Selling a FINANCED Car
01-22-2005, 03:04 PM
#1
Sunlight GT
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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?
--> 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?
01-22-2005, 05:04 PM
#2
NOT SEARCHING
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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?
--> 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?
01-22-2005, 08:46 PM
#4
Sold on Rotaries!
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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?
--> 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?
01-23-2005, 02:11 PM
#9
Sunlight GT
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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?
01-24-2005, 03:14 PM
#10
Sunlight GT
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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?
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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