How do I sell a used car that I have a loan on. I am only asking the pay off amount but I want it to be legit.?
I have a 2004 Toyota Sequoia and I need to get out from under the note. I am financed through a finance company and I owe less than the vehicle is worth. I am not looking to make money I just want the vehicle payed off and the title transferred to a new buyer. But how do you sell a vehicle with out the title in hand. My intention was to have the buyer pay in certified funds to the finance company but I do not want it to appear suspicious and discourage a possible buyer. The finance company said that it could take 2-4 weeks to get the title in after the pay off. Any suggestions on how I go about this. I want it to be a legitimate transaction.
I have contacted the finance company and the girl I spoke with stated that as soon as the car is paid in full the title will be sent. They don't care if I pay it in full or if a new buyer pays it in full as long at the financial obligation is met to thier satisfaction.
Most buyers are not going to be willing to pay for the car unless they get the title at the same time they hand over the money.
Dealers would & could handle it if you are willing to take what they offer you.
And if the buyer is financing, sometimes his lender can work with yours to deal with the paperwork.
But, for the most part, most private parties are not going to pay you without the title because they have no assurance that you will indeed pay off the car and they will indeed get a clear title.
For all they know, you could go gamble the money away before paying the loan off.
Sure, they could sue you. In the meantime, the bank could repo the car and they are out the money.
Id look into refinancing it at a local bank. That way, when selling it, you simply meet the buyer at the bank, payoff the loan with the buyers money and they will hand over the title right then.
