How to sell a car with payments left on it? - FMVperformance.com : The site for all your Ford Mazda and Volvo needs
 
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post #1 of 8 (permalink) Old 11-02-2007, 02:06 AM Thread Starter
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How to sell a car with payments left on it?

Hey guys! I have a 2006 Mazda 3s which I bought new from a dealership in 2005. I have decided to sell the car but I have no idea how it works when I still owe 8k to the bank which means I don't have the pink slip yet. Can someone with experience please tell me how the process works?
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post #2 of 8 (permalink) Old 11-02-2007, 02:44 AM
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Re: How to sell a car with payments left on it?

sell to a person, or to a dealer?

When you sell it to the person, when he pays you pay off the car and send him the title. With a dealer they will just transfer your balance to a new loan.

Corey, 25yo bodybuilder
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post #3 of 8 (permalink) Old 11-02-2007, 02:54 AM Thread Starter
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Re: How to sell a car with payments left on it?

[quote author=ITHURTZ link=topic=93477.msg1826808#msg1826808 date=1193985848]
sell to a person, or to a dealer?

When you sell it to the person, when he pays you pay off the car and send him the title. With a dealer they will just transfer your balance to a new loan.
[/quote]

To a person.
So that means, someone buys my car for 15k, he sends me a check for 15k, I take the check and payoff the 8k that I owe the bank, bank sends me the ownership and I transfer it to the new owner?
Btw, how quick does the bank send you the ownership paper?
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post #4 of 8 (permalink) Old 11-02-2007, 03:12 AM
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Re: How to sell a car with payments left on it?

Yup.

Not sure how long it takes, my guess a few weeks..

Corey, 25yo bodybuilder
06 mazda 3 2.3l sedan CRM
"Little GTO" she is ill right now, pos
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post #5 of 8 (permalink) Old 11-02-2007, 10:12 AM
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Re: How to sell a car with payments left on it?

You should have or be able to get a copy of your title that shows the lien on it, it explains exactly what has to be done to remove the lien. As far as I know you still can/need to sign the title with the lien on it to the person buying the car, they then have to prove that the lien has been removed before they can title it in their name (which is where you paying off the car with the check from the person comes in, the bank then sends you the clean title which you then give to the buyer).
-Matt
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post #6 of 8 (permalink) Old 11-02-2007, 10:44 AM
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Re: How to sell a car with payments left on it?

in order to keep your buyer happy, you may want to get his cheque payable to you and the bank. That way he will have the security of knowing that the lien will be paid and that he will have clear title to the vehicle.The bank will then take their portion from the proceeds of the cheque and deposit the balance to your account.
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post #7 of 8 (permalink) Old 11-02-2007, 11:57 AM
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Re: How to sell a car with payments left on it?

We sold our R6 before and owed on it. Just payed the lienholder the money from the sale and paid the bit that was left with a credit card. Signed over registration put the bike as SOLD with DMV and sent the title when we got it.

Tiffany Geotsalitis

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post #8 of 8 (permalink) Old 11-02-2007, 09:16 PM Thread Starter
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Re: How to sell a car with payments left on it?

Thanks guys, its starting to make sense now. I'm gonna give the bank a call just to clarify what they need me to do!

Anyone else have any idea how long the bank took to send the title?
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