Selling a car in PA with bank holding the title???
11-15-2009, 08:24 AM
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Selling a car in PA with bank holding the title??? anyone ever sell a car to a private party where they still owed money on?? what did ya need to do??
what im thinkin is ill need to pay the car off and then sell it but what happens when the owner owes too much to just pay off in one shot..what happens there?? hows it work??
what im thinkin is ill need to pay the car off and then sell it but what happens when the owner owes too much to just pay off in one shot..what happens there?? hows it work??
11-15-2009, 08:36 AM
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Call the bank ahead of time tell them to have the tittle present. Tell them you are selling the car and bringing cash in with the buyer to payoff the car and take the tittle to be transferred. Go in with the buyer who has the cash or certified check. The bank will take in the money and hand you the tittle. I sold a truck this way.
Most banks do not hold the titles in hand...
Most banks do not hold the titles in hand...
11-15-2009, 09:02 AM
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Call the bank ahead of time tell them to have the tittle present. Tell them you are selling the car and bringing cash in with the buyer to payoff the car and take the tittle to be transferred. Go in with the buyer who has the cash or certified check. The bank will take in the money and hand you the tittle. I sold a truck this way.
Most banks do not hold the titles in hand...
Most banks do not hold the titles in hand...
11-15-2009, 09:09 AM
#4
If the buyer is pre-approved for a loan for the remaining balance of what you owe on the card, tell your bank that and they'll want you to fax the info.
If the buyer has cash for the remaining amount you can work with your bank and tell them you'll be sending cash to pay off the car, when you receive the title just mail it to the buyer.
The easiest way I feel is to have the buyer finance the remaining amount of the loan under his name with the same bank. Sign a few papers, he takes over the payment plan and you walk away.
If the buyer has cash for the remaining amount you can work with your bank and tell them you'll be sending cash to pay off the car, when you receive the title just mail it to the buyer.
The easiest way I feel is to have the buyer finance the remaining amount of the loan under his name with the same bank. Sign a few papers, he takes over the payment plan and you walk away.
11-16-2009, 07:21 PM
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This is how I bought my car. I got it in Md but it should work the same in Pa. I paid the guy and he used the money to pay off his loan and then he gave me the title.
My sister works for a bank and she said they normally have electronic titles and would need to order the paper copy. Give the bank a heads up to order the title. I took a personal loan out for the price of the car at a higher interest rate but transfered it to an auto loan once I had the title in hand.
My sister works for a bank and she said they normally have electronic titles and would need to order the paper copy. Give the bank a heads up to order the title. I took a personal loan out for the price of the car at a higher interest rate but transfered it to an auto loan once I had the title in hand.
11-16-2009, 07:53 PM
#7
I had the buyer send me money. I paid off the loan, and received the title in a week or so. Then I transferred the title according to PA and whatever their state's laws required.
To put the buyer at ease I typed a bill of sale stating the facts of the deal as insurance for both of us. It basically said that upon receipt of $xxxx, funds clearing, and receipt of the title, the vehicle would be transferred at that time.
Selling the Formula????
To put the buyer at ease I typed a bill of sale stating the facts of the deal as insurance for both of us. It basically said that upon receipt of $xxxx, funds clearing, and receipt of the title, the vehicle would be transferred at that time.
Selling the Formula????
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11-16-2009, 08:29 PM
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I had the buyer send me money. I paid off the loan, and received the title in a week or so. Then I transferred the title according to PA and whatever their state's laws required.
To put the buyer at ease I typed a bill of sale stating the facts of the deal as insurance for both of us. It basically said that upon receipt of $xxxx, funds clearing, and receipt of the title, the vehicle would be transferred at that time.
Selling the Formula????
To put the buyer at ease I typed a bill of sale stating the facts of the deal as insurance for both of us. It basically said that upon receipt of $xxxx, funds clearing, and receipt of the title, the vehicle would be transferred at that time.
Selling the Formula????
got something new in mind....it'll happen in a couple months.
11-16-2009, 08:30 PM
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If the buyer is pre-approved for a loan for the remaining balance of what you owe on the card, tell your bank that and they'll want you to fax the info.
If the buyer has cash for the remaining amount you can work with your bank and tell them you'll be sending cash to pay off the car, when you receive the title just mail it to the buyer.
The easiest way I feel is to have the buyer finance the remaining amount of the loan under his name with the same bank. Sign a few papers, he takes over the payment plan and you walk away.
If the buyer has cash for the remaining amount you can work with your bank and tell them you'll be sending cash to pay off the car, when you receive the title just mail it to the buyer.
The easiest way I feel is to have the buyer finance the remaining amount of the loan under his name with the same bank. Sign a few papers, he takes over the payment plan and you walk away.
This is how I bought my car. I got it in Md but it should work the same in Pa. I paid the guy and he used the money to pay off his loan and then he gave me the title.
My sister works for a bank and she said they normally have electronic titles and would need to order the paper copy. Give the bank a heads up to order the title. I took a personal loan out for the price of the car at a higher interest rate but transfered it to an auto loan once I had the title in hand.
My sister works for a bank and she said they normally have electronic titles and would need to order the paper copy. Give the bank a heads up to order the title. I took a personal loan out for the price of the car at a higher interest rate but transfered it to an auto loan once I had the title in hand.
11-17-2009, 07:33 AM
#13
I bought my car from Lou's girl in MA, they were refered to me by Brad. I am from CT and they are up in Peabody.
They owed coin on the car and the bank that held title was in Arkansas of all places so no title present. So I go up, inspect. Approve, make the deal. 2nd trip I bring 2/3 of the amount in the bankers check, take the car right then and there and bring it home. They cash the check to pay the loan and get the title. It took like 2 VERY unnerving weeks. Then I get the call to finish the deal, I take the rest and get the title and then I go and register it.
It worked but like said, if I did not have the ok by JL and his vouching of the other party, I probably would have not done it.
They owed coin on the car and the bank that held title was in Arkansas of all places so no title present. So I go up, inspect. Approve, make the deal. 2nd trip I bring 2/3 of the amount in the bankers check, take the car right then and there and bring it home. They cash the check to pay the loan and get the title. It took like 2 VERY unnerving weeks. Then I get the call to finish the deal, I take the rest and get the title and then I go and register it.
It worked but like said, if I did not have the ok by JL and his vouching of the other party, I probably would have not done it.
11-17-2009, 08:43 AM
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I bought my car from Lou's girl in MA, they were refered to me by Brad. I am from CT and they are up in Peabody.
They owed coin on the car and the bank that held title was in Arkansas of all places so no title present. So I go up, inspect. Approve, make the deal. 2nd trip I bring 2/3 of the amount in the bankers check, take the car right then and there and bring it home. They cash the check to pay the loan and get the title. It took like 2 VERY unnerving weeks. Then I get the call to finish the deal, I take the rest and get the title and then I go and register it.
It worked but like said, if I did not have the ok by JL and his vouching of the other party, I probably would have not done it.
They owed coin on the car and the bank that held title was in Arkansas of all places so no title present. So I go up, inspect. Approve, make the deal. 2nd trip I bring 2/3 of the amount in the bankers check, take the car right then and there and bring it home. They cash the check to pay the loan and get the title. It took like 2 VERY unnerving weeks. Then I get the call to finish the deal, I take the rest and get the title and then I go and register it.
It worked but like said, if I did not have the ok by JL and his vouching of the other party, I probably would have not done it.
ill probably end up paying it off first before i go through the whole selling process...will probably end up making things alot easier on myself and the potential buyer.
11-17-2009, 06:47 PM
#15
i just sold my evo wich i owed money on.... i had the buyer give me a deposit, Once i had that i called citizens auto finance and payed the rest of the car off via credit card. Once that was approved i had the title overnighted and then the kid came and picked my car up.
