selling car with loan? need help

no5.0notch

no5.0notch

Club Member
i might be selling my truck but it still has a loan on it, trying to sell it to a private party. i dont have the cash to pay off the loan to get a clear title. Is there an easy way to sell it? not sure how this would work.
 
Go to the bank with the buyer. Deposit money, get title signed off.

With mine, I had the buyer pay 50% of what I owed on the loan (less than 50% of the total sale price), and I fronted the other 50F of the loan to pay it off. They came back a week later and paid the rest for it.
 
Who has the lien on the truck? If it's a local place, have them meet you there. They pay you, you pay off the loan and get the lien released, done.
 
The other guys here nailed it.

Simply call your bank (the one that holds the truck lien)
& ask them how they'd like to handle the pay-off.

They will most likely ask for a bank cashier's check,
but may want other (wire?). In any event, prearrange
the pay-off meeting with you, the buyer & the bank.
 
Definitely pre arrange with your bank. They should be more then willing to help. This is an everyday thing they do. But to save yourself and the buyer some wait time call ahead so they can have all the paperwork prepared.
 
My CU demanded cash for immediate release and signature otherwise it was a 10-14 day process for the release of the lien. And this was just me paying it off myself, the trying to sell the vehicle weeks later
 
afolk83 said:
Definitely pre arrange with your bank. They should be more then willing to help. This is an everyday thing they do. But to save yourself and the buyer some wait time call ahead so they can have all the paperwork prepared.
Click to expand...

No calling ahead should be necessary. It only takes a minute to get a signature and/or a termination statement.
 
04GoaT said:
My CU demanded cash for immediate release and signature otherwise it was a 10-14 day process for the release of the lien. And this was just me paying it off myself, the trying to sell the vehicle weeks later
Click to expand...

Damn they make you wait forever. As long as somebody gives me cash or a cashier's check, I release the lien on the spot. Loans fulfilled with a personal check will have a wait period of 3 to 5 business days before the loan is terminated.
 
Just make sure if you're selling it for more than what you owe, you don't tell the buyer what the payoff is. They only need to know what THEY are paying for it. They can have a seat while you deal with the banker.
 
04GoaT said:
My CU demanded cash for immediate release and signature otherwise it was a 10-14 day process for the release of the lien. And this was just me paying it off myself, the trying to sell the vehicle weeks later
Click to expand...

If I (as a buyer) was told it'd take 10-14 days before I could have it in my name, I'd pass on to the next vehicles if $ was equal to the next deal.
 
You must log in or register to reply here.
Back
Top