If I have a loan for my car, and I plan on selling it, how do I give the purchaser the pink slip?

Question:
I have an 06 Acura RSX-S and am joining the Army so I can't afford it anymore. It is worth about the same as I owe on it, if I sell it to someone and they give me the full amount I owe, how do I go about getting them the pink slip? Because I still have to pay my loan companie (American Honda Finance) and then they have to mail me the pink slip.

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The person who I sell the car to is going to want the pink slip right then right? Can this be solved by writing out a contract saying that I will give them the pink when I recieve it in the mail?

Answers:

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Take the car and the person that wants to purchase it to a bank of their choosing .And see if that person can qualify to get a personal loan for the car for the amount you want paid for it .If the person qualifies you can transfer over that day with the banks assistance .The bank would then hold lean on it clearing you of responsibility.
Another way to do this is to have him put the amount into a cashiers check you go to or send the check to the loan originator or company that is the lein holder .Get the release of lein document sign the title and go to the d.m.v. and transfer title . [ It is much better with a banks assistance with the previous and faster results if time is important ] and that person if they have the cash to pay off the loan quickly , will qualify for a larger loan in the future ! "something to think about "

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Buying a car questions?

if the buyer is willing to stick with you till you get the title from the Leinholder, then yes, the deal you put forth above is entirely possible.

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but i think you'd be hard pressed to get anyone to go through with something like that. seeing as they would have to pay you for a car and wait for you to give them the title once Honda Mails it.

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i for one would not be willing to do such a thing.

Could it be this cheap?

good luck.

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Hello
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