Selling a car question

[DAGTA]

I'm selling my car but I still owe on the loan. I owe less than what it's worth so I'm not worried about having problems paying off the loan with the sale.

The confusion I've run into is when I looked at Arizona's DMV. According to the DMV, Arizona is a title holding state. AZ DMV Page My loan is through Bank of America located in Florida. Bank of America is holding my title (which is standard) until the loan is paid off.

However, AZ DMV claims I cannot sell the car without showing the title at the time of sale. On the same page (linked above) it then states the seller can retain the title until the loan is paid off.

So.... how do I go about this? Anyone done this before and have some advice? I've been told I can give the buyer a notarized Bill of Sale, collect his/her money, pay off the loan, then arrange to give the buyer the title in two weeks when it comes in. However, knowing that AZ is a title holding state, would anyone really buy the car if I couldn't give him/her the title until two weeks AFTER they paid me?

 

[kranky]

I'd call BofA and ask them what the deal is. They must have dealt with this situation many times.

 

[dartworth]

Just call your local DMV...

 

[RossMAN]

Call BOFA loan customer service and ask them what their procedure for paying off the loan and releasing collateral (car title) is?

Make sure to request a 10 day loan payoff quote, NOT A BALANCE!!!

 

[DAGTA]

Originally posted by: RossMAN
Call BOFA loan customer service and ask them what their procedure for paying off the loan and releasing collateral (car title) is?

Make sure to request a 10 day loan payoff quote, NOT A BALANCE!!!

I did call BofA before posting. They're the ones that told me to do a notarized Bill of Sale. When I told them about AZ's laws and such, I was placed on hold... indefinitely.

I was hoping someone else had run into this situation and knew how to get through it.

Thanks for the advice about the payoff quote.

 

[Scarpozzi]

Call the tag & title office there or go in (probably get better results) and explain the situation to them. They'll be able to tell you what to do...it's their silly law anyway.