hey guys a got a G35 coupe but i wanna sell it and i dont got the title for it cuz i have a loan on my car what do i do in this case??

 

Trade it in for the G37!

 

Get question...I kinda want to know the process too if the bank still holds the note and you want to sell it to a private party...

 

I would call your bank that has the loan on your car first and see what theyll can tell you to do. Or you can basically have whoever is buying your car to payoff the loan as a buy.

 

I know that...But who is going to payoff the note if they don't have the title yet...Let's say they are going to get a loan on their own...For the payoff amount...They are not just going to payoff your car loan without and collateral...If i was the buyer...I'm not just going to payoff the other guys car and wait for the title and have him sign it over to me...I think there's a way to do it...Just curious...

 

Hai, thats where the both of you have to go to the bank and transfer the loan paper work of your names over. Its a little bit more complicated than rather having the title in your name, the bank will take care of it.

 

if you sell teh car you get papers notarized-- for example you sell your Infiniti for $30,000 and you owe $35,000.... have the buyer give you a certified check for $30,000 then you give the $5,000 to total 35000 and mail it to teh bank. .... then you get the title cleared and give it to the buyer

 

I bought my car this way. Previous owner still owed money on original loan. I just went to my bank and had them deal with everything, including title transfer.

 

Thanks...Guys...Always wanted to know how it was done...

 

soo i find a buyer and go to the bank where i got the loan from??

 

Yes...

 

anyone know where wachovia bank located in nyc??

 

ok... i used to do alot of auto loans paying off other lenders and such and i did the DMV paperwork for it too. Some banks require an "authorization to payoff lender" which pretty much says you are authorizing whoever is buying the vehicle to pay off your current loan whether it is a person paying with funds or them financing it. Then what your finance co. will do is release the title to the person/new lender which will take a few weeks because DMV's are soooo slow.. In CA, there is a DMV form you will fill out. IIRC theres a few differnt boxes to choose from in which you would select the one that applies.. i think the options might be 1. application for title 2. paperless title and a couple more.. its been some time so i cant remember it all. this is the basics of it so if you need more info.. just send me a PM.

Also when filling out the DMV's Bill of Sale form.. you will sign the car over and so you dont really need a title.. Lots of Lenders do paperless titles in CA and when the loan is paid in full, the lender will sign a release of interest form which will need to be NOtarized.. the Bill of Sale needs to be notarized as well.. If they are paying cash/certified funds, you can go to your bank and pay it as other said. If the buyer is financing it, then just go to his lender and they should do all the work if they have good service.

 

^^^Thanks man...

 

and here is what I PM'ed to Graphic35

well 1st you need a buyer and see what his/her situation is meaning whether 1.they are paying it with their funds or 2.they are getting a loan.

Situation 1: call your bank and see if they have DMV docs. If not, you can get the docs (bill of sale and apllication for title) at the local DMV. After the buyer pays off your loan (this depends if you owe more than you are selling it for or not. the difference will be yours if you owe less) your lender will then sign a "release of interest" form stating they are no longer the lienholder in whcih the lenders authorized signer's signature will be notarized. They may help you fill out the DMV docs or not but thats pretty much filling in info on the DMV documents. The buyer will also have to pay sales tax(buyer's residing city's sales tax rate) on the agreed amount. Then he can go to the DMV or even AAA if he/you are members and they will handle the DMV docs( I LOVE AAA) haha and the Title and registration will be transferred over to him and mailed to his home(they dont print out Titles at the DMV.

Situation 2: Go to the buyer's lender and they should fill out the documents. Your lender may require you to sign an "authorization to payoff" documents/form(this all depends on your lender). The title will then be transferred to the purchaser's lender. The DMV should then mail out the new registration to the buyer showing him as the registered owner and his bank/lender as the lien holder. the bill of sale can be used as temporary registration or he can go to AAA and they will print out the registration immediately(again I love AAA) or if you're in OC, CA, you can go to one of those asian places down bolsa that handle DMV docs... they dont ask for much haha


de nada... thats what we're here for besides all the b1tching, moaning and whining on here haha


edit: they should sticky this for others =P