Can you sell a car that you have a loan on by giving the car to the buyer using his money to pay off the loan and then mail him the title?
Yes you can sell your car that has a loan it. The easiest thing to do is if you sell it locally and you have the car financed at your local bank, have the buyer go with you to your bank. Pay of the car with what you sold it for. The bank usually has the title to your car. They will pull your title from your file at the bank, turn it over to you, and all you will have to do is sign the back of the title as the seller and hand it over to the buyer. Be sure to print or write a bill of sale, both buyer snd the seller will sign and each of you will have a copy. Use the bill of sale to protect yourself. Note in this document that this car is being sold as is, where as, no warrany. This is also protects you against any legal action. Whatever that car is used for after this transaction is not your responsibilty so be sure to file your copy of the bill of sale. Also include the complete vin#, make model, color, ect, and the date of sale.
When you sell your car you should take the buyer to your bank (if possible) and pay off your loan. Then when you get your title you can sign the back and get it notarized if needed in your state. Most knowlegable people would not pay you for an auto without getting the title. This is the true ownership document. Why would you trust a stranger to mail you this document? If that car was used in a crime or involved in an accident the owner is the person listed on the title. Also the buyer would want to be guaranteed the loan was paid off and the lien was removed.
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If you do not have the money to pay off your lien until you sell the car and no buyer would purchase the car without the title how do you sell it?
find the title Locate where the physical title is being held by your lienholder and explain that you are attempting to sell the vehicle. They should be able to have it ready f…or you at a local branch where you could conduct the transfer of funds and paperwork to the new owner. Make sure to get copies of the lien release and that the title also indicates that the lien has been released. It would all go rather smoothly and should not scare any potential buyers off. If your lienholder is not local to you however, you should contact them as they would most likely have a process for handling such a common transaction. If not you could always trade it in at a dealership?!
As the vehicle owner, you can sell the car whenever you choose. You are liable for the car loan. If you are selling the vehicle for less than the loan (especially when you are… upside-down on the loan - you owe more than the car is worth), you need to pay the difference to your lender. When trading the car in to a dealership (in effect selling it to the dealer) the dealer should handle the loan payoff details. You need to inform both your lender and your state DMV that the vehicle is being sold. The lender will release the lien against the vehicle after they receive payment from the dealer. Selling to another individual is harder. It is best to work with your lender and find out how they prefer to handle the transaction. You will need to supply the buyer with a clear title, but you can't get a clear title until you lender releases the lien on the title, which they won't do until they receive payment. Many lenders have a standard way of handling individual to individual vehicle sales. For example, for a car with a loan greater than the sale price of the vehicle: In Michigan, go to either a Bank or a Credit Union and get approved for a loan around the difference in price you are looking at. Then, when you find a buyer and agree on a price, you will go to the bank or credit union, and get the loan. You and the buyer must go to whoever holds the lien on your car, and you both pay your amounts owed on the car. The lien holder will sign the title releasing the lien, and you are free to take the title in to the DMV. It varies from state to state, but this is how it is done in Michigan.
Can you sell your car to a buyer and use the money you make to pay off the bank for what is still owed on the car?
If the buyer knows what you intend to do. Any smart buyer is going to want to look at a clear title before he/she makes any kind of payment to you. It is something you can't h…ide from the purchaser, but you can hide it from the bank.
Answer . The title will go to the address that is on the contract. Usually it is the primary buyer. You can call the finance company and ask for the Title department and r…equest them to send the title to an alternate address.
Answer . they usually do not give it back. once they take it, it is theirs.
they take your car
You want to sell your car to your daughter but you want to keep title until she pays off the loan how can I do it?
The car can be registered in her name with you being the lien holder. After the car is paid for, you can sign the release of lien and the car can then be registered solely in …her name.
I would need more details but in general, the answer is no.. If you don't pay your car loan, you lose the car. If you get a home equity loan and can't repay it, you lose the …house - big difference.
Get a lien release from the lender and take it to the DMV.
Your car was used a collateral on a personal loan and you want to sell it to pay off the loan how do you go about this either to an individual or a business that buys used cars?
Talk to the lender who holds the lien on the vehicle and tell them you plans. They will help you do this. You will need their permission and a lien release.
I don't see how. I'm amazed you still physically have the car. Iguess if your finance company is just being nice you could trywriting to them and see if they'd send you the ti…tle.
Get the lenders name removed from the ownership. **actually the lenders name will not be on the ownership papers as anything other than "seller", once your loan is paid out…, you have no worries, the car is yours. The bill of sale, ownership and finance papers should show you the term of your finance, monthly payment, interest rate, number of payment, etc... when the terms have been carried out, you will be the only legal owner of the vehicle
Only the lender can take a party off a loan. Generally, a loan must be paid off and refinanced to convert it to one person's name. If both parties are on the certificate of ti…tle, one party must voluntarily give up their title to the car by signing the title over to the other party.
It depends on how much the car costs, your down payment, and how much you are making. If you have a good plan to pay it off, it should not be too difficult.
Yes i can
That's illegal. Technically, if you 'borrow' money against yourvehicle, the car becomes the property of the loan company untilyou've repaid the loan. If you sell the car befor…e the loan isrepaid, you're likely to land yourself in court !