Overhaulin'

How to sell a car but owe money on?

I just got my dealer license. I don't have any experience selling cars. I want to sell a car for one of my friend but he owe money on the car. The car is being financed and not fully paid yet. Please some dealer from texas help me out. Thanks

Public Comments

1. As long as he is not upside down it is no problem. You only need to do the pay off and get the pink slip. I did it from a lease I had but I had made a 2000 profit. I went to the finance place which was Toyota finance and paid off the car with the money the buyer gave me. When I had the pink slip they gave me the remainder of the money. I gave them the car and pink slip. This was California.
2. Most buyers wont pay for a car without the title. So, you bring the buyer to the bank with your friend, he pays off the car & immediately signs it over to the buyer. Or, if you are indeed a dealer, simply sell the car, collect the money, send the payoff in to the lender and they will send you the title which you then file for the new buyer as you would any other car you retail.