How do I sell my car?

Modeler · Jun 8, 2011

Silly question probably...

So I'm doing the Dave Ramsey thing, and as part of that I'm going to sell my car (on which I have a loan). I'm just not sure how the logistics work.

For example, lets say I owe $13k on the car and I sell it for $16k. Do I take a cashier's check? Meet the person at the bank to get funds? I can't provide title until the loan is paid off, so how do I guarantee the buyer that I will follow through and get him the title after sale? Does he just hand over $16k, take the car and wait for the finance company to send me the title so I can sign it and send it to him?

Any help would be greatly appreciated.

Greg

deadeye · Jun 9, 2011

Go to his or her bank and the bank wll send the funds needed to release the title and give you the balance. Most likely the title will go to the bank anyway for collateral on the loan.

Modeler · Jun 9, 2011

Sounds good. But what if they pay cash?

deadeye · Jun 9, 2011

modeler614 said:
Sounds good. But what if they pay cash?

Where/who is it financed through? If they have a branch here or if a dealership/auto company loan should be able to go there and have them finish the loan as well as send the new owner the released title.

Modeler · Jun 9, 2011

deadeye said:
Where/who is it financed through? If they have a branch here or if a dealership/auto company loan should be able to go there and have them finish the loan as well as send the new owner the released title.

It's financed through the manufacturer's financial serivce, so no local office. Maybe I'll call them and ask how to do it.

Greg

deadeye · Jun 9, 2011

should be able to go through the dealer you bought it from or another dealer (if bought too far away) that handles the same make of car.

Kimber Custom · Jun 10, 2011

Congratz on choosing not to be normal

We are still working on our debt snowball but all of the revolving accounts are paid and closed.

DERGLOCKINMEISTER · Jun 11, 2011

Dealer isn't going to help . Work with the lender direct , buyer can have the funds transferred from their bank to the leinholder and the leinholder can sign off
on the title releasing their interest and send the title directly to the new owner . He will need odometer statement and power of attorney signed by you and any
other owners on the title and he then can present the documents to DMV along with his application for title and registration and have the DMV transfer the vehicle
into the new owners name. Dealer sells cars and arranges financing . Banks do the financing and resulting paperwork . Like asking your FFL to do transfer for free .

moose · Jun 11, 2011

The current lender has the title. If you pay cash, you pay off the remaining balance the lender to get the title (don't trust the lendee to do this for you, cause, like I'd love to sell you my neighbors new pickup, make you a good deal, just for you). If you are borrowing money to buy it, your lender pays their lender and gets the title (cause they dont trust either one of you).