Overhaulin' - How does it work when you private-party sell a car on which you still have a loan.?

How does it work when you private-party sell a car on which you still have a loan.?

I have a 2003 250Z on which I still owe 14K. I want to sell this car to a private party, but don't yet have the title in hand (or 14K cash to get the title). How can I sell him this car without a big hassle?

Public Comments

You can't. The loan must first be paid off. There is no way the other person will get a loan without the title. You can check with your bank and see if a new loan for the buyer can be made through them and handle it all as one transaction.
Contact the finance company in which you still owe for the car and tell them you want to transfer the loan to the other person's name, which will depend on if they have passable credit. Or, you can get a payoff quote, and have the buyer take out a loan on their own for the payoff amount.
When I had a car loan and sold the car, the loan was with a local credit union and we met there. Also they notarized the sale for us. Call the car loan dept of whoever has the loan and ask them this question- they are probably different. Also, is the buyer going to have the cash to pay off the loan?
Take only a bank draft or cashers check. Then go to the loan Holder Bank or Nissan Credit pay off the loan furnish all the necessary information to the bank so the title can be sent to the new owner. Really happens very smoothly in about a month title gets transfered It is a good idea to have the new owner get his or her new licence plates right away. And call your insurance agent right away also. What left over money you have go out and start shopping for that new SKYLINE GTR
Arrange for the lender to have the title at their local office, then meet the buyer there. Buyer pays the loan off w/cashier's check or cash & then, if any balance, pays you. Be sure all is okay w/lender as far payment etc. ahead of time.
Well I did that one time took over the payments but left it in thier name untill it was paid I also had to carry the insurance on the car this was all in a writtin agreement
You need to contact the lender, and work with them to make the transaction go smoothly. If your lender is local, you can go there with the buyer and conduct the payoff. Otherwise, you'll need to make contact to work out a plan for payment and the correct address for the title to be mailed to.