question about selling a car

[crystalblue705]

Hi everyone. I want to sell my car which still has a loan to payoff. It seems that you will have to wait a day or two to get the title after you pay it off. This particular bank does not send the title ahead of time if you request it because they wait for proof of payment but you could pay $15.00 to have it overnighted to you. One person was not happy that he wouldn't get the title the minute we paid it off so decided not to buy it. How do other people go about selling a car that still has a loan on it? I don't have the full amount handy to pay it off first then take the money. There must be other people that sell their car and still have a loan. Thanks for any advice.

 

[WatchinCaptKangaroo]

Did you check with your DMV? They should have a title transfer form.

 

[The Mystery Machine]

That is normal. The person wasn't serious about your car more than likely and gave you this excuse.

 

[crystalblue705]

Actually that person was a nightmare because he wanted us to pay it first, he wanted a notarized letter saying that he paid the money,etc. all because he had to wait for the title. We told him he could take it to his house after the bank until the title came but that wasn;t good enough. He acted like we would steal it back in the middle of the night because he just paid it off!

 

[The Mystery Machine]

We told him he could take it to his house after the bank until the title came

What? He thought since he didn't have the title, you were going to take it?

Normally you meet at the bank, he pays you with a cashiers check. Then you pay off the car to your bank.
You do need to write up a Bill of Sale. Make sure to include the car is sold "AS IS".
Both of you do sign, but you don't need a notarized letter really.

 

[crystalblue705]

Thanks. I just needed to know that maybe that person was just a little off and that there will be normal people who will do as you said. Thanks again.