How's it going guys?


I'm planning on selling my car, but I am still making payments on it.


What is the process of selling if I'm not paying off the loan. It's a lump

sum I would rather not pay out of my pocket, is there a way that the buyer

can pay the bank and give me the difference?


How does this work? Obviously the easy solution is to pay off the whole loan out of my pocket and then selling.


Let me know any suggestions


Thanks guys

 

Google.

Or the SEARCH function.

But I'm sure people will chime in some suggestions.

 

Check with the DMV there is paper work that makes this possible.Dealerships do it all the time with trade in's that arn't payed off.

 

If your loan is with a local bank or credit union you should be able to go to a branch with the buyer and pay it off + get the title to the buyer the same day.

If the loan is through a non-local company it is a bigger hassle. Call them for details.

http://forums.nasioc.com/forums/showthread.php?t=357921

 

I don't know where you're from, but this differs depending on the state. From my personal experience, you have to completely pay the loan off to get the title, and it absolutely does not take a small amount of time. This will definitely take a few days. Do you owe more on the car than you're asking for? If you do, then you will have to pay out of pocket. If you sell your car for $16K and you get $15K for it, then you will owe the bank the rest of the money. It isn't too hard...don't search this cause this forum's search sucks.

Call the bank if you have real questions.

 

thubms up thanks bros

 

If the Buyer is financing, have their lender settle directly with your lender, where you'll get the difference between payoff and sales price. A phone call to your lender will clear things up.

 

When I did it I got an unsecured loan from the bank that would cover what I owed on the car. I bought it from American Honda Finance and sold it. Then I paid the loan back having paid no interest on it. I may have paid a $25 fee or something, but it was worth not having the headache.

You may need some rapport with the bank though.

 

If you don't have title in hand, you're going to limit your pool of potential buyers by giving them additional hoops to jump through. Incubus has a great suggestion - take out a personal loan, pay off the car, get the actual title in hand (could take a few weeks), then sell it.

 

^^^^^ I agree.

Looked at a