Okay here is the deal. I want to sell my car. It is worth more than what I owe on it. So, I can profit off of it (good down payment on newer car) and pay it off. Is it legal to say "You will get the title after I take your money and pay the car off."? And how can I do this without soundng mistrusting? Just tell them I am selling it for what I owe on it? I will write up (or print off) a bill of sale for it, but how can I put that in there about the title? I know there are millions of people that do this to avoid losing their vehicles, etc. So many questions, I know but I want to make sure this is clear, easily understood, and legal. Thanks in advance!!
2007-08-16 15:12:22 · 6 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
Okay, let me make this clear..I want to sell the car, pay the car off, give the new owners the title. I don't want to sell it, still owe on it and not issue a title.
2007-08-16 15:40:24 · update #1
It's all very simple. Meet the buyer at the bank who is holding the title. Sit down with a bank clerk. When they give you the money for the car hand it to the bank clerk. The bank clerk will use the money to pay off the loan. The clerk will give you back any cash remaining and issue the paperwork to have the title sent to the new owner.
Done deal.
When the new owner gets the title in the mail, you'll have to meet them again and sign the title over to them. Then they can go to the DMV and get tags and have a new title issued in their name. If they paid cash for the car the title will be sent directly to them. If they got a loan for the car the title will go to their bank and they will hold it until the cycle is repeated again when they sell the car.
2007-08-16 16:17:05 · answer #1 · answered by mccoyblues 7 · 0⤊ 0⤋
Yes you can sell it but they will need to recieve the title as soon as you sell it, take them to your bank and pay it off and pocket the rest. Anything else would be pushing the laws because most states you have 30 days to title a mewly purchased vehicle
2007-08-16 22:18:22 · answer #2 · answered by Christian 7 · 0⤊ 0⤋
you can sell it without a title on it ,but tell the other person that they can go to the bank with you,so they can verify that there's a title on it,this way they will feel assured,everything is ok,they can also go with you the day you pay it off,and if you,ll call the bank the day before ,they will have the title ready for you to give to the new buyer,this has been done a lot,good luck on it.
2007-08-16 22:23:02 · answer #3 · answered by dodge man 7 · 0⤊ 0⤋
Noone in there right mind would purchase a car without a title. you need to apply for a new one before you attempt to sell it. If you are still paying on the the car the bank should have the title not you. I'm sorry to say, but in this day and age not too many people will want to do what you are trying. Even if you do happen to pull it off when they try to get new plates the dmv will catch it.
2007-08-16 22:25:47 · answer #4 · answered by tcat121956 2 · 0⤊ 4⤋
When you aquire a buyer have the buyer wire thetotal of the sale to the lien holder explainning the transaction to them and the remainder of the money will be refunded back to you from the lein holder.Deal Done
2007-08-16 22:21:57 · answer #5 · answered by (A) 7 · 0⤊ 0⤋
just trade it it in. the tax savings will make up for the lost profit and the dealer will handle the payoff of your car
2007-08-16 22:33:23 · answer #6 · answered by Dana Blanco 4 · 0⤊ 2⤋