Selling a vehicle you don't hold the title for?

[YotaJosh]

We're thinking about selling our 4Runner, and I'm going to do it private party. Every car I've ever sold or bought private party had the title. We still owe on ours, so the bank has the title.

How do you handle this? Do you prep a bill of sale for the buyer the day you sell it, collect their money, pay off the loan with said money, and wait for the title to come, then mail it to the buyer? Or does the buyer work with my bank to get the title? :confused:

[AR81Toy]

You both (owner and buyer ) will have to go to the bank and do the paper work through the bank ect...

[79coyotefrg]

yea basically he "buys" you out of the payment plan, kinda sucks cause you dont get as much since he has to finish paying the bank OR if said person has less than worthy credit (like me and my hospital bills) then you getting the money from them and paying it off then sending them the title when you get it is the only option

[YotaJosh]

Thanks. The bank isn't "local", so working with them might be more difficult that expected. I'll call them and see what they have to say.

[gittinit]

The banks should take care of it all if the purchaser is getting a note on it. If not I don't have a clue, I guess it would be like Glen said. The only thing you should have to worry about is if you need to sighn the title, and you may not have to do that.

[Arky Tacoma]

When I sold my Dodge to my neighbor several years ago, it was very easy. He worked with his bank who worked with my bank. His bank paid my bank, and I think it was my bank who sent me a check for the left over proceeds after the loan was paid off. It was no big deal. My bank was out of state as well.