Question:
I have a car that I am trying to sell. I still owe money on this car. What is the whole process of a private party selling a car to another private party when they still owe on the car? I have someone interested, and I need to know what to do!
Answers:
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Tell the financial institution that you have borrowed the money from to have your title sent to whatever branch is best for you.Meet the potential buyer in the parking lot. Once the transaction has been agreed upon, go into the bank and settle the transaction there.
You can also verify his method of payment. If he has a check and preferably that will be a bank check and not a personal check you can then make the deposit or cash the check there and have title to hand over while satisfying the lien that you have with your lender.
transfer the title and policy to the new owner. you'll most likely have to contact the dealership on this.
Pay the vehicle off. Get the lien release. Take it in to get a clear title. Then you own, and can sell the car without a problem.
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Or, if you find a buyer who is willing to go to the fiance place and pay it off for you, get the release, bring it to you and pay the balance of sale after paying off the loan, and then wait for the clear title, you can do it that way. Frankly I wouldn't do it, and I doubt many would.
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I honestly don't know. I would call the bank that holds your title and let them know what's going on and ask them what to do in this situation.How much money does a car salesperson make by selling a 24 thousand dollar auto?,curious!?
You need to pay of any outstanding money before you can sell the car because you don't own the vehicle until this is done.Is a 1998 Mercury Mystique a good car? is $2,490.00 too much to pay when its used?
you could try speaking to the company that you owe the money to and see if they will release the car and you still pay the monthly instalments.
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