Overhaulin'

How do I sell a car with the title owned by the bank?

I have a car I am making payments on through the bank. Due to the economy and my work hours getting cut I have to now sell the car. How do I sell the car when the bank holds my title? I will be selling it for enough money to pay off my bank loan, but what does the buyer do when they do not get the title at the time of the sale? How can I work this out to be fair and let the new buyer know the car has a title and they will get it?

Public Comments

1. Both parties go to bank and pay off loan. Bank signs off on lien and you get any left over proceeds.
2. it is difficult but it can be done.. contact your bank and they may have forms they can send you for you and the buyer to sign if not search online for proper forms that you must have the buyer sign and sign yorself once you pay off your loan the bank will send you the title and then you can send it to the buyer
3. You first have to take out another loan to pay off your current, and explain to the new lender that you are selling this car so that you can keep the title when you pay off the old loan. Then do the transaction with the buyer and use the money gained to pay off your other loan.
4. Have the buyer bring the purchase amount in cash or a bank certified check. Go to the bank that holds the title and you can go through the process in front of the buyer. The other option is to sign a bill of sale stating that you have accepted payment for the vehicle and you will furnish the title in X amount of days. Many buyers will want the title right away (I know I would), so I'd suggest going to the bank together to make the sale.
5. Talk to your bank but no bank will give you the title on the spot. There is a lien on it and it has to be cleared at the court house. It will take about 10 days to get it after you pay it off.
6. Assuming you have owned it for a few months, the bank should have the title. When i bought a car in the same situation years ago, my bank issued a check payable to the seller and his bank. Then I met the seller at his bank with the check, he paid off the loan and signed the title over to me and then I took the title back to my bank. If the bank is not local, I dont know how you would do it. Dealers payoff cars regularly. They call, get the payoff, send the payoff and the bank sends the title to the dealer. But, it takes a few days or a week. The dealers trust the banks. I assume individuals could do the same thing if they were inclined to.
7. Hello, my name is Mrs maureen, saw your question on how to acquire a loan, that's why i decide to refer you to this legit lender that help me some time ago, you can contact him on; kennisbush@yahoo.com