I was just thinking about selling my Lancer but right now I still owe some money on it would it be possible to sell my car without actually owning it? Was just wondering if it could be done to accept payment for the vehicle then make the buyout amount and transfer the ownership to the buyer. From a legal stand point could it be done?

 

how much do you owe??

 

lets just say if both parties are financing that. If you sold your for car 25k, and you owe 27k, you would have to pay the two grand. Because most banks won't send a check to pay off (your loan)until they confirm with your bank that's what you owe. so that the bank will relinquish the title after the payoff

 

If you owe more than the car is worth and want to trade it in for a Evo or another car then they would take what you owe compared to what its worth and add it to the total of the new car. For example...

Your cars value is 5000
You owe the bank 10000
Your new car cost 15000
Your total is 20000+TTL if you by it from a dealership.

 

My real question is could i sell it even though i dont have the owners slip since i still owe money to the bank? If i sold it i would sell it to cover what I owe then pay the car out to the bank to get the paperwork. Can it be done?

 

Yes, you can sell the car. You might want to give your bank a call to see what the correct process is though.

 

^+1

 

YES - I've done it.

1) Find out exactly what the payoff is for your car. This is sometimes different than what the remaining payments are. Call the bank and get the exact payoff.

2) You agree to sell the car to someone for a set amount. If the amount is less than they payoff, you have to make up the difference out of your pocket.

3) the two of you (buyer and seller) meet at the bank that holds the loan. They pay their amount that was agreed upon and you pay the rest. The title is released to you which you then sign over to the new buyer.

That requires two things. 1) it's a cash deal and 2) you have the cash to pay the difference at the time of sale.

If the buyer is trying to get a loan to buy the car, that makes it a bit more interesting because his bank will want to pay your bank or lender directly.

 

Damn I wanted to make a profit not sell it off and be even that defeats the whole purpose of selling it on my own rather then just trading it in. If the buyer made payment to me I could just pay off the bank with what ever is due correct?

 

My comments were based on the assumption that you owed more (to the bank) than what you could sell it for.

Yeah, if you can sell it for more than what you owe on it - when you get the money from the buyer you just pay off the loan and keep whats left over for yourself, the bank gives you the title, you sign the title over to the new owner.

It's quite simple.

 

no offense but I thought that there was no such thing as a dumb question until now....

 

Sold a motorcycle that was being financed. Same process; got cash in hand, paid off the loan, a couple weeks later received the title, then I signed the title over to the buyer and sent it to him.

The only thing hard about it is finding a buyer willing to wait for the title.

 

I'm in the same perdicament. I owe about 7k on the car and that's what I'm trying to sell it for. Once I get a buyer, I sign over the title, use the money from purchase and pay off the bank and we both walk away clean.

Ofcourse you give the buyer a proof of purchase receipt with both signatures or even have it notarized so the DMV doesn't give them any problems.

We both walk away clean...

 

It's a PITA to sell a car you don't own yet, if you are selling it to a private party. The reason is because the buyer has to pay the remaining amount to the bank, then the bank releases the title to the original owner. Original owner that receives the title in the mail a week later. Then the buyer pays the remaining money to the seller.

 

It's funny you guys say they release the title to the owner. I already have my title... in hand. But it just shows on bottom portion that there are leans on the vehicle.