Another Vehicle Sale Question

in-too-deep · Dec 19, 2012

About to sell my '05 F150. I still owe just about exactly what I'm selling it for. What is the best way to about paying off bank with money from the buyer? I dont want to leave the buyer high and dry with a title with a lien, but I want to get out from under the pickup as easily as I can. Just take money to my bank and have them sign off on the title while the buyer waits?

Mike (WA) · Dec 19, 2012

Call the bank, they'll tell you what to do. You want them in the loop before you make the sale- so you can get a payoff figure, etc.- there will be a bit of an icy wind blowing if you waltz in at quarter to five to start the process, with the buyer in tow.

in-too-deep · Dec 19, 2012

Good advice. Thanks, Mike.

jackinok · Dec 19, 2012

cant legally sell one here with a lien. if all you are wanting to do is get out from under it,simply have the buyer pay off the lien and get a lien release,or assume the note at the bank. here you have to have that lien release to change the name on title.

JohnDeereJimOhio · Dec 19, 2012

Take buyer to your bank they will sign a piece of paper saying its paid off and you are transferring it into his name. You are off to the dealership to buy a new truck and he is off to the courthouse and BMV

oldtanker · Dec 19, 2012

I've done that before in the Land of 10 Billion Skeeters. Call the bank and let em know you are selling it. When you reach a deal with the buyer go to the bank with the buyer and have the buyer pay you there. They credit the loan as being paid off and give you a lien release plus any extra you may be getting from the sale. The buyer gets the title and lien release. Both sides should be happy and if the buyer is paying by check the bank will make sure that the check is good before they go any further. Make sure the title is completely filled out at the bank!

Buyer is protected, you are protected and the bank is protected.

Rick

Goose · Dec 19, 2012

Give the buyer a bill of sale and tell him you'll mail him the title when his check clears.

Then go to the bank, negotiate his check, pay off the pickup, and mail him the title when the check has cleared.

Ole Dawg · Dec 19, 2012

When i bought a tractor that still had money owing on it I payed the money straight to the bank, they took what was owed to them and they gave the rest to the seller. That way I knew the bank was paid.

old popper · Dec 19, 2012

I bought an "03 Ranger two weeks ago, Brought cash, myself and seller went to his bank. Payed off his loan and I walked away with the title. Keep it as simple as you can, cause the DMV will complicate it for you. LOL

Another Vehicle Sale Question

in-too-deep

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Mike (WA)

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in-too-deep

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jackinok

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JohnDeereJimOhio

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oldtanker

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Goose

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Ole Dawg

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old popper

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