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Selling a car when I don't have the title

HeirHeir Registered User regular
edited March 2011 in Help / Advice Forum
Hey guys,

I'm probably going to be selling my 4Runner pretty soon. I still owe some money on it, so the bank technically has the title. I have a private buyer who is probably going to make an offer soon. So...how does this work when you don't actually have a title yet?

Do they pay me and then I pay off the loan? Can I get their bank to just contact my bank and handle it?

Heir on
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Posts

  • MushroomStickMushroomStick Registered User regular
    edited March 2011
    You might wanna call the bank you still owe the money to.

  • L Ron HowardL Ron Howard Registered User regular
    edited March 2011
    When I sold my car when it still had a lien (I think that's the correct term), I got the money from the buyer, went to the bank, paid off the loan (and deposited the rest). They sent me a lien release in the mail a day or two later. I gave the title and the release to the buyer, and we parted ways. (Saw the car a couple months later and the dude completely ruined it. I said nothing to him as we were driving) The buyer drove away with it and waited the two days. We had it in writing that the loan had been paid off by me, and he was awaiting the satisfaction in the mail.
    Nothing happened of course, but paperwork and records are good.
    Of course, YMMV and the state you're in as well as the bank all are different contributing factors. I called my bank first, and they happily told me I could just pay off the loan early and they'd send me the lien satisfaction in the mail once it's been paid off. Your loan might have a clause where you pay extra if you pay it off early, or there might be other punishment for doing so. You really have to check with your bank.

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  • DhalphirDhalphir don't you open that trapdoor you're a fool if you dareRegistered User regular
    edited March 2011
    I bought my car from a girl who still owed money on it. She paid out the lease, gave me such in writing and then I paid her for it.

    edit: australia.

    Tube-san wrote:
    I apologise for my rudeness desu.
  • WezoinWezoin Registered User regular
    edited March 2011
    In some places it is illegal to sell a car with a lien against it - you may want to go to the bank with the buyer and pay it off infront of them. Essentially so that you technically pay off the lien a couple seconds before the sale.

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