Selling A Car That Isnt Payed Off Yet

[helty]

How does this chit work?

Im guessing the buyer gives me a check, we do a Bill of Sale, then I pay off my loan and the bank gives me the title. Then I sign the Title over to the buyer right? Is that how the **** works?

It just seems weird that someone hands you a check for $xx,xxx and then waits a few days while the bank hands YOU the title, and in good faith expects you to sign it over to them. I know there are legal consequences if you dont sign it over, just seems a little shady.

 

[jasonh_86]

What we've done sometimes for our cars is have the people pay the place where the car is financed

 

[Dope 97GT]

when i bought a car like that i went straight to the bank with the owner that had the loan out on the car and watched him pay it off then you get the lien release for the title so when you register it there is no lien on the car and it is paid off.

 

[timeless2]

The way you described works if all parties are trusting.

Otherwise, a bank can act as a party of escrow on the funds until the title is produced as a result of the sale.

Whatever you do, get it in writing, and have at least one impartial witness to the transaction if you don't have an official involved in the transaction.

 

[helty]

when i bought a car like that i went straight to the bank with the owner that had the loan out on the car and watched him pay it off then you get the lien release for the title so when you register it there is no lien on the car and it is paid off.

my problem with that is this:

Myself and my car are physically in Arkansas. The bank through which I have the loan is in Pennsylvania. (I was stationed in Arkansas when I bought the car and refinanced it with my bank in PA while I was home on leave.)

So it would be kinda hard to do it that way. Thanks though.

 

[helty]

The way you described works if all parties are trusting.

Otherwise, a bank can act as a party of escrow on the funds until the title is produced as a result of the sale.

Whatever you do, get it in writing, and have at least one impartial witness to the transaction if you don't have an official involved in the transaction.

you use too many big words

but somehow I understand. Thanks.

 

[donsbad68]

ur screwed helty u misfit

 

[helty]

ur screwed helty u misfit

hows that?

 

[timeless2]

you use too many big words

but somehow I understand. Thanks.

 

[jasonh_86]

 

[helty]

would a Notary suffice as an "impartial witness"? Im sure one would.

You guys know theres about a $2k difference between KBB and NADA?

 

[timeless2]

would a Notary suffice as an "impartial witness"? Im sure one would.

Most likely. The impartiality is based upon the individual having little to no connection to either party involved in the transaction.

You guys know theres about a $2k difference between KBB and NADA?

Yes. Stupid, isn't it?

 

[helty]

Yes. Stupid, isn't it?

as long as whoever buys my car looks at NADA and not KBB, it works for me

 

[timeless2]

Get that hot banker at that one place to notarize it. Then tell her you're so excited that you have to take a picture of her to commemorate the moment. You know what to do after that.

 

[helty]

Get that hot banker at that one place to notarize it. Then tell her you're so excited that you have to take a picture of her to commemorate the moment. You know what to do after that.

I dont know if I mentioned this, but my gf got a job at that bank, different branch though. I now know where all the college hotties work during summer.

 

[timeless2]

I dont know if I mentioned this, but my gf got a job at that bank, different branch though. I now know where all the college hotties work during summer.

Yet you've haven't shared with us.

 

[Dope 97GT]

so helty your selling your car

 

[donsbad68]

i love college hotties

 

[donsbad68]

I want to stay in college for forever

 

[DocG]

Be careful however you do it. Make sure you don't just take a personal check. Either a cashiers check or a bank loan check. If you think you'll buy a car thru a dealer....a dealer can do a "pass thru". They'll take your car as a trade, sell it directly to YOUR buyer for YOUR price, allow the buyer to finance, and cover any difference between the price and your loan into your new vehicle. But again, only works if you're buying a new vehicle from a dealer.

I'd call your loan bank and ask them how they'd do it. Here in KY....you don't have to sign the title over necessarily, there's a registration form that you can have notarized telling how much the car was bought for, etc. Then once the car's registered by the new owner, the title will transfer automatically.