where to sell car that's still being financed?

Discussion in 'The Garage' started by vital, Mar 31, 2011.

  1. vital

    vital Platinum Member

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    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?
     
  2. Kroze

    Kroze Diamond Member

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    Me too, looking to get rid of my car and still have finance. Anyone help?
     
  3. Turin39789

    Turin39789 Lifer

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    craigslist?

    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.
     
  4. Elganja

    Elganja Platinum Member

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    carmax or trade in at any dealership
     
  5. NAC

    NAC Golden Member

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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 $$$.
     
  6. spaceman

    spaceman Lifer

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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.
     
  7. NAC

    NAC Golden Member

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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.
     
  8. SarcasticDwarf

    SarcasticDwarf Diamond Member

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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.