my 04 tl is financed and i am trying to sell it. since i dont have the title, how does it work?

the buyer obviously isnt going to pay the money, then wait a week before he gets the title. i dont have the money in the bank to pay the car off myself.

any experienced people that has gone thru this, shed some advice on the noob.

the car is financed thru AHFC

thanks
Cliff

 

easy, find out your payoff from finance company, get a payoff letter with a good until date and all the info you will need to pay the car off. put car up for sale first of course and when you line up a buyer and agree to terms on sale price, mkae sure you have difference to payoff the car and have him or his finance company send a certified check or bank wire to your finance company then wire or overnight a certified check of your own to the finance company. once they have secured the payoff amount they can then term your loan and overnight the title to whomever you specify them to. it isn't that hard I handle this shit every day. I am the account receivable manager for a major commercial leasing company so I know how the process works. BTW why are you selling if you are upside down?

 

thanks, i have to interpret it a little more, lol, its kinda confusing to me haha..ill PM you if i have questions

what do you mean by upside down?
the reason im selling is because i want to get myself into an S2000, and theres no way i can afford both cars.

 

i dont get this part...lol sorry

i dont have the money to pay off the car, still owe 22k on it

you said make sure i have the difference to payoff the car...what happends if i sell the car for more than 22k?

btw heres the link to autotraders incase anyone was interested http://autotrader.com/fyc/vdp.jsp?ca...2004&cardist=0

 

if you get more than 22k, the rest is yours

 

sorry....you basically have to take the money from the new buyer to pay off the car

it should take a week thgh....i bought my TL from a financed buyer and i had the title one day after giving him the money

 

not all buyers are as trusting as you though.

buyers usually isnt going to give you that much money and get the title later on, they expect the title when the money is exchanged

 

There is a such thing as a lien release form or a security interest release. Read up on that, it will all become more clear.

 

you really have nothing to worry about, no extra forms should be needed, have the buyer or his finance company send certified funds to the lien holder or your car and they will overnight the title to him the next day. it doesn't take a week, it is a very quick and easy transaction. woever buys the car should realize that when he pays the title won';t be in his hands the same day.

 

You have no choice but to wait for the title. If you have a lein, it takes a little while. It took me 3 weeks to get the title to the buyer of my CL. They pay you with cashiers check, you both sign a bill of sale and have it notarized, you pay off the car, and the bank mails the title to the new owner.

 

The vehicle's owner has a lien on the title. The only way to remove that lien is to satisfy the terms of the contract (which is pay off the loan).

The lienholder, the bank, will accept payments from anyone. But they will not send your title to just anyone who sends them a payment. Otherwise, let me know when your balance is down to $25 and I'll send it in and get your title out from under you.

The vehicle's owner must give the bank permission to turn over the title to someone else (either the new owner or the new lienholder, which is the new owner's bank).

The bank isn't just going to send money to another bank and hope they get a title in return. And they aren't going to give a new buyer a certified check and hope they get a title in return. The certified check that they provide will be accompanied by a form that specificially states that these funds are designated as a security interest in a specific vehicle.

Either you take the money and send us a title, or tear up the check. Usually a bank will make out the certified check to both the new owner and the lienholder and they can take care of it how they want...as long as they get a title.

If this is between bank to bank, the players don't have to worry about mailing titles, etc. If the new owner paid for the car on his own, the lienholder will mail him the title. If there is a new lienholder, they will be mailed the title.

If you are buying a car and paying for it with your own money (not a loan), I wouldn't give anyone my money unless I got a title in exchange.

Use a bill of sale, a lien release form, and a payment receipt and you're good to go.

That's how it work in most places. But it is something different because in some states, the owner holds the title with a lien on it and the lienholder only has a security interest. This will take care of the issue above which is part of the reason why the process has changed in some places. In KS, I've always had the title in my hands, it just had a lien on it. When I paid off my car, the bank sent me a new title lien-free.