I live in VA. I own a Honda Civic Hybrid '04, 50k. It's a great car, has no problems. We're just upgrading. I've placed an ad in our local paper. But do I expect someone to come and write me a check for the full amount, and then I pay off the loan in my name, and then what paperwork do we do??? I'm kind of lost. It's the first car I've sold privately instead of trading in.
2007-04-26 22:50:02 · 2 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
My advice would be to get the title released from the bank before you sell it. You may need to take some money out of your pocket to do this. This will make the transaction between you and buyer much much easier.
2007-04-27 04:44:54 · answer #1 · answered by Jay P 7 · 0⤊ 0⤋
I have never sold one that I owe money on. But I do know that you need to have the lien released on the tiitle. That can be a hassle because you can't just have a paper from the loan co. they have to send it straight to the court house and then they have to record it. Once the lien is released from the title, then you can go to the county clerks office and transfer the title. I would make sure that I had the cash in my hand before I signed the titile. I made a mistake once when I sold a car to a friend. I signed the title and my "friend" never bothered to transfer the ownership and have the car registered in his name. So don't do that. When you sign the title over do at the clerks office so you know it has been transferred out of your name. If he has an accident, you don't want to get sued because the car is in your name still. good luck
2007-04-26 22:58:12 · answer #2 · answered by Fordman 7 · 0⤊ 0⤋
in the UK you cannot legally sell a car if it has outstanding finace, as legally the car still belongs to the company that loaned the money.Check with the lender and they hould clarify there situation on this, Please be carefull. and check before going any further
2007-04-29 02:57:30 · answer #3 · answered by haysi0 2 · 0⤊ 0⤋