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Question about selling a car I owe payments on.

cardiackat88.

By cardiackat88.,
in Huddle Lounge

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cardiackat88. Mentor

cardiackat88.

Posted
Posted

I want to sell a vehicle that I owe payments on.

Lets say I get a buyer lined up. The buyer takes out a personal loan to pay me for the vehicle.

I would then pay the rest of my lien with the money the buyer gave to me.

My question is, would the bank take the money the buyer gave me as just regular money, or would it look like loan money? How can I use the money given to me? I would use it to completely pay off my vehicle, acquire the title, and then put it in the buyers name to finalize the deal.

So what I would like to know, is can I pay off the vehicle if the money I receive from the buyer is some sort of loan?

 

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Doyle Collaborator

Doyle

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Posted
27 minutes ago, cardiackat88. said:

I want to sell a vehicle that I owe payments on.

Lets say I get a buyer lined up. The buyer takes out a personal loan to pay me for the vehicle.

I would then pay the rest of my lien with the money the buyer gave to me.

My question is, would the bank take the money the buyer gave me as just regular money, or would it look like loan money? How can I use the money given to me? I would use it to completely pay off my vehicle, acquire the title, and then put it in the buyers name to finalize the deal.

So what I would like to know, is can I pay off the vehicle if the money I receive from the buyer is some sort of loan?

 

Just call the bank you have the loan with and explain the situation.  

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cardiackat88. Mentor

cardiackat88.

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On Thursday, August 11, 2016 at 0:17 AM, YourMomsLover said:

I'm in the same predicament. I'm 2 payments behind, and honestly can't afford my payments anymore. Just want to sell it for what's still owed ($9800) and be done with it.

Life has kicked my ass since moving back from Cleveland.

Ideally, I would do a triple down.

I have three cars. One of them is paid off and the other two are one lien.

In an ideal situation, I would sell my owned car for the amount I owe on my lowest financed vehicle. Then I would sell the highest financed vehicle to break even. Yes, I realize I would be temporarily carless but it would be in my best interest.

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Chaos Mentor

Chaos

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I did this a few years ago. Once we agreed on the price, I disclosed my payoff with the buyer. I met the buyer at his bank where he withdrew the funds. He had his bank wire transfer the funds to the credit union that held my loan. Had he not had the cash, a loan would have given him a check he would have given me.

After confirmation of funds received, they expedited the title to me. I had created a buyers contract with the buyer that I agreed to relinquish the title upon receipt.
Then I met the guy at his bank with the title and signed it over to him and had it notarized. Deal done. In my particular case I sold the car for more than my payoff, so my lender refunded me the difference after paying off my loan.

Sent from my SAMSUNG-SM-G900A using CarolinaHuddle mobile app

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thefuzz Mentor

thefuzz

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13 hours ago, YourMomsLover said:

I'm in the same predicament. I'm 2 payments behind, and honestly can't afford my payments anymore. Just want to sell it for what's still owed ($9800) and be done with it. 

Life has kicked my ass since moving back from Cleveland. 

Have you called the bank to explain the situation?  If not, do that right now, they will typically work with you, they would rather not send the wrecker.

Put it on Craigslist, start calling any and all dealerships to see if they will buy the car, get it off you before you ruin your credit.

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bigpoppa Collaborator

bigpoppa

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Why not just meet the buyer at your bank. The bank has the title and can take the payoff amount from the buyer and you and the bank sign the title and give it to the buyer. You keep the remaining money after the payoff amount

Just call your branch and make sure that they get the title to that branch. 

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