lilevil

noob question... how would u go about selling a car that you still owe money to the bank? I am thinking about selling my IX.

alianum777

iTrader: (26)

different states have it different but, it usually works as if you have the title it has a lien recorded on it meaning you owe money on it, so lets say once you decide to sell it and the person buying you pays you the money, you then take that money and pay off your loan and get a lien release on the title clearing it of any debts. Process usually take about a week or so pending on banks and thats how you sell it. This way your loan is paid and the buys gets the car just has to wait a little

EMonz57

iTrader: (6)

When I sold my Evo I still owed. I had the buyer sign the bill of sale and had it noterized (just in case) Then He paid me with the understanding that the car was still owned by the bank and had to wait for me to pay off the lien and wait for the title to be released to me so I could sign it over to him. Took about a week maybe two total. He lived about 2 hours away so it made it easier we delt in person most of the way

lilevil

That's kinda how I thought the process is, I know the DMV here in VA has a document that you can request that gives that person the rights to transfer the title to their name I guess it's that bill of sale that you mentioned. Just giving me the money my make some ppl thinking I am trying to screw them and not sign the title after I get the car released from the bank. Having this sort of document makes any buyer feel a little more safe

btw thanks for the answers

EMonz57

iTrader: (6)

yea man, the Bill of sale is a legal document/contract. Getting it noterized will help assure the buyer as well. Just be sure in the bill of sale you have something written stating that the transaction is pending until payment clears and your bank releases the title to you.

It is easy to do this if it is a local sale. If not you may need to either have someone fly out or mail the papers back and forth or something. I am not sure a fax would legitamize a bill of sale or what ever. and to have it noterized I belive it has to be the origanal copy with the actual signatures of buyer and seller.

dgoodhue

iTrader: (1)

I would call the bank/financer that holds your title to see how suggest doing a title transfer. A lot of times the transaction can happen at the bank with the new buyer.

Blast83

iTrader: (1)

To be notarized both the buyer and seller must sign the document at the same time in front of them. Having it signed before hand, even if they show up, they aren't supposed to notarized it.