Selling a FINANCED Car
ASSUME:
--> purchase price = 30K --> down = 5K --> finance = 25K --> payments made for 2 years --> current loan balance = 15K --> selling price = 20K --> The title is still with your finance company who's the lien. So what would be the selling process for a car that you have financed, have a 15K balance on it, want to sell it a private party for 20K but dont have the title to sign over to the buyer? |
Originally Posted by Maximus
ASSUME:
--> purchase price = 30K --> down = 5K --> finance = 25K --> payments made for 2 years --> current loan balance = 15K --> selling price = 20K --> The title is still with your finance company who's the lien. So what would be the selling process for a car that you have financed, have a 15K balance on it, want to sell it a private party for 20K but dont have the title to sign over to the buyer? |
pay the note off on your car ??
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Originally Posted by Maximus
ASSUME:
--> purchase price = 30K --> down = 5K --> finance = 25K --> payments made for 2 years --> current loan balance = 15K --> selling price = 20K --> The title is still with your finance company who's the lien. So what would be the selling process for a car that you have financed, have a 15K balance on it, want to sell it a private party for 20K but dont have the title to sign over to the buyer? |
You probably just had the certificate of title. You can't sell the car with that. The bank holds the real title until the not is paid off.
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guys what exactly does "pay off the note" mean .... pay off the loan balance?
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Originally Posted by Maximus
guys what exactly does "pay off the note" mean .... pay off the loan balance?
You've got it. |
yup
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Originally Posted by SHOWOFF
You would have to pay the note off on your car and get a lien release, then you will get the title. You just need to provide the buyer with a bill of sale until you get the title (usually takes 5 or 6 days).
will the buyer be able to get tags based on just the bill of sale? |
The bank tells me that when you get the check from buyer, provide him a bill of sale and DO NOT turn the car over yet. Pay off the car balance and get the title by mail in 5-10 business days. Sign the title over to the buyer and turn the keys over.
So basically, the buyer should not drive the car during those 5-10 days until the title is received and signed over to him. Is this the norm? |
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