Car Selling Question

[Johnny Rockets]

So I put my GMC Envoy up for sale yesterday and have had a couple of calls on it but I have a slight problem. I still owe about $5K (which I don't have to pay off right now) on it so the finance company has the title.

The problem is that the finance company is not local so I would need to have someone pay for the truck, then wait for their check to clear, then mail the finance company the payoff amount and then wait for them to mail the title so I could hand the vehicle over. Not sure who would hand over $9K to me and then wait until all that happens with nothing more than a receipt I give them saying they gave me the money for the car.

Any suggestions? Should I go to my bank (Fifth Third) and take out a personal loan to pay it off so I have the title in hand and then pay off the personal loan in a couple of weeks when I sell it (as long as there are no early payoff penalties)?

Thank You,

Confused in Concord

[sunbunny]

Once you pay it off, the finance company has 30 days to get you the title. So keep that in mind.

Chris said it will be hard selling without the title in hand.

[Johnny Rockets]

Once you pay it off, the finance company has 30 days to get you the title. So keep that in mind.

Chris said it will be hard selling without the title in hand.

Well d*mn.....tell Chris thanks for the info. Sounds like I need to get the title somehow before I sell it.

[pstall]

paging mush

[Sameday]

When I sold my car I had the buyer wire the difference to bank and they sent him the title. I got a money order for the diff.

[sunbunny]

Did you sign over the title?

It's been years since I was a title clerk, but I'm trying to remember what's legal and what's not.

[Kevin Greene]

Is the person buying the vehicle going to pay cash?

If not, his bank/Credit Union should have no problem contacting your bank who has the title, get a payoff amount, send them a check and deal with their client and you just get a check from them for the difference.

Painless!

[sunbunny]

Yeah, I think Chris was talking cash in hand.

[mush]

Tough situation to be in....You legally can't transfer a car without the title. And for the most part companies, when you pay them off, don't take longer than 2 weeks to get the title to you.

[Johnny Rockets]

So here is question #2.

I have the property tax on the vehicle due on 8/1 and was hoping to sell it before then but I doubt it will happen now that I have to get the title. Pretty sure I will sell it a week or two after that. Do I still have to pay that property tax?

[Guest]

yep.

[Johnny Rockets]

yep.

What if I push it off a bridge on 7/31 and collect the insurance money instead?

[Guest]

what if I only ask for 60% of the money for my silence?

[The Saltman]

you cant transfer a title or anything over if there are any outstanding tax bills me thinks.