I have a car I want to sell for $17,000 that I owe $12,000 on. When the buyer pays you usually go to the notary and transfer the title, but I do not have the title, the bank does. How do you transfer ownership in this instance?
2007-05-15 07:44:59 · 8 answers · asked by Lori C 3 in Cars & Transportation ➔ Buying & Selling
contact the bank, tell them your selling the car. they can explain how to get the title transfered. usually they have to recieve the payoff first before they will release title. you may try to get the buyer to give you two seperate checks. < i wouldn't though. is the buyer financing or buying outright? if financing, their bank should be able to work with yours directly.
2007-05-15 07:54:31 · answer #1 · answered by Mr. RN 3 · 1⤊ 0⤋
Let the bank know that you plan to sell - that way, when the buyer pays the $17,000, the bank can collect 12,000; give you $5,000 and give the buyer the title. The buyer couldn't get clear title without the bank being involved anyway.
2007-05-15 07:53:30 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You have the buyer meet you at the bank and have them write a check to the bank for the balance due and write a check to you for the difference between that amount and the sale price of the car. Then the bank will give them a title release.
2007-05-15 08:05:26 · answer #3 · answered by paul h 7 · 0⤊ 0⤋
You go to the finance company with the buyer, they pay what is necessary to the finance company, the finance company gives proof of the lien being cleared, and then the buyer gives you the rest in cash, as you sign over the title and give them the key. One usually meets at the finance company, and they will provide an office for the exchange. They will be happy because they will get paid off. If the buyer is paying less than is owed, you will have to make up the difference.
2016-05-18 23:55:13 · answer #4 · answered by ? 4 · 0⤊ 0⤋
If he is giving you cash or a check you will need to put the money in escrow first, pay off the car, get the title, when you do get it and the owner receives it then the money is released, go to the bank and they will be able to set that up for you
2007-05-15 07:52:11 · answer #5 · answered by Anonymous · 0⤊ 0⤋
you need a power of attorney signed by both parties for the title. Use that as a promise to give him the title. Some states will let you register plates like that if the power of attorney is notarised, As soon as you recieve the title in the mail you have to sign it and give it to him. Or you can go to a branch of the lender and fill one of those there, and they could sign the title using the signature from the power of attorney, and mail it to the buyer instead of you
congratulations on your sale!!
2007-05-15 08:03:30 · answer #6 · answered by gtamayo1 4 · 0⤊ 0⤋
its the banks car ur selling ,let em know
2007-05-15 07:57:08 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I do believe you have to pay the car off first..
2007-05-15 07:49:22 · answer #8 · answered by Anonymous · 0⤊ 0⤋