HELP! ANYONE WHO HAS SOLD A CAR AND MADE PAYOFF!

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Stephanie H - 19 Jul 2005 01:10 GMT

I am getting ready to sell my Explorer, but still have a balance on my loan,
which I plan to pay off once sold. Can anyone explain to me what process
they've used to sell a car first, then made the payoff, then waited for the
title, and then signed the title over to the buyer? Do people generally
accept waiting for the title? Are they to use the current license plates
until the title is signed over? How does this work?!?!?!

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Mikepier - 19 Jul 2005 11:56 GMT

As far as I know, you have to pay off the car first, then you get a
lien satisfation from the loan company saying you satisfied the loan.
Then you can sell the car with the title along with the lien
satisfaction note so the new owner can register the car free of no
liens. If you look on your current title, you will notice a lienholder
on it.
You cannot loan your plates to the new owner. The plates belong to you,
not the car.

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Davenandee - 19 Jul 2005 20:59 GMT

In Texas the plates belong to the car unless they are vanity plates. In
Florida you own the plates.

Dave

> As far as I know, you have to pay off the car first, then you get a
> lien satisfation from the loan company saying you satisfied the loan.
[quoted text clipped - 4 lines]
> You cannot loan your plates to the new owner. The plates belong to you,
> not the car.

Signature

Diving is life! The rest is just details.
W.W.W.I.

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Paul Scrutton - 20 Jul 2005 04:23 GMT

I bought a motorcycle in this sort of situation. I took a bankers check to
the buyer. The buyer and I took it to the bank, and got the title. Once we
had the title, we then went to the DMV and I got new plates. Pretty simple,
and it only took a couple of hours or so.

Paul

> I am getting ready to sell my Explorer, but still have a balance on my loan,
> which I plan to pay off once sold. Can anyone explain to me what process
> they've used to sell a car first, then made the payoff, then waited for the
> title, and then signed the title over to the buyer? Do people generally
> accept waiting for the title? Are they to use the current license plates
> until the title is signed over? How does this work?!?!?!

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Bill Funk - 20 Jul 2005 16:51 GMT

>I am getting ready to sell my Explorer, but still have a balance on my loan,
>which I plan to pay off once sold. Can anyone explain to me what process
>they've used to sell a car first, then made the payoff, then waited for the
>title, and then signed the title over to the buyer? Do people generally
>accept waiting for the title? Are they to use the current license plates
>until the title is signed over? How does this work?!?!?!

A suggestion that may seem a little radical:
Contact the loan company, and ask them.

Signature

Bill Funk
replace "g" with "a"
funktionality.blogspot.com

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Mark - 20 Jul 2005 17:53 GMT

>>I am getting ready to sell my Explorer, but still have a balance on my loan,
>>which I plan to pay off once sold. Can anyone explain to me what process
[quoted text clipped - 5 lines]
>A suggestion that may seem a little radical:
>Contact the loan company, and ask them.

I know I wouldn't buy a used vehicle from a private party if they didn't
have title in hand. I'm not going to wait a couple of weeks for you to
straighten that out.

Get your loans or whatever you have to and pay off the truck to get the
title. THEN put it up for sale. Suffer for the month it's going to take
you to get the cash for the new one.

Of course, you could always just trade it in......

Last time I sold private, and I only ended up making $2K over dealer
trade-in ($15K sale), but I had to drop the price 3 times and it took me 2
months. Wasn't worth all the BS and time. Next time around the dealer can
have it.

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michael - 24 Jul 2005 22:08 GMT

> Last time I sold private, and I only ended up making $2K over dealer
> trade-in ($15K sale), but I had to drop the price 3 times and it took me 2
> months. Wasn't worth all the BS and time. Next time around the dealer can
> have it.

It's amazing what some people won't do to make $2,000.

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michael - 24 Jul 2005 22:06 GMT

LOL. It's illegal to sell a car you don't own.

In case you didn't know, you are the REGISTERED owner of the car, not the
legal owner.

You have to make your payoff first.

But, you can go into the dealership and do all that if you have a buyer who
wants to finance it himself. The finance guy will be very very happy to do
that!

> I am getting ready to sell my Explorer, but still have a balance on my loan,
> which I plan to pay off once sold. Can anyone explain to me what process
[quoted text clipped - 5 lines]
> --
> Message posted via http://www.carkb.com

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