Getting married in a couple of months. With babies coming shortly thereafter, I am thinking of selling my car and getting a used 4 cylinder in the $10,000 to $12,000 range. I owe about 5,000 less on loan than I could get wholesale.
2007-08-21 06:23:30 · 6 answers · asked by JL 1 in Cars & Transportation ➔ Buying & Selling
First, get the money from the person you are selling the car to - preferrably in the form of a cashier's check from his/her bank to be sure it doesn't bounce.
Then, contact the bank that your car loan is with, and ask for the payoff amount, what to put as the payee on the check, and where to send the check to. Ask your bank to print a cashier's check in that amount, and mail it (certified mail may be a good idea with that sum of money) to the bank your car loan is with. They should mail you the title once they receive full payment, which you should give to the person you sell the car to.
2007-08-21 06:36:08 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You will just have to make sure that you sell for an amount that is equal to or more than the amount you owe. You will have to explain to the new owner that the title will be released within 30 days. You will still do all the normal paperwork like the bill of sale etc. When you get the title in the mail or the notice that it has been released, you can call the new owner and tell them that it is ok for them to go to the DMV and finally get title in their name. It is very common for these kind of transactions these days.
2007-08-21 13:34:00 · answer #2 · answered by GEE-GEE 5 · 0⤊ 0⤋
If your loan is through a bank and you have a buyer for your car meet at your bank to get the money that way the payoff can happen at the same time and the bank can give you the title to go ahead and transfer to the buyer. Otherwise if it is through another source of financing the buyer needs to be made aware of the fact that there is a payoff and you will get them the title as soon as possible most states it is within 30 days. Make sure you give them some kind of Bill of Sale.
2007-08-21 13:33:05 · answer #3 · answered by Anonymous · 0⤊ 0⤋
OK> you already have a used car that you know the history on and there is no question about what, if anything, is needed. Why would you want to sell that one and buy someone elses troubler that you do not know anything about? Is it because of the money? That would be the only reason I can think of, but that also would be the last thing I would do. There are other things you could do to make up the difference.
2007-08-21 13:33:31 · answer #4 · answered by Bill P 5 · 0⤊ 0⤋
You will need to be the title holder in order to sell the car and be able to transfer title to the new owner. Currently the lien holder has title to the car. Therefore you must pay off the lien to get title of the car.
2007-08-21 13:34:12 · answer #5 · answered by gkk_72 7 · 0⤊ 0⤋
pay off the loan and then sell it.
2007-08-21 13:30:09 · answer #6 · answered by Anonymous · 0⤊ 0⤋