How To Sell A Car With A Loan Reddit

Typically the title arrived 2 weeks later. A car lien gives the lien holder typically your auto loan lender legal claim over your car until your loan has been paid off.

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That means the lender technically has a claim of ownership the title isn t entirely yours to transfer.

How to sell a car with a loan reddit. I ve read that going to the bank with the buyer is the normal way but my loan is with wells fargo dealer services and they don t have any physical banks. If the car is worth more than you still owe the lender then you could sell it and use the money to immediately pay off the loan completely to clear the title. Also if i think i will sell a car private party down the road i now look at how the loan provider handles titles before agreeing to finance with a specific company for this reason.

If you try to sell before you have paid off your initial car loan there is technically a lien on the car from the lender. This official document states the payoff amount a date by which the amount is still accurate and instructions for completing the payment including acceptable forms of payment or where to wire the money. But i m guessing that s not the case and that you re actually underwater you owe more than the car is worth.

This means that you typically won t be able to sell your car and transfer ownership until the lien has been satisfied. If the seller doesn t use that money to pay off the loan then the loan holder will still have a lien on the car so they can repossess it from the new owner if the old owner stops making payments. Selling car privately with loan on it i want to sell my lexus on craigslist that i still have a loan on i m in the seattle wa area.

Also you can sell private party and should since you ll likely get more money. Selling a car can be tricky business. I usually pay off the loan before offering my car for sale or trade in which is easy.

To make it official get a payoff letter from your lender. It s a good idea to start out by checking with your lender for guidance and to find out exactly how much you owe. If anybody is stupid enough to sell their car or buy a car without the proper paperwork they deserve anything that happens to them.

You can search how to sell a car if i owe money on it or how to sell a car if bank holds title to see the details. Let s take a deeper look at how to sell a car with a lien privately or trade in your vehicle at the dealership. You can sell it to a private party it s just that they will technically pay the holder of the loan instead of you.

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