how to pay off car by selling it?

[stondroopy]

Hi all,i have a question about selling my truck that i still owe on. Do i just put it up for sale and send the bank the check and tell the buyer to wait for the pink slip? Thanks for any info

[quik]

Yes.


No.


I dont know.

[Vex]

Here's how it should work (or very similarly) with a private party sale:
1. Agree on selling price. If price is what you owe on vehicle, no worries; otherwise, you've got to make up the difference (what you sell it for vs. what you owe on it) out of your own pocket.
2. Call your lien holder to get a 15 to 30 day pay-off (so you know your payment is up to date.)
3. The buyer's financial institution will cut a check and send it to them along with some paperwork to be filled out (by both parties)
4. Mail the check and any applicable paperwork(title request & transfer) to YOUR lien holder letting them know that the vehicle is being bought and the title needs to be transferred.
5. Give them the car (they should have it insured under their name by this time) They'll have a 30 day period to get the car registered and sales tax paid, etc.
6. When the buyer's lien holder sends them the title, you will need to sign the back of the title, transferring ownership over to them. Then, they can take it to the DMV and get the vehicle re-titled and registered. You might want to go with them to the DMV to avoid any potential hassles.

I know this because I'm actually in the process of doing this myself, and I've asked a 1,000 questions...
Anyway, it shouldn't matter which state you're in, it should work the same for all states.

This is all assuming that you're selling to a private party and not going through a dealership, and that the buyer is getting a loan. If they are paying you cash, then you can just send your bank the money and ask them to send you the title, then you'll sign it over to the buyer.

Good Luck!

[bornl33t]

sell the car take the money to the bank they will mail you the title in 3 buisness days. Then mail it to the new owner.

[SlartyBartFast]

sell the car take the money to the bank they will mail you the title in 3 buisness days. Then mail it to the new owner.

If the new owner has brains they won't do it that way.

What's to protect the new owner if you don't pay off your loan?

Do as Phaseshifter said.


(Or here's a thought, talk to your bank. )