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Has anyone tried to sell their car with payments still due?

1K views 7 replies 5 participants last post by  darkmanlfe 
#1 ·
I need to sell my e46 to move, but I still owe about $10,000 or so to my credit union...what's the best, fastest way to sell the car, and can i still sell it while the credit union is still officially the owner until i pay it off? i know i should probably ask my credit union but I am in another state as of now
 
#2 ·
No problem. I don't know what your car is worth, but I'm guessing it should be over the 10K that you owe the CU. So...find a buyer and have them make out two cheques--one to the CU for the payoff amount, and the balance of the actual selling price to you. If the CU is local to both you and the buyer, you can probably go down there together, get the payoff done, and have the title transferred all in one go. This is the short version of this answer, and you should definitely talk to your CU about the specific forms and logistics of getting the payoff to them.
 
#3 ·
audioaffliction said:
No problem. I don't know what your car is worth, but I'm guessing it should be over the 10K that you owe the CU. So...find a buyer and have them make out two cheques--one to the CU for the payoff amount, and the balance of the actual selling price to you. If the CU is local to both you and the buyer, you can probably go down there together, get the payoff done, and have the title transferred all in one go. This is the short version of this answer, and you should definitely talk to your CU about the specific forms and logistics of getting the payoff to them.


thanks a million bro! go red sox-a-rod sux!
 
#4 ·
you don't even need two different checks. just sell the car and then use the money to pay off the car and then forward the title to the new owner.

you keep the difference.
 
#5 ·
i bought my car from a guy who had a loan on it. all i did was bring a certified cashier's check to the bank where he had the loan. the check was made payable to the bank for the amount that he had to pay off (that's all i paid for the car since the guy was going bankrupt). i got my title then. easy and simple. i would imagine if you wanted to sell it for more than what you owe, just have them write the check to the bank and the bank will refund you the difference... or two seperate checks... or one check to you, and then you deposit and issue a check to the bank... just ask your bank! good luck!
 
#6 ·
worldwideluxe27 said:
thanks a million bro! go red sox-a-rod sux!
Nah, he doesn't suck. He had a done deal with the Sox, and was even willing to give up cash to come to Fenway. It was the Players' Union that scuppered the deal. Can't really blame the guy for wanting to leave the Rangers. I think that it's ridiculous, even with his slow start, that fans at Yankee stadium were booing him. :thumbdwn:

Still, it's sweet that the Yanks are sucking right now with the biggest payroll in the history of baseball. :thumbup:
 
#7 ·
notE46 said:
you don't even need two different checks. just sell the car and then use the money to pay off the car and then forward the title to the new owner.

you keep the difference.
Yes, this is the simplest way to do it, of course. I just suggested to 2 cheque route because there are buyers who may be nervous about not getting the title if you don't send the payoff--they would then be stuck with a car without a title and be in limbo. Not suggesting that you would do such a thing, but horror stories abound when you're researching the PURCHASE of a used car from private parties. Good luck with the sale! :thumbup:
 
#8 ·
audioaffliction said:
Nah, he doesn't suck. He had a done deal with the Sox, and was even willing to give up cash to come to Fenway. It was the Players' Union that scuppered the deal. Can't really blame the guy for wanting to leave the Rangers. I think that it's ridiculous, even with his slow start, that fans at Yankee stadium were booing him. :thumbdwn:

Still, it's sweet that the Yanks are sucking right now with the biggest payroll in the history of baseball. :thumbup:
stick to the subject. it sucks that boston has second highest salary and still... you fill the blanks... if any consolation, this is their year... just dont blow it!
 
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