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Selling a car privately w/remaining balance?
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CaidensMommy
My 3 Miracles!
Member since 5/05 5777 total posts
Name:
Melissa
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Selling a car privately w/remaining balance?
Does anyone know how it works when you want to sell a car privately but you're financing it and will have a remaining balalnce left after what you can sell the car for? Thanks!
I have no idea how to sell a car privately at all. 
Message edited 5/21/2008 3:39:37 PM.
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Posted 5/21/08 3:38 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
Christine
2nd verse same as the 1st
Member since 5/05 15287 total posts
Name:
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Re: Selling a car privately w/remaining balance?
You'll have to pay the loan in order to transfer the title. I am not sure about the timing issue dealing with a private sale.
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| Posted 5/21/08 3:41 PM |
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Shroggie
Don't Worry...Be Happy
Member since 5/06 6261 total posts
Name:
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Re: Selling a car privately w/remaining balance?
You can sell it, but the buyer wouldn't be able to title/register the car until the financing company sends you the lien release.
It can be done quickly if it's a local bank, or if you overnight the check to pay off the loan.
Message edited 5/21/2008 4:25:58 PM.
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| Posted 5/21/08 4:25 PM |
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Lillykat
going along for the ride...
Member since 5/05 16253 total posts
Name:
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Re: Selling a car privately w/remaining balance?
You won't be able to transfer title until the loan is paid in full - It sounds like you are selling it for less than the amount left on the loan? If so - you would have to pay the amount the buyer is paying as well as the remaining amount of the loan to transfer the title.
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| Posted 5/21/08 6:17 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Selling a car privately w/remaining balance?
Posted by CaidensMommy
Does anyone know how it works when you want to sell a car privately but you're financing it and will have a remaining balalnce left after what you can sell the car for? Thanks!
I have no idea how to sell a car privately at all.
The best thing you should do is ask your financing company what you need to do. Every financing company will have different rules.
Assuming you are selling it for more than what you owe, I believe you just have the buyer make out two checks. One for you and one for the financing company. Then sign the title over and send the financing company the check.
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| Posted 5/21/08 8:41 PM |
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