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    jrctaz919's Avatar
    jrctaz919 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 6, 2007, 08:26 AM
    Selling a car
    How do I sell my car that I still owe money. Just 800.00 but want sell to get a new auto
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Jul 6, 2007, 08:59 AM
    Hello jr:

    Take the buyer with you to the bank. Pay them, and they'll give him the title.

    excon
    Dr D's Avatar
    Dr D Posts: 698, Reputation: 127
    Senior Member
    		  
    #3

    Jul 6, 2007, 09:12 AM
    Depending on the state where you live, the lender may hold the car title, or you will have the title, showing the lien that must be satisfied before the title can be transferred. It would be easier if you had theb funds to pay off the lien prior to sale, otherwise, you and the buyer will have to make a trip to the lender, where his cash will pay off the lien, and the "lien release" will be obtained. You keep the remainder of the cash paid for the car, sign the title over to the buyer, have your signature notarized, and give it to him. He will then take it to MVD and have it transferred. It is also a good idea to prepare two copies of a bill of sale signed by both of you. You each keep a copy. That eliminates any chance of liability for you, in case he gets in a wreck on his way to MVD. I hope this helps.
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