HELP! ANYONE WHO HAS SOLD A CAR AND MADE PAYOFF!
 

I am getting ready to sell my Explorer, but still have a balance on my loan,
which I plan to pay off once sold. Can anyone explain to me what process
they've used to sell a car first, then made the payoff, then waited for the
title, and then signed the title over to the buyer? Do people generally
accept waiting for the title? Are they to use the current license plates
until the title is signed over? How does this work?!?!?!


--
Message posted via http://www.carkb.com

As far as I know, you have to pay off the car first, then you get a
lien satisfation from the loan company saying you satisfied the loan.
Then you can sell the car with the title along with the lien
satisfaction note so the new owner can register the car free of no
liens. If you look on your current title, you will notice a lienholder
on it.
You cannot loan your plates to the new owner. The plates belong to you,
not the car.

In Texas the plates belong to the car unless they are vanity plates. In
Florida you own the plates.

Dave

Mikepier wrote:
> As far as I know, you have to pay off the car first, then you get a
> lien satisfation from the loan company saying you satisfied the loan.
> Then you can sell the car with the title along with the lien
> satisfaction note so the new owner can register the car free of no
> liens. If you look on your current title, you will notice a lienholder
> on it.
> You cannot loan your plates to the new owner. The plates belong to you,
> not the car.
>

--
Diving is life! The rest is just details.
W.W.W.I.

I bought a motorcycle in this sort of situation. I took a bankers check to
the buyer. The buyer and I took it to the bank, and got the title. Once we
had the title, we then went to the DMV and I got new plates. Pretty simple,
and it only took a couple of hours or so.

Paul

"Stephanie H via CarKB.com" > wrote in message
...
>
> I am getting ready to sell my Explorer, but still have a balance on my
loan,
> which I plan to pay off once sold. Can anyone explain to me what process
> they've used to sell a car first, then made the payoff, then waited for
the
> title, and then signed the title over to the buyer? Do people generally
> accept waiting for the title? Are they to use the current license plates
> until the title is signed over? How does this work?!?!?!
>
>
> --
> Message posted via http://www.carkb.com

On Tue, 19 Jul 2005 00:10:19 GMT, "Stephanie H via CarKB.com"
> wrote:

>
>I am getting ready to sell my Explorer, but still have a balance on my loan,
>which I plan to pay off once sold. Can anyone explain to me what process
>they've used to sell a car first, then made the payoff, then waited for the
>title, and then signed the title over to the buyer? Do people generally
>accept waiting for the title? Are they to use the current license plates
>until the title is signed over? How does this work?!?!?!

A suggestion that may seem a little radical:
Contact the loan company, and ask them.

--
Bill Funk
replace "g" with "a"
funktionality.blogspot.com

LOL. It's illegal to sell a car you don't own.

In case you didn't know, you are the REGISTERED owner of the car, not the
legal owner.

You have to make your payoff first.

But, you can go into the dealership and do all that if you have a buyer who
wants to finance it himself. The finance guy will be very very happy to do
that!


"Stephanie H via CarKB.com" > wrote in message
...
>
> I am getting ready to sell my Explorer, but still have a balance on my
loan,
> which I plan to pay off once sold. Can anyone explain to me what process
> they've used to sell a car first, then made the payoff, then waited for
the
> title, and then signed the title over to the buyer? Do people generally
> accept waiting for the title? Are they to use the current license plates
> until the title is signed over? How does this work?!?!?!
>
>
> --
> Message posted via http://www.carkb.com
>

"Mark" > wrote in message
...
> On Wed, 20 Jul 2005 08:51:01 -0700, Bill Funk > wrote:

> Last time I sold private, and I only ended up making $2K over dealer
> trade-in ($15K sale), but I had to drop the price 3 times and it took me 2
> months. Wasn't worth all the BS and time. Next time around the dealer
can
> have it.
>

It's amazing what some people won't do to make $2,000.