how to sell car when bank still holds title???
#1
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Thread Starter
Join Date: Oct 2006
Location: Pacifica Ca.
Posts: 70
Car Info: 2006 WRX TR
how to sell car when bank still holds title???
I'm wondering if anyone knows the proper procedure for selling a car when the bank still holds the title?
I believe that a bill of sale needs to be created by the seller/buyer and then signed and notarized. Then loan is paid off, then seller receives the title from the bank, and then turns it over to the buyer. Right?
But when does the buyer get the car? Once the check clears or when the bill of sale is completed, or what?
I believe that a bill of sale needs to be created by the seller/buyer and then signed and notarized. Then loan is paid off, then seller receives the title from the bank, and then turns it over to the buyer. Right?
But when does the buyer get the car? Once the check clears or when the bill of sale is completed, or what?
#2
VIP Member
iTrader: (4)
Two options,
1) Take the deal to the bank and have it be a three person sell, the buyer pays off the car from the bank, and pays you the difference, bank fills out papers into the buyers name.
2) you sell the car, use the $$ to pay off the car, when bank mails you title, you forward it to the new owner.
I recommend #1, #2 can lead to going to court cause of crossed messages and playing th waiting game.
1) Take the deal to the bank and have it be a three person sell, the buyer pays off the car from the bank, and pays you the difference, bank fills out papers into the buyers name.
2) you sell the car, use the $$ to pay off the car, when bank mails you title, you forward it to the new owner.
I recommend #1, #2 can lead to going to court cause of crossed messages and playing th waiting game.
#3
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iTrader: (25)
Join Date: Jan 2004
Location: san francisco
Posts: 2,325
Car Info: 2008 Forester XT 5spd
I have done #1 a couple of times already, however my loans have been through a local credit union.
What bank is your loan through adrian?
I'm in P-town as well!
What bank is your loan through adrian?
I'm in P-town as well!
Last edited by adizon; 08-26-2010 at 09:15 PM.
#4
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Join Date: Aug 2006
Location: Campbell
Posts: 1,475
Car Info: AW Pig-STI
Like what was said already, +1 for bringing in the buyer to your financial institution to get the payoff done. it's pretty simple if the buyer has either cash or qualifies for the loan.
you just go in to your local branch, he pays the bank (or makes a loan), the bank/credit union pays off your loans and transfers title to the new buyer. you hand over the keys, and VOILA you're done.
If cash or if the buyer is already approved for a loan, at my Credit Union, it takes no more than 30 minutes.
(Support your local Credit Union!)
-Cheston
you just go in to your local branch, he pays the bank (or makes a loan), the bank/credit union pays off your loans and transfers title to the new buyer. you hand over the keys, and VOILA you're done.
If cash or if the buyer is already approved for a loan, at my Credit Union, it takes no more than 30 minutes.
(Support your local Credit Union!)
-Cheston
#8
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iTrader: (13)
Join Date: Nov 2002
Location: Santa Clara, CA
Posts: 7,508
Car Info: 12 STi
i've done it plenty of time... one of these ways...
1) u pay it off, get the title, sell it, give the title to buyer
2) seller give you the money, you get the title, hand over the title
3) seller bank deal directly with you bank
4) seller pay your local bank, get a note from bank that it's paid off, go to DMV and to paperless title transfer
something like that...
1) u pay it off, get the title, sell it, give the title to buyer
2) seller give you the money, you get the title, hand over the title
3) seller bank deal directly with you bank
4) seller pay your local bank, get a note from bank that it's paid off, go to DMV and to paperless title transfer
something like that...
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