[BeelzeBob]

Okay. As some of you know, I'm looking to sell my Vette to get back into a Cadillac. Eventually someone is going to come along with the money to buy it. But - I'm still paying-off the car.. What can I do? What SHOULD I do? I'll need a big down-payment.. About $3000.00.. Can I Western Union the money and give the guy the title or what? I really haven't a clue... What would YOU do?

 

[elwesso]

Like ebay auctions work, you have a deposit and then you pay..... So maybe you could work out something......

But, make sure you DONT even let the guy touch the title until he pays it off in full....... Because once his name is on the title, its fair game to him....

Maybe you could just jack up the price a little and then only have maybe 1000 left to pay......

The bank isnt going to care if you sell the car before its paid off, as long as they get their money....

But, i wouldnt get another car until you have it paid off....... That being said, you shouldnt sell it until you have it paid off..... maybe you could muster the 3000 and just pay it off at one time.... Maybe not, but it wouldnt be good to be without a car for a while (kinda hard to go look at cars without one)....

 

[BeelzeBob]

But isn't my car the banks investment? Doesn't the bank own it until it's paid-off? I thought I couldn't sell the car until I paid in full... If it could work-out this way then I should be fine... I'll pay off the car and with the money I have left, start looking for a Fleetwood...

 

[Katshot]

You'll need to pay it off before you can get the title to send the guy. That's unless you're NOT using a car loan. Most people have their car financed with an auto loan. This is considered a "secured" loan. In that case, the title is held by the lender until you pay the loan off. In my case however, I used a personal loan which is basically an "unsecured" loan. In my case, I had the title from day one.
If you're using a car loan, you're going to need to get enough money up-front from the buyer so that you can obtain the title for him. I've never done this so I'm not quite sure how you get the buyer to give you money without you giving him the title.

 

[Elvis]

You can sell the car and get the guy to write you two certified checks--one for the bank, and one for you to cover the difference.

The bank will either A) give you the title, or B) mail it to the new owner. Your banker may even have a boilerplate copy of a bill of sale that you can use.

Bankers don't care as long as they get their money. I even had a banker help me do all this once, even though he didn't hold the loan. I just asked him to verify the buyer's check, and I told him I didn't know how to handle the deal. He took it from there.

It's always good to make friends with a banker. It's one of the most important things you need to do before you're 21.

 

[BeelzeBob]

You can sell the car and get the guy to write you two certified checks--one for the bank, and one for you to cover the difference.

The bank will either A) give you the title, or B) mail it to the new owner. Your banker may even have a boilerplate copy of a bill of sale that you can use.

Bankers don't care as long as they get their money. I even had a banker help me do all this once, even though he didn't hold the loan. I just asked him to verify the buyer's check, and I told him I didn't know how to handle the deal. He took it from there.

It's always good to make friends with a banker. It's one of the most important things you need to do before you're 21.

Why before you're 21?

And yes - it's a car loan.. So.. I'll try and get the buyer to write me two checks. One certified check written to the bank - and one to me.. But what does a 'certified' check do? Does that mean it cannot be cancelled?

 

[Elvis]

Why before you're 21?

Anytime is good. The reason I said before 21 is because that's when you should start establishing a credit rating.

You don't HAVE to get two checks, sometimes that just makes it easier. If you get one check, take it to your banker and explain what you're doing. They're usually very friendly and helpful when YOU bring THEM money.

 

[kempie]

Sal, Call the place you have your car loan from and ask them the best way to do it. They probably do this all the time and should be helpfull since they want your business again.

 

[BeelzeBob]

Sal, Call the place you have your car loan from and ask them the best way to do it. They probably do this all the time and should be helpfull since they want your business again.

Good advice.. I plan on it...

 

[lux hauler]

Here's how I handled the sale of the Harley that I had.
The guy that bought it met me at my bank....the bank that carried the loan. We sat down with the banker. The purchaser was paying in cash. He counted out the cash and gave it to me. I took the amount that was needed to pay off the loan and gave it to the banker and put the rest in my pocket (or deposited it.....?). The banker gave me the clear title, I signed it and handed it to the new owner.