What's up guys I have'nt been on in a while, but here is my question. I want to sell my car privately, but I still have a loan on the car. The amount I could get for my car and the amount of the loan are about equal. How would I go about doing this? thanks jay

 

Sold price - total loan + load transfer(I think it is about $200) = what is left in your pocket.

or

get the money, pay it off then transfer your title to the new owner name. it is easier I think.


*are you planing to get another car ?

 

I got a new company car so I don't need to keep my car. I would like to keep the car but I am also buying a condo so not having the extra expense would be nice. There is about $8000.00 left on the loan.

I've never tried transferring a loan. If anyone has advise would be appreciated.

 

skidplate, if you can try and just sell the car and pay-off your loan directly. Transferring loans, especially privately, is risky and can lead to major headaches.

Just my 2 cents. Good luck.

 

who owns your car (i.e. what bank holds the title and the loan) ??

contact them and ask them to send the actual paper title to a local branch or someplace where you can pay off the loan directly
when the car is sold take the new owner to that location with you and...
1. cash his check directly with the bank, clearing the loan and ensuring he has sufficient funds.
2. get the title cleared for the loan being payed off
3. hand him the title... it's his car now

i did this when i sold my old car and it worked out extremely well for both parties involved
and doing it this way gets everything done in 1 day.

 

Does this mean we wonts be seeing that fine-*** chick in your avatar anymore... She is so sexy.. Hope its not your sister or something...

 

I will work something out maybe trade my car in and my fiance's. She wants the Audi TT si i will still be around I am sure. I will most likely buy another Audi in the near futrue but need to get rid of mine and the fiance's POS Chevy Equinox.

 

No joke. I just went through this ordeal.

If the buyer is paying with Cash, let him pay you, then pay off the loan with the Bank. They will then send the title to either you or the Buyer. You can communicate with them who you want it sent to.

If the buyer is taking a loan out on the car through his bank, have him contact his bank and they will request a Pay-off amount. From there he will have his bank send the funds to your bank and then your bank will send the title to either his bank or to you or to him all depending. It may then be his responsibility to get your signature on the title and list his bank as a lien holder.

It was a mess when going between two loans but is doable. If he is traveling out of the state where you have the car titled be prepared for headaches like you have never know before. I could get either the state I bought the car from, the state I was going to or the state I lived in to give me Temp tags to transport the car. It was a royal PITA. And being military, I was right in the middle of a move, well I found out right after I started the buying process.

Let me know if I can help out if there are those "other" comlications of multiple states to deal with.