I have a car that I want to sell because I can better use public transportation and avoid traffic/gas expenses. Can I sell it even though I have a balance? How does that work?
2007-08-31 11:53:31 · 5 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
You would have to sell it for enough to pay the balance and get the title so the buyer can have the title.
2007-08-31 12:04:55 · answer #1 · answered by greasemunky1980 4 · 0⤊ 0⤋
Call whoever has the loan on the car and find out the payoff amount. Then borrow the money under a personal loan, and pay the car off, and get the lien released. This can take a week or better to do. The people that hold the loan will have to mail the court house the lien release and then the county clerks office has to file the papers. Once this is done, then you can take the title into the clerks office and they will void the lien and put a notary stamp on the title.
Now you are free to sell the car. When you do sell it, make sure that you turn the car over to the new owner at either the DMV or the clerks office, whichever is responsible for the transfers in your state. That way you know that the car is out of your name. I have heard of people selling cars and the new owners don't bother to change the registration over, and then they get into a bad accident and since the car would still be registered in your name, you are also held responsible and can be sued. So protect yourself and make sure that the registration is changed before you hand over the keys. Also make sure it is a cashier's check or money orders or a certified check, so that you'll know that you'll get your money before you sign over the papers.
good luck.
2007-08-31 12:17:46 · answer #2 · answered by Fordman 7 · 0⤊ 0⤋
Contact the bank and find out how much you owe and let them know you are thinking about selling. They should be able to assist you with the necessary steps particular to their institution.
2007-08-31 12:09:15 · answer #3 · answered by Otto 7 · 0⤊ 0⤋
You can sell it, but you need to pay the lender off to get the title for the new owner. Hopefully you can sell it for more than you owe on it.
2007-09-01 09:58:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋
yes you can sell it,you need to sell it for the amount you owe as the bank well want there money,what happens is you need to talk to your bank,let them know what you want to do and they well give you the steps you need to take.good luck
2007-08-31 12:04:07 · answer #5 · answered by notsohardtofigure 3 · 0⤊ 0⤋