Overhaulin'

How do you sell a car privately when you are still making payments to the Dealership on it?

We are trying to sell a car that is financed through GMAC credit. We aren't buying another vehicle, so we can't trade it in on one, we need to see it private party. I saw a similar question asked, but this vehicle is not financed at a local bank. We bought it from the GMAC dealership and it is their credit services that we financed it thorugh. Our payoff amount is right at what the Kelly blue book value is, which is all we want. How do we go about selling this car when they have the title to it?

Public Comments

1. real easy.. call the bank,get a 10 day payoff for your loan. (that will be what you owe with intrest and tax).. tell whoever wants the car.the bank owns the car. you can get the money,write up a bill of sale (for dmv),send the money to the bank.(which takes abot 2 weeks to get the pink slip) when you get the pink slip back from the bank,you have to sign it of(release of intrest) and then give it to the new people who bought your car...and dont forget to do a release of liability for yourself on the car you sold...do that as well.
2. Get yourself a 10 day loan of the bank to clear it then pay the loan back or do what i did a couple of months back and get the guy thats buying the car to go with you to gmac and clear the loan there and then so you's both know that there's no payments left on the car or get them to take over your payments,few options there for you best of luck.