selling car
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From: usa
selling car
i have a 2008 honda civic si and i have a 5 year contract with honda finacnce. Well i have paid about 9 months worth so far.
i need to get rid of the car to get a bigger vehicle. I have never tried to sell a car while i still had payments going on. always had a pink slip.
my question is how do i sell the si to another party while the contract is going on? last time i called honda finance and asked them if i could re-do the contract under someone eles name and they said they can not do that.
how do people sell thier cars to another while they have a contract with a dealer?
i need to get rid of the car to get a bigger vehicle. I have never tried to sell a car while i still had payments going on. always had a pink slip.
my question is how do i sell the si to another party while the contract is going on? last time i called honda finance and asked them if i could re-do the contract under someone eles name and they said they can not do that.
how do people sell thier cars to another while they have a contract with a dealer?
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Joined: Dec 2004
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From: Chandler, AZ
In AZ it would work as follows:
1. Buyer gets a bank check for agreed upon value and bill of sale - They drive off without title yet
2. Seller remits payment to lien holder and in this case, you might have to pay additional funds to satisfy the lien.
3. Lien holder then sends clear title to new owner
The process can take 10-14 days and the new owner just uses temporary tags.
1. Buyer gets a bank check for agreed upon value and bill of sale - They drive off without title yet
2. Seller remits payment to lien holder and in this case, you might have to pay additional funds to satisfy the lien.
3. Lien holder then sends clear title to new owner
The process can take 10-14 days and the new owner just uses temporary tags.
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Joined: Jan 2002
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From: Clovis, CA
I sold a car, with a lien, to a private party a few years ago (not sure if this is the correct way, but this was how we did our transaction):
1) After test driving, buyer tells me they are interested in purchasing my car a couple days later.
2) I call my bank to see what the payoff amount is.
3) The buyer sends a check via certified mail to my financing bank for x amount.
4) I call my bank to verify the check was good and my account balance was now clear.
5) They come and pick up the vehicle (along with a bill of sale).
The only thing was the financing company mailed the title to me (about a week later). I called the buyer and they came to pick up the title.
1) After test driving, buyer tells me they are interested in purchasing my car a couple days later.
2) I call my bank to see what the payoff amount is.
3) The buyer sends a check via certified mail to my financing bank for x amount.
4) I call my bank to verify the check was good and my account balance was now clear.
5) They come and pick up the vehicle (along with a bill of sale).
The only thing was the financing company mailed the title to me (about a week later). I called the buyer and they came to pick up the title.
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Yep.
Just sold my S one week ago, but had a loan through a bank. He went to his bank and got a cashiers check, then I deposited it in my account. It cleared 2 days later, so I paid off the loan in full. In the mean time, we had a Bill of Sale notarized and he took that to the BMV to get temp tags. The bank is now going to send me the title. I will sign the title and get it notarized, then send it to the buyer. Just keep a copy of the notarized bill of sale with you for your records.
Just sold my S one week ago, but had a loan through a bank. He went to his bank and got a cashiers check, then I deposited it in my account. It cleared 2 days later, so I paid off the loan in full. In the mean time, we had a Bill of Sale notarized and he took that to the BMV to get temp tags. The bank is now going to send me the title. I will sign the title and get it notarized, then send it to the buyer. Just keep a copy of the notarized bill of sale with you for your records.
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Joined: Mar 2009
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From: Annapolis, MD
Originally Posted by emrillive,May 23 2009, 05:09 PM
what if the buyer doesnt have everything in cash now, like he wants to finace it also.
You cannot just transfer payments from your loan to him. He would need to find his own financing from either his bank or credit union if he's not paying you cash.
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Joined: Nov 2001
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From: Ventura, California, USA
Originally Posted by kfar09,May 23 2009, 10:55 AM
Yep.
Just sold my S one week ago, but had a loan through a bank. He went to his bank and got a cashiers check, then I deposited it in my account. It cleared 2 days later, so I paid off the loan in full. In the mean time, we had a Bill of Sale notarized and he took that to the BMV to get temp tags. The bank is now going to send me the title. I will sign the title and get it notarized, then send it to the buyer. Just keep a copy of the notarized bill of sale with you for your records.
Just sold my S one week ago, but had a loan through a bank. He went to his bank and got a cashiers check, then I deposited it in my account. It cleared 2 days later, so I paid off the loan in full. In the mean time, we had a Bill of Sale notarized and he took that to the BMV to get temp tags. The bank is now going to send me the title. I will sign the title and get it notarized, then send it to the buyer. Just keep a copy of the notarized bill of sale with you for your records.
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