Re: Selling a car - with outstanding car loan?

Let me add to a previous post that to alter every identifier on a car can be very difficult, and of course it is illegal to resort to this. Most crooks dont get caught in doing a half way job because they are seldom challenged if everything looks right on paper.

We had a new diesel tractor/trailer stolen right off the yard in broad daylight, and there was never a trace found of it. Suspect it went south...far south.

If the buyer is getting a new loan, have his lender take care of the details of the payoff, etc. If the car is being sold to a cash buyer, go to a GMAC agent to do the transfer. Almost all GM dealers and many others are authorized GMAC agents. They can handle all the details. Many of them will do it for no charge. Other will charge a fee. A small price to ensure a hassle free legit deal where no one gets ripped in a fraudelant deal.

Lugnut.

Many consumer loans are this type. You cannot sell the item in question without discharging the loan.

Get the payout amount from the loan provider. This will change month by month so best to request it with several weeks to next payment.

Request a cashiers check from the purchaser.

Another option might be to transfer the loan +cash to you for the sale of the vehicle. This assumes tha car sales price is well above the remainder of the loan.