How to go about selling my car?? **Financed with bank**

[Kroze]

I want to get rid of my car and buy something else cheaper that i'm going to pay with cash.

The thing is I don't know how to go about selling my car because I still have a loan with Chase. They have the title to the car and won't release it until i pay them off.

What a predicament, who's going to give me the money for the car unless I give them the title?

My best bet is to trade my car in to the dealer which they're going to lowball me and i'm forced to buy one of their car:hmm:

 

[JS80]

Consignment at local used car dealer?

Or call them and ask about title. Or escrow service?

 

[Via]

I would just explain the situation to any potential buyer. I'm sure some arrangement can be worked out between both of you and the bank.

 

[x-alki]

Who ever wants to buy it can give $$ to the bank and get the title. I bought a car from someone who owned a bank on it. We went down to the bank, I handed them the money, got a receipt and the title was mailed to me.

 

[Kroze]

Who ever wants to buy it can give $$ to the bank and get the title. I bought a car from someone who owned a bank on it. We went down to the bank, I handed them the money, got a receipt and the title was mailed to me.

There's no local branch here in South Jersey for CHASE

 

[Via]

There's no local branch here in South Jersey for CHASE

I can't believe it couldn't be accomplished by registered mail or wire transfer.

 

[SpatiallyAware]

Ideally you sell it to someone who also needs a loan - you go to their bank, their bank verifies your bank has the title, you have them sign GOOD legal bill of sale, give them the keys, and wait nervously for 2-4 weeks until everything is "finalized"


Lots of potential problems, I've done it twice with no issues. You can also sometimes get a signature loan from your bank

 

[JeffreyLebowski]

There's no local branch here in South Jersey for CHASE

You can have some of ours. I shit you not, On Preston Road in Dallas there are at least 3 different Chase branches within eye sight.

 

[spacejamz]

Who ever wants to buy it can give $$ to the bank and get the title. I bought a car from someone who owned a bank on it. We went down to the bank, I handed them the money, got a receipt and the title was mailed to me.

OP, are you upside down on your car note (can you sell it for more than what you owe)?

If you do owe alot more than what you can get for it, you need to do the math to see if you are just better off holding onto the car...

 

[Kroze]

OP, are you upside down on your car note (can you sell it for more than what you owe)?

If you do owe alot more than what you can get for it, you need to do the math to see if you are just better off holding onto the car...

No i'm not upside down on the car, I have about +20% in equity in it. But due to the uncertainty of being able to keep my job for more than 2 years, I don't want to wait till that happen. Unemployed & have a car note & comprehensive insurance.

 

[ElFenix]

call chase's customer service and tell them you want to sell the car. they'll give you the payoff balance and all the necessary crap.