Selling the car.......
02-26-2008, 11:18 AM
#4
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u pay off ur loan when the buyer gives u money u get a bill of sale give him the car and title will be sent to u and then u sent him the title when u get it. But here in florida u cant register it untill the tag office see's the title.
02-26-2008, 11:24 AM
#5
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say you owe $15,000.
you sell your car for $16,000
the buyer gives you a certified check for $16,000 (this is the loan he got from the bank)
you get the check, make sure it's not fake, and sign over the title (pink slip).
you came up top with $1,000.
you take $15,000 out of $16,000 that you got paid, write a check to your lender.
you now have $1,000 left in the bank to use for whatever ($$$$$$, booze, hookers, etc.)
you sell your car for $16,000
the buyer gives you a certified check for $16,000 (this is the loan he got from the bank)
you get the check, make sure it's not fake, and sign over the title (pink slip).
you came up top with $1,000.
you take $15,000 out of $16,000 that you got paid, write a check to your lender.
you now have $1,000 left in the bank to use for whatever ($$$$$$, booze, hookers, etc.)
02-26-2008, 11:35 AM
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Originally Posted by CalBear07,Feb 26 2008, 01:31 PM
Do you have to pay off the loan when you get the money, or can you stay on your regular payment schedule?
You can't transfer a title in most places with a lien, so it will be cleared and you'll send proof of that the purchaser after your bank confirms that the loan is closed.
1) Buyer gives you money
2) You pay off loan
3) Bank gives you documentation that loan is paid
4) You provide proof to buyer of no liens
5) Buyer goes to register and transfer vehicle
That's how it works in my world.
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02-26-2008, 11:37 AM
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Originally Posted by CalBear07,Feb 26 2008, 01:31 PM
Do you have to pay off the loan when you get the money, or can you stay on your regular payment schedule?
It's not a low interest loan, it's a car finance with the vehicle serving as collateral. Most car loans require you to have the vehicle in your possession, and insure it with full collision so they are never out on a limb without a way to get the car or their money back if you become a flake.
02-26-2008, 11:38 AM
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So say I sent the lender a check, how long would it take for me to get the tittle? Could I ask the buyer to wait for me until I get the tittle to give him the car or do I have to give him the car right after he gave me the money?
02-26-2008, 11:38 AM
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Originally Posted by MikeyCB,Feb 26 2008, 12:35 PM
Most often there will be a lien on the vehicle so that you do not sell the car, keep the money, and stop making payments while the back can't even come repo the car.
You can't transfer a title in most places with a lien, so it will be cleared and you'll send proof of that the purchaser after your bank confirms that the loan is closed.
1) Buyer gives you money
2) You pay off loan
3) Bank gives you documentation that loan is paid
4) You provide proof to buyer of no liens
5) Buyer goes to register and transfer vehicle
That's how it works in my world.
You can't transfer a title in most places with a lien, so it will be cleared and you'll send proof of that the purchaser after your bank confirms that the loan is closed.
1) Buyer gives you money
2) You pay off loan
3) Bank gives you documentation that loan is paid
4) You provide proof to buyer of no liens
5) Buyer goes to register and transfer vehicle
That's how it works in my world.
