How do you sell a vehicle on the street that you still owe money on?
2007-02-20 09:23:49 · 7 answers · asked by sfcastrolionmark 2 in Cars & Transportation ➔ Buying & Selling
Contact the lein holder and determine the correct pay off balance.
Make the sale of the vehicle informing the person buying the car that it is under a lein.
When the person pays for the vehicle the will create two seperate payments, one to the finance company for the payoff balance and one to you for the remainder of the agreed upon purchase price if any. If you are getting less for the car than the payoff balance you will need to pay the buyer the difference between the what they are paying and the payoff balance.
Get the Title Transfer from your state DMV and complete the form. On this form you will sign over ownership to the buyer. Get your lein title and sign it over to the new buyer. Make a copy of all the documents and send them along with the payment(s) to the lein holder requesting payoff and release of lein on the title to the new purchaser.
The new purchaser will receive a clear title once the lein holder has processed the paperwork and payment.
It's a bit tedious.. but it can be done.
The only way to simplify is to pay off the vehicle and then sell it once you have the clear title.. but I'm assuming you are not in a position to do that.
Good luck!
2007-02-20 09:33:43 · answer #1 · answered by wrkey 5 · 1⤊ 0⤋
i have sold alot of vehicles...lol. What you do is have the buyer make the check out to the loan agency or his loan agensy make it out to your loan agency you have your vehicle finaced thru. If the sum or sale of the vehicle is more than what you owe, then they will send you a check in the mail or maybe even have you stop by at the bank. Reason being is when you sell the vehicle the title will carry the name of the loan agency on it due to its still finaced. I hope this helped. Good luck
2007-02-20 09:30:10 · answer #2 · answered by J J 1 · 1⤊ 0⤋
You would need to inform the financial institution where you purchased the vehicle of your intentions of selling it. When you find a buyer, you need to take some (or all) of the selling price from your sell, and pay off the financial institution where you got your loan. They will then give you the title which you can give to your buyer.
2007-02-20 09:33:08 · answer #3 · answered by Kerry 7 · 0⤊ 0⤋
You have to go to the bank where the car is financed and pay off the balance. As soon as you do that the title will be released to you. In turn you will have to transfer the title to the person who is buying it.
2007-02-20 09:26:43 · answer #4 · answered by Shmesh 3 · 0⤊ 0⤋
Nope. Having past due payments, your bank will probably repo the car any time now. You should do everything possible to get caught up quickly to avoid a repo, which can be very damaging to your finances and your credit rating.
2016-03-29 04:46:41 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You just go and sell it and than from the money you make you pay of the rest of the car.
2007-02-20 09:27:04 · answer #6 · answered by john 3 · 0⤊ 0⤋
some one will have too satiify the loam company ,/ pay off the loan otherwise you will not be able too get a clear title , and you cannot transfer the car too someone else ,
2007-02-20 09:29:06 · answer #7 · answered by ? 4 · 0⤊ 0⤋