selling a vehicle?

Question

need to sell a vehicle but the bank still has the title.....how do i go about this

Answer 1

Contact the bank and ask what is owed on the payoff. Post the listing price for no less than the payoff. I would suggest looking the car's value on http://www.kbb.com Ask no more than the private value listing and no less than payoff. If the value is less than payoff, then list the payoff price. Find a serious buyer and tell them that the bank has a lien on the title. Both you and the buyer needs to go to the place that you have it financed (if possible) and tell them that you are selling to this person. They will ask for the full payoff. If the buyer doesn't have the financing, the bank my be able to help them and you at the same time.

Any questions that you have, I would always ask the bank first. After all, the bank only wants their money. When they get the loan paid in full, they don't care who has the car.

Answer 2

This happens all the time. I would hope your selling it for more then you owe the bank. Assuming thats the case ask the buyer for a down payment (enough to pay the car off) get the title from the bank and then have the buyer give you the rest of the money when they pick up the car and the title. The other way would be to take it to a car dealer to buy. They will handle everything and give you back a check for the difference. The car dealer will not give you nearly as much as a private person. One thing I would do is get a photo copy of the title so you can show the seller you are indeed the owner. I have had the buyer, at times, make a bank check right out to the bank to speed things up since most banks and finance companies require certified funds when paying off a loan. This happens all the time and your bank or finance company can guide you further with their "special" procedures. Each bank and finance company is a little different.

Answer 3

You can still sell it! They have the title because you don't completely own it yet! IF and when you sell it you now have the money to pay off the loan and the person who then buys it has to get a loan or whatever.

Now you do have to transfer the title to the buyers name and you need all these signatures and stuff, so just go to your local tax and title office to get further details on how to go about this. They usually have pamphlets on the proper steps to take.

Answer 4

Ask the bank...