seller was happy, I was happy, credit union was happy. I am now on the title that the credit union is holding until it is paid off. The registration is in my name.

You don't need a dealers license to sell your car. Most of the time you can sell a certain number of cars you have bought before you need a license, like six in a year or something like that. It depends on the city or state laws.

Answer 2

there's a better way to do this,you can tell them when they come and look at it,and if their really interested,and for sure want the car ,they can go with you to the bank and pay off the amount owed on it,and give you the difference,and the bank can guarantee them the title and even make papers over to them for the vehicle,and this gets you out of debt,and also guarantees them the title from the bank.,this way they know everything is on the level,,its really the best way to handle one of these deals,good luck i hope this help,s.

Answer 3

You're going to have a hard time signing over the title to the car because the lienholder is shown as the legal owner. You are shown as the Registered Owner.

To get the lienholder to sign over the title, you'll have to pay them off first. Dealers do this all day long. You're just going to have to involve your lienholder in the private sale because they are a party to the sale as the legal owner.
.

Answer 4

Your FICO score considers man or woman charges notwithstanding the merely correct debt to diminish ratio is the biggest component. therefore, it exceptionally a lot will impact your score an same no count number the way you distribute the money. this can probable improve your score 40 or 50 factors, perhaps extra relying on what else shows on your credit report. the neatest component to do is pay off the utmost pastime cost playing cards first. that can provide extra bang on your greenback. you may then roll what you've been paying in month-to-month funds to the last card stability and artwork on paying off each and every of the charge playing cards.

Answer 5

you are not allowed to sell the car until its paid off// you actually have title in your posession you could go to jail // you do not have dealers license// goodluck