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Old 03-30-2011, 11:28 PM   #1
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Default where to sell car that's still being financed?

I'm moving to Manhattan and need to sell my car but it's still being financed. I still owe like 19k on a lexus 2008 IS250. I'm not too concerned about the hit i'll take but I just want a fair and simple process. where should I sell it to in California? anyone done this before?
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Old 03-31-2011, 01:33 AM   #2
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Me too, looking to get rid of my car and still have finance. Anyone help?
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Old 03-31-2011, 05:53 AM   #3
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We bought my wifes car from someone who still had a loan on it, the seller just had to contact his lienholder and they sent over some paperwork to release the title and with his loan payoff amount. Our bank cut two checks for our loan, one for the seller and one for his bank to pay off the loan.
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Old 03-31-2011, 07:56 AM   #4
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carmax or trade in at any dealership
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Old 03-31-2011, 08:00 AM   #5
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You can sell it privately to a motivated buyer. I might be remembering some of this incorrectly, but for my last car, I signed a contract for the car stipulating that he should pay off his loan, gave him the money and took the car and the transferred title which still had a lean on it. He paid off his loan, and the loaning bank then sent a letter that the lean had been removed.

If you don’t want the hassle or to spend the time, I’m pretty sure you can sell it at almost any used car or most new car dealership. They handle it all the time. Of course, you likely wont get as much $$$.
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Old 03-31-2011, 08:00 AM   #6
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locate where title is being held
call title place make sure u can get release with payoff
list for sale
meet buyer at lienholder place
buyer satisfies lien
either u or buyer cuts check for remainder
lien holder release title to you
u sign title to purchaser
it takes some level of trust
but its done every day
just bc u owe on it doesnt mean u cant sell it.
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Old 03-31-2011, 08:01 AM   #7
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Oh yeah, I remember now, I also went to a mailbox with him, and mailed the check to his bank to payoff the balance of his loan along with my information for the bank to send me the letter.
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Old 03-31-2011, 10:51 AM   #8
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I purchased a financed car from a private party a few weeks ago where I was also financing the purchase. The bank (Chase) handled everything, and we both went in and signed all the paperwork at once.
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