Hi all,

I'm wondering 1)how and 2)what is the best way, to sell a car that you are still making payment on.

My friend has a '06 Infiniti G35 sedan with less than 20,000 miles on the car. She is moving out of the country.

I don't know how the paperwork or the process is going to work, since the bank has the title.

Thanks,
Nelson

 

It's a real pain in the ***:

1) She can try to sell it back to the dealership if she's not upside down on the loan. If she is she'll have to pay out of pocket for the remaining balance to pay off the lein.

2) Take out a signature loan to pay off the car loan. This will take the lean off the car and you'll get the car title back from the bank

3) Find a very trusting buyer to have their bank transfer money to her bank and sit and wait for her bank to release the car title

Those are the options that I know of. There may be other ways too.

 

i did it twice as a seller and once as a buyer...

assuming the purchase price is same or bigger than her loan. Just walk into her bank with the buyer and the bank can take care of everything. if the purchase price is lower than the loan and she still wants to go through with the deal. She'll have to buy down the loan first. Buyer will not want to pay the loan in full and have her pay the difference to the buyer because the buyer would have to pay tax on the purchase price. It's a paperless title transfer, so it's not that bad. Good luck...

 

Its actually pretty simple (assuming you are not upside down on the loan).

The buyer needs to pay the Bank/CU that holds the title with a cashiers check, then, once the bank has the check, they will cut the seller a check for difference. For example:

John Doe is selling car for $20K.
Bank of bob holds loan.
There is $17K left on loan.
Hank buys car for $20K.
Hank gives Bank of Bob $20K cashiers check.
Bank of Bob gives John Doe $3K check.

All in all, you need a buyer that will work with the credit union, I've been the buyer and seller in these types of situations.


If you are upside down on the loan..... .....default maybe

 

This doesn't directly relate to BAIC and should be moved.

 

What happens if you decide to default and move out of country? Does your credit history follow you?