We are trying to sell a car and my bf still owes 1500 on it so since he hasnt payed it off the bank still has the title. A prospective buyer is coming to see it tomorrow and has cash to buy. He lives out of town and the owner (my bf) is out of town so im showing it to the buyer. Whats the best way to go about it to not lose the buyer and get the title?? THANKS!
2007-03-17 16:24:49 · 6 answers · asked by Oli 3 in Cars & Transportation ➔ Buying & Selling
The only problem is that the bank is a university credit union in a different city 2 hours away, so i dont know if the buyer will want to go there. We really need to sell!
2007-03-17 16:35:32 · update #1
Thanks everyone. The buyer is aware that we dont have the title, we were not at any point trying to lie about that or get more money than the car is worth. We are going to be contacting the bank about it, I showed the car and they are interested but are aware that we cant go any further without the banks approval.
Thanks!
2007-03-18 09:01:08 · update #2
The buyer will have to go to the bank and purchase the car.
If you are selling it for more than you owe, then the bank will give you the difference. If you must sell it for less than you owe, then you will have to pay the difference at the time of sale.
P.S. Bank 2 hours away could make it more complicated.
Call the bank, tell them you have a buyer, and they may be able to work out an electronic check with the buyer. Then they can fax the bill of sale to you and any necessary paper work. They would then forward the title to the new owner in the mail. Just a suggestion-- you need to work out these details with the bank. Technically.... the owner of this car is the bank, and they must be involved in the sale. Good luck with this... don't worry, they do it all the time.
2007-03-17 16:30:27 · answer #1 · answered by mia2kl2002 7 · 0⤊ 0⤋
You can't, what you are trying to do is illegal. If I were you, I'd call and cancel this appt, here's why.........you stated your boyfriend has not paid off the loan, so that means, the lienholder has the title, and will not be releasing the title to anyone, until the loan is paid in full. Now, if the buyer has enough to cover the loan, then take your buyer, and the boyfriend down to the bank/credit union, wherever it is financed, and have the buyer pay off the loan, the bank will hand over the title, the boyfriend releases interest, declares the mileage, done deal. Somehow, I don't think that's what you want to do, you want the money, and must know the car isn't going to sell for enough to get the title, is that's what's happening?As far as you showing the car, you can do nothing for this sale as far as signing documents, or releasing interest, unless you have Power of Attorney documents, from your boyfriend to you. By law, you have to tell the truth regarding the title, you will have to tell the buyer that the sale hangs on the loan, if they can't give you at least enough to pay of the loan, you are out of luck, no sale. No one should ever purchase a vehicle without seeing the title, in their own hands, not photocopies, no "it's in my files somewhere", never ever, that document can tell alot about the car, including true mileage, who the registered owners really are, and do you have all releases, oh yeah, and salvage titles, a car that has a salvage title is self explanatory, therefore, do not buy it, unless you want a parts car.
2007-03-17 17:11:35 · answer #2 · answered by fisherwoman 6 · 0⤊ 1⤋
Check with the lienholder to see if they allow the car to be sold before you commit to selling it. Explain the situation and they MAY make allowance for transfer of ownership. Be prepared to pay off the loan immediately and then ask for the Title to be issued in your name; after that, you can legally transfer the Title to the new buyer's name. Explain to the prospective buyer that there may be a slight delay since the car is not Titled to you, but that as soon as the payment is made, it will be.
2007-03-17 16:33:52 · answer #3 · answered by Kiffin # 1 6 · 0⤊ 0⤋
Offer to take the buyer to the bank when your BF returns. If the bank is paid off the title to the car is given to your BF to sign over to the new buyer. I trust you are asking more than $1500.00 Very simple you must pay bank to get title then you are free to sell to anyone you want.
2007-03-17 16:30:46 · answer #4 · answered by commonsense2265 4 · 0⤊ 0⤋
You must pay off the bank loan in order to get the title.I would explain this to the buyer and take the payment to the bank immediately after purchase.They may give the title to you then.
If you have another bank account locally they may be able to make an instant transfer of funds from a checking or savings account to pay off the auto loan.Talk to the bank.
2007-03-17 16:35:56 · answer #5 · answered by ? 5 · 0⤊ 0⤋
when u get the money pay it off then you will get the title then he can aply for it in his name once he gets it im a dealer thats how i know just let him know its not paid off it wont hurt anything
2007-03-17 16:30:08 · answer #6 · answered by dixie girl 1 · 0⤊ 0⤋