Selling a financed car

[50hhh]

So contemplating selling my car for a gt350 and I don't want to trade it in I want to sell it privately for more money. The thing is I've never financed a vehicle through ford always a local bank, and capital one holds the loan on it. How can I sell this car and get the the lean off the title and money to the bank with no physical bank here? I have the title in hand.

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[IPOGT]

Find out your payoff from Capital one. Find a buyer for your car. Have the buyer pay you for the car with either cash or go with them to your bank to clear your funds from them to you. Wire your funds to capital one for payoff. Capital one will fax lien release. Your buyer takes a sales receipt from you, the title and the lien release and registers the car. If they are financing, their bank will give them instructions on how they want to be listed as lien holder on his registration.

 

[cosmo]

IPOGT is right. I've sold a few with liens on them, I just take the person to my bank and setup an appointment. Everything happens right there, and the bank deposits the rest of the money (over the payoff amount) into my bank account. They then get a release of lien form and can take that and the title to the secretary of state's office and get a clean title.

 

[timd38]

Hope you not upside down on it.

 

[PJR202]

What if it's a state where the financiers hold the title?

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[50hhh]

Hope you not upside down on it.

No not at all. I got it with A plan and put 60% down payment.

 

[bmcgc]

Call Capitol One and ask them how to proceed.

Its odd that you have a lien and have the title in hand. Most lenders do not allow that.

 

[50hhh]

Call Capitol One and ask them how to proceed.

Its odd that you have a lien and have the title in hand. Most lenders do not allow that.

It depends how much of the car is financed I think. I put down a large portion of the total cost of the car.

 

[vernonator]

Call Capitol One and ask them how to proceed.

Its odd that you have a lien and have the title in hand. Most lenders do not allow that.

It depends upon the state - when I was in Illinois the bank held the title. Here in Iowa I do and its marked with a lien.

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