I am financing a used car from Bank but I want to sell it now. What should i do?Can i sell the car first then pay off the loan? or I have to payoff the loan first then sell the car?
by 
hengheng
ANSWERS: 1
-
Your bank currently has the title to your car. The only way for you to transfer the title to the prospective buyer is to pay the bank for whatever you owe. When you find a buyer and agree on the price to be paid, the buyer, if he is getting a loan to finance it, will need to go to his bank and get a check. This cashiers check will be made out to whoever holds the title to the car, which in your case would be your bank. (Someone from his bank will call someone from your bank to make sure they have the title and verify the amount owed) You both will then go to your bank, and present the check as payment on the loan. If the amount is for more than the balance of the loan, the bank will give you back the balance. If it is for less than is owed, you will need to pay off the difference in order to get the title transferred to the bank of new buyer. If the buyer is paying with cash, both of you go to your bank and present the check. They will make sure the check is good and then transfer the title directly to him. (It usually takes 4-6 weeks to actually receive the title)
RELATED QUESTIONS
Copyright 2023, Wired Ivy, LLC