I am looking to sell my car next spring. I won't have it completely paid off yet. How would I go about selling this car to a private party?
2007-09-24 04:06:23 · 4 answers · asked by MissMoxie 2 in Cars & Transportation ➔ Buying & Selling
CONTACT YOUR LOCAL DMV OFFICE, THEY WILL BE ABLE TO ANSWER ANY AND ALL OF YOUR QUESTIONS AND AT THE SAME TIME YOU WILL BE GETTING THE CORRECT ANSWER TO YOUR QUESTION.
2007-09-27 05:44:37 · answer #1 · answered by Anonymous · 5⤊ 0⤋
This is a problem, because you can't easily sell something that you do not legally own. Your buyer is going to want the title to the car, which you don't have - the lender has it. The only way you are going to get the title from the lender is to pay the loan in full. Then there is a waiting period for you to receive the title from the lender, unless the lender is local to you and you can go to their location, pay off the loan and then they will sign over the title right there.
Personally, I wouldn't buy a vehicle if the seller can't transfer the title at the time of sale, and I suspect most people wouldn't either. Chances are, you aren't going to be able to sell it for as much as you owe on it, so you'd better have the cash to make up the difference.
2007-09-24 16:26:35 · answer #2 · answered by Scott H 7 · 0⤊ 0⤋
You can sell it but you will have to make up the difference to the loan company if the buyer doesn't agree to a price above what you owe. Good luck.
2007-09-24 11:12:56 · answer #3 · answered by Goethe's Ghostwriter 7 · 0⤊ 0⤋
You have to get the full pay off amount and send it to the bank or finance company. Anything above what you owe is yours to keep. Otherwise you are legally bound to pay the vehicle off with the proceeds from the sale.
2007-09-24 11:14:24 · answer #4 · answered by Starla_C 7 · 0⤊ 0⤋