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Selling a car with money still owed?

AznAnarchy99

AznAnarchy99

Lifer
How does this work? I still owe about 3.5k on my Civic. If I were to sell it on Craigslist, how would I sign over the car to another person?
 
Meet at the bank, they give you money and pay off the loan, then the bank sends the new owner the title after they release it.
 
jlee said:
Meet at the bank, they give you money and pay off the loan, then the bank sends the new owner the title after they release it.
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Since my loan is through Honda Financial, would it be at the dealer or do I have to call them to find out their specific bank?
 
jlee said:
Meet at the bank, they give you money and pay off the loan, then the bank sends the new owner the title after they release it.
Click to expand...

Depends on the state. In Georgia, the buyer either had to be added to the loan or it's sent to the seller and has to be signed and given to the buyer.

When I sold my recent car, the buyer wrote a money order and $5000 in cash. He took the car and I mailed the title next day once it showed up.
 
KentState said:
Depends on the state. In Georgia, the buyer either had to be added to the loan or it's sent to the seller and has to be signed and given to the buyer.

When I sold my recent car, the buyer wrote a money order and $5000 in cash. He took the car and I mailed the title next day once it showed up.
Click to expand...

Oh wow, that's weird.

I wish I could've bought that car. 😛
 
They pay for the car. You wait a month or two for the lien release from the bank. Then you deliver the title and vehicle.
 
Jumpem said:
They pay for the car. You wait a month or two for the lien release from the bank. Then you deliver the title and vehicle.
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I can't imagine too many buyers would trust some stranger thousands of dollars while waiting a month or two for him to deliver title and vehicle.
 
fleshconsumed said:
I can't imagine too many buyers would trust some stranger thousands of dollars while waiting a month or two for him to deliver title and vehicle.
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I've done it twice. The first time I kept the title for a month until the lien release was received. I then mailed it to the buyer.

The second time took about two months for the lien release. I delivered the truck and title to the buyer at that time.
 
Key - dont sell the car locally without paying off the loan first

either borrow from friends/family to pay it off, or move the balance to a CC.
Either way its much easier to hand the title over when selling it, or alot of buyers just move on when having to deal with a bank/lender and having to wait
(would suck to have a car you just bought sitting in the driveway and you cant drive or register it)
 
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