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Discussion Starter · #1 ·
k here is my situation
i have decided that i need to get rid of my car.
COMPLETELY... now what i mean by that is i will not trade it in on another vehicle.. i will drive my maverick (complete with the 347) daily. the reasoning for selling the cougar is this.... currently (flat broke and 2 people owe me upwards of 5k) i cannot afford it. so what i decided to do is sell the car privately. either in the newspaper or autotrader most likely.
now.... my payoff on the car is $13,609.. i seriously doubt that anybody would actually give me that much for the car, but i could be wrong. i decided i would list it at $10,000 and i could live with the financial hit.

however i am somewhat confused. if i sell the car... (the other 2 cars i sold i owned so i had teh title) how do i go about... eh "closing" the deal with the bank? how does the otehr person get the title? how do <U>I</U>I become completely free of the payments, the insurance and the hassle of the car?
thank you kindly
jason
 

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Do you have clear title on the car, or does the bank have a lien against it?
................
Paul
 

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That is good advice and If the bank works with you that would be GREAT!!! I've known a few people that have gone this way and they had you come up with the differance right away ( 10,000 buyer,,,3,000 seller )and submit the money together and then the bank gives the pink to the new owner. I really hope it works out for you.
 

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Discussion Starter · #5 ·
the bank holds the lein against it...

i have a friend of mine who is reaaaally interested in the car. as a "package" = aftermarket stereo, two exhaust systems, aftermarket wheels ... the works basically...

he is willing to pay 10k for it.... how would i go about working that out? the payoff on the car is mid 13k..... advice?
 

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Like Greg said, go talk to the bank.

Tell them you are selling the car and would like to pay it off, but will need a line of credit/loan for 3K to pay the full balance of the car loan.

They should work with you, like said before.... they want your money!
 

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the bank holds the lein against it...
Depending on which State/Province you're in, you will be prevented from selling the car without permission from the bank if they hold a lien. But like everyone else said, call the bank up, let them know your plans and I'm sure they will work with you. Good Luck!
 

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Discussion Starter · #8 ·
yeah i guess i coudl go talk to the bank and get a loan/line of credit for the balance.... however after talking with my mother and determining that i dont need 2 loans/lines with loads of interest on top of it.... she said that the family trust would cover it...

maybe i'll make a trip to the bank tomorrow to talk with somebody......

WOULD i need to talk with a certain person/division about this?????
 

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I'm sure someone at the bank will direct you to the right person. Good luck!
 
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