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?!?!?!
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:
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
I know I wouldn't buy a used vehicle from a private party if they didn't have title in hand. I'm not going to wait a couple of weeks for you to straighten that out.
Get your loans or whatever you have to and pay off the truck to get the title. THEN put it up for sale. Suffer for the month it's going to take you to get the cash for the new one.
Of course, you could always just trade it in......
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.
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!
It's amazing what some people won't do to make $2,000.
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