FSUNole17

iTrader: (18)

If you owe money on the car still and you sell it, how does that work? Thanks

y2k_ta

iTrader: (80)

Sell car
Acquire money from buyer
Pay off loan
Get title
Give title to buyer

hepcatws6

Just make sure you get enough to pay off the loan. The bank where you have the loan will get a check cut specifically for them, then another check for the remainder will be cut for you. Example...

I sold my TA for $9500. I owed around $2000 for it. The buyers bank got the payoff amount from my bank and sent them a check for the $2000 to pay it off. The buyers bank cut me a check for the remainder, which was $7500. It was very simple. It worked the same way when I got the Cobra. Your bank will pretty much do the dirty work for you once you find a buyer.

Hope that helps.

Brewski

iTrader: (1)

My understanding is the bank is holding the title until the loan/lien is paid off. Due to this the buyer could have a bill of sale for what they paid for the car but couldn't recieve the title and or be able to register the car until the lien was paid off.

Take it easy
Brewski

hepcatws6

Once they get the money they could care less, lol. After that there is just the signing of the title and all the other paperwork to satisfy the DMV.

Texfinn

iTrader: (39)

Depends how the buyer is going to pay for it.

Anyway... Here's how I did it with a buyer from this board a little while ago:

1. Buyer checked the car and we agreed on a price.
2. I obtained payoff info (amount, payoff address etc.) from my bank.
3. His bank sent the payment to my bank.
4. My bank sent the title to him/his bank.
5. We met again and I handed him the keys.

This happened because both of us were in it with honest intentions, of course.

Anyway... Call your bank and get the instructions from there. Different banks might have different procedures. That's the best way for you to find it out.

hepcatws6

I handed over my keys after the car was payed off, before the title was signed. I don't necessarily recommend that. Depends on your trust level when it comes to the buyer. Here in NC you have a time frame to hand on the plates so they know that you are no longer driving/ own the car. If you neglect to send them in within that time frame they send you a letter asking if you are still holding liability insurance on the vehicle. Neglect to respond within given time and you get hit with a $50 civil penalty.

Bank procedures won't differ that significantly.

Texfinn

iTrader: (39)

Could be, but that's the best way for the OP to get to know the exact procedure his bank wants to follow.

As we can see already in this thread, many of us have varying experiences on the same issue.

hepcatws6

Thats true, but I think we can all agree that overall it was a pretty painless experience.

Texfinn

iTrader: (39)

That's true.

BadGTho

iTrader: (6)

from a buyer's perspective.. it's a PITA.

that;s why i buy and sell cars cash... it eliminates headaches/