YACT: How to sell a vehicle private-party when you still have a loan?

Armitage

Banned
Feb 23, 2001
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I'll need to sell my truck soon (2001 Tundra). Still have 2 years left on the loan. I've bought and sold vehicle private party before, but they were always paid off ... just sign the title over, and your done.

But since I don't have the title yet, how do I handle that??
 

vi edit

Elite Member
Super Moderator
Oct 28, 1999
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I've done it twice, and was upfront with the buyer. I've done it two different ways.

1) Actually had the buyer go with me to the bank and had them pay off the balance and got the title from the bank that way.
2) Had the buyer make a check out to the bank holding the loan for the payoff amount and drove it to the bank, paid it off, got the title, and then brought it back for them to sign

You can also just have them make out a check for the purchase amount to you, you then cash it and pay off the loan, but if you are a stranger to this person it may seem shady.
 

z0mb13

Lifer
May 19, 2002
18,106
1
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since u dont have the title, u need to make arrangements with the bank

so the transaction will be done at the bank. buyer gives u check, then bank will take some money to pay remainder of loan, then u get remaining money
 

bernse

Diamond Member
Aug 29, 2000
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Tell who has the lein what you plan on doing and they'll tell you how to go about it.
 

Vic

Elite Member
Jun 12, 2001
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Originally posted by: bernse
Tell who has the lein what you plan on doing and they'll tell you how to go about it.
Bingo.

Call the bank. Different banks often have different requirements.
 

RossMAN

Grand Nagus
Feb 24, 2000
78,794
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Originally posted by: ergeorge
See above RossMAN
I'm psychic ... answered your question before you asked it :D

Everyone here was ASSuming that you financed your vehicle through a local financial institution.

What about those who go through ETrade, LendingTree, Capital One, Ford Motor Credit, etc.?

Call ETrade and ask what their procedures are for payoff.

Another question. Is the buyer going to pay with cash (check) or are they financing the vehicle?
 

Armitage

Banned
Feb 23, 2001
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There is no buyer yet, but I'm guessing most buyers would need financing.
I'll call ETrade tomorrow