In the process of selling my car
05-05-2007, 02:43 PM
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Staging Lane
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In the process of selling my car Ok, Im stuck in a position where I need help. See, Im selling my car, but Im still paying monthly payments on it. When I purchased it from the DEALERSHIP, they had to call around and find me a bank to get an auto loan from. Well, the bank is out of state, so I cant just go there in person. I took out an auto loan and the bank I borrowed money from has the title, I DONT. So how would I go about selling my car to a private seller when I dont even have the title in my hand? The bank told me it would take about 2-3 weeks to recieve the title in the mail after I payed off the loan. What do I do?
05-05-2007, 05:02 PM
#2
Either A. find enough Cash to pay off the loan to get the title or B. when you find a buyer your goin to have to go to the bank give them the check they will take what you still owe on the car and give you the rest then they will give you the title to sign over to the new buyer
05-05-2007, 05:30 PM
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Well see heres the problem, the bank I took an auto loan from is from Pennsylvania and I live in Georgia, so going to the bank and getting the title is out of the question. And I dont have 11,000 grand strait up to just pay off the loan. So I really dont know what to do. Could the buyer maybe give me the money, I pay the bank, then they mail the title to me, and I then give it to the owner?
05-06-2007, 01:06 AM
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Originally Posted by 98BADAZZTA
Well see heres the problem, the bank I took an auto loan from is from Pennsylvania and I live in Georgia, so going to the bank and getting the title is out of the question. And I dont have 11,000 grand strait up to just pay off the loan. So I really dont know what to do. Could the buyer maybe give me the money, I pay the bank, then they mail the title to me, and I then give it to the owner?
05-06-2007, 01:18 AM
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Not as uncommon as you think. You and the buyer can contact the bank,pay off the loan, explain the car has been sold, and they'll send the title to you to sign over OR sign a power of attorney form authorizing the buyer to assume ownership. The dealerships do that on a daily basis.
05-06-2007, 02:08 AM
#7
Yes, this is actually a common transaction. I bought my own car this way. Just call the bank and tell them what you want to do, and they'll tell you what you need to do.
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05-06-2007, 04:15 AM
#8
Originally Posted by 98BADAZZTA
Could the buyer maybe give me the money, I pay the bank, then they mail the title to me, and I then give it to the owner?
05-06-2007, 12:04 PM
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so i could just go to the dealership and just ask them for that power of attorney form and thats that? He would give me the money, him take the car, and just wait for the title to come in the mail?
05-12-2007, 12:19 AM
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Originally Posted by Shooter_Jay
call the bank and ask what your options are. They might even be willing to let the guy mail them the check, then mail him the title.
if the guy's going through a bank, his bank is probably going to want to work directly with your bank anyway.