Thursday, April 2, 2020

What happens to my car loan if I sell the car privately?

Dionna Doyel: I'd forget it at this point.Yes, it is very rude for the seller not to return your calls/emails, but nothing forces them to do so. One of my biggest pet peeves is when folks leave up ads for weeks/months after the object sells. It is common courtesy to remove the ad, but some folks are born without that courtesy.

Nadia Crauswell: yes do iti traded my 747 for a power plant

Floy Fague: Time to move on and find another vehicle to buy.

Luke Gacusan: I think you should spend that money on some lube I can pout it all over you then stick it up your butt. But thats just my opinion

Joeann Hoyt: Forget it, the car probably has been sold.

Ellis Cellar: No, trade the Ferrari for a Tonka Truck

Julienne Poplawski: I live in NJ. So is NJ a holding state?

Babette Deloe: You must pay off the loan before the bank will release the title. Contact the bank or finance company who holds the lien on your car and ask them how you can do thi! s.

Judie Kise: You cannot sell the car without paying the loan. Your lender currently owns the car so you will need to pay them the $9400 so that they can release the title. Once you get the new title, you can exchange it to the buyer for the money for the vehicle. Having an outstanding lien on a vehicle you are selling is a huge minus when trying to sell a car privately. Most buyers don't want to deal with buying a car if they can't get the title right away.Only the title transfer is legally the indicator that a car sale transaction took place....Show more

Aldo Decurtis: The dealer will mail all the paperwork to the bank so they can file a lien. The the bank will send it to the motor vehicle department.

Tatiana Evanosky: SPIF is correct. You won't get a copy of the title unless you pay the vehicle in full, and even then it takes a few weeks. In some states, you may receive a copy from the lender, but it's only a copy, the lender will have the original.! In this instance, the bank will receive the title from the de! aler.

Marcia Cheathan: More importantly, what happens when the new owner tries to register it without the title? What happens when the lender finds out that you sold THEIR car?Nothing good can come of this unless you pay the vehicle off.

Troy Monsivais: Was gonna ask this too

Chauncey Williama: You are responsible for paying off the loan in full before you can legally transfer ownership to the buyer.When you sell the car you have to pay off the loan using the proceeds from the sale. If you sell it for more than your loan payoff you keep the remaining money as profit. If you sell the car for less than you owe the bank you must come up with the balance out of your pocket.Once the loan is paid off the title is issued to you by the lender. When you recieve the title, you sign it over to the buyer. At that point the transaction is complete. This paperwork process usually takes less than 10 days but could go as long as 30 days depending on the lender....Show mo! re

Elvie Drumgoole: I'm thinking of trading my 2012 Ferrari 458 spider for 2013 lamborghini aventador. What do you guys think?

Mark Hovanes: I purchased a brand new 2012 car from a dealership. I used my own bank for financing. The bank gave me a check. Who is responsible for sending the bank the title and making them a lienholder?

Stevie Goldey: you would have to still either make the payments or pay it off with the money u get from selling it..but if you dont own the car, the bank wont give you the title for it until you pay if off. so i dont see how you plan on selling it "privately"...Show more

Arlene Maycumber: Ya can’t sell a car that does not belong to ya, that is the law in little old Britain. Things are so much bigger in US of A it could be 10 years before they catch up with ya sell the fcking thing. 4COL {:-(

Julee Lanham: You cannot sell the car without making arrangements for the amount you collect to be used to pay the bank. If y! ou are thinking you could just keep making payments after it sells, you! are mistaken. The buyer must be able to obtain clear title so the can become the legal owner once they pay it off.

Nicolasa Henke: I emailed and called numerous times to this particular seller and receive no respond at all. when I call him or her, the phone would go to voice mail and then it won't let me leave any voice mail because the seller's voice mail was full. And when I emailed the seller through autotrader.com, I did not get any reply whatsoever, not even one. I really want this car, so what should I do to get the car?

Rebbecca Sorkin: Wake up from your dream kid. Anyone with enough money to buy these kinds of cars doesn't come on some Internet site asking silly advice.

Rheba Cockman: Selling Car With Loan

Maria Bengston: From the responses so far. It sounds like it's the bank communicating with the dealership. I am not responsible for sending the title. Am I? If the title was sent to me (according to the dealership), and I never got it. Is ! this my problem?

Stanton Degregorio: The procedures are different everywhere and sometimes it's up to the bank. Some places the dealer sends it in, some places you do, some places the bank doesn't get the title, they only file a lien with the DMV.

Linwood Mccory: Thanks everybody. I get that i have to pay it off before i can transfer the title..exactly what i was looking for.

Hyman Coren: Thankyou for all the answers!

Gabriel Realmuto: what i think i think your hella rich

Gregg Hagge: The dealer will file the Lien and send the title to your bank after they cash the check.Additional details.So you don't live in a title holding State. In that case the dealer would send the title to you certified mail return receipt requested with the lien already filed and it would be your responsibility to take it to the bank.Additional information.The State of N.J. is a title holding State so your title should have been mailed to your bank not to you.Hope this! helps.

Burt Cheevers: The bank usually communicates with the dea! lership for the title. The bank won't release the money if they can't have the title.

Ninfa Asby: I think you're full of it (with an "sh" in front).

Scot Sepulbeda: 1

Kellie Waycott: You have to pay it off - immediately. That's the only way you can get the title to transfer ownership to the buyer. So if you can't sell the car for as much as you owe, you have to make the difference up out of your pocket. You can't sell a vehicle if you don't have the title.

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