Overhaulin'

Selling Car Private Party with Outstanding Loan?

I am trying to sell a used car @ 14,500 with a loan payoff amount of 13,500. I live in CA and the loan is with Nationwide. I have all the DMV paperwork (Bill of Sale, Power of Attorney, Release of Liability, & cetera) ready to go. A rep from Nationwide told me that final payment is held for 10 days after it is made. From my understanding, I am laible for anything that happens to the car within those ten days regardless of the DMV forms signed. My questions are - How do I go about this in the most time effecient and risk-free way? What if the buyer wants to finance? Am I really supposed to ask for the buyer's money and not hand over the keys for a week and a half? Can the buyer revoke any time during the 10 days? HELP!!! FYI - I do not have enough cash to pay off the loan without the buyer's funds Thank you for your answers!

Public Comments

1. If the buyer wishes to finance, then you will get a cashier's check, bank check, or draft from the buyer. Contact Nationwide, and tell them you have the money, and you will be electronically transferring over the money to them to pay off the loan. They will send you the title, or if they can, send it to the new owner. Buyer cannot revoke, unless there is a problem with the car, to avoid that, simply put "as is where is," on the bill of sale.
2. The new buyer will qualify for a new loan and a check will be issued that same day! To Nationwide and Nation Wide will send title to the new lender as lien holder. Along with your notorized power of attorney and bill of sale.
3. The ten day hold is for the Contracr cooling period, required by law.. You should ask the DMV about who is responsible, during the ten day cooling off period!