My car is still being paid on, but i am asking for enough to pay off the car, and I won't have the title until it is paid in full to my financing company.
2007-08-17 08:36:13 · 5 answers · asked by Paul W 1 in Cars & Transportation ➔ Buying & Selling
Easiest way it to have the person meet you at the bank/lending institution with cash or a cashier's check (personal check will muck things up). Let the bank know beforehand what is going on and setup an appointment.
The buyer doens't need to know you are making money off the transaction. He just needs to present valid payment in the agreed amount and get his title. Once he's out of the picture the lending institution can cut you a check for the difference.
It's done all the time; just let the bank know what you're doing.
2007-08-17 08:51:40 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You should have the title, but there will be a lien against it. Can you borrow the money from a friend or family to pay it off? Once it is paid off, the finance company will have to send a letter to the DMV or cout house and state that the lien is released. It won't work if they give you the letter, it has to be sent to the court house and then it has to be recorded. Once it is recorded, then you can go to the county clerks office and have them remove the lien. They will stamp the title with a void on the lien. They will also notarize it. Now you have a clear title. When you sell the car. Do all the paper work at the county clerks office. That way you know the car is transferred out of your name. And it is registered in the new owners name. Without doing this, the new owner may delay the transfer and you are still responsible for the car. If he gets into a wreck, they can sue you, since the car is still in your name, even though it has been sold.
I know from experience. Luckily, all it cost me was some extra taxes, but it could have been a lot worse. Now I know.
And so do you. Good luck with the sale.
2007-08-17 08:47:11 · answer #2 · answered by Fordman 7 · 0⤊ 0⤋
Make the title transfer at the office of the finance company; they will take the payoff and issue a lien release to the person buying from you.
2007-08-17 10:43:49 · answer #3 · answered by acmeraven 7 · 0⤊ 0⤋
first of all contact your bank ask for a 10 day payoff. after you find out payoff and you have the customer to buy your car. either get a cashiers check or cash for the amount of payoff. if they are writing a personal check don't give your keys up until the check is cleared. overnight payoff to bank and ask your bank to overnight a lien satisified this will speed up the process. remember if you give your keys up before you go to dmv to transfer you are still legally responsible for the vehicle and if the new owner wrecks or hits something, the legal owner is responsible, which is you. so dont give your keys until the dmv has completed the transfer!!!!
2007-08-17 09:31:46 · answer #4 · answered by sjvaly,ca 2 · 0⤊ 0⤋
1) Send the payoff amount to the bank
2) Transfer the title once the bank sends it
That's it.
2007-08-17 08:51:32 · answer #5 · answered by Anonymous · 0⤊ 0⤋