Sell a financed vehicle

[michaelramsgate]

I am looking to sell my 08 VW Jetta. It is currently financed. For the record, I have never sold a car privately, so I am bit of newb. I have a remainder of 48 months left. I don't know the actual payoff amount on the Jetta,(i can find this out) but I know it is possible to sell the car, payoff the loan and then transfer it to the buyer.

My question is, are there buyers out there that are willing to do this? Wait for the title? Would I have any luck selling it this way, or should I just wait to sell and pay it off myself?

[pknopp]

I am looking to sell my 08 VW Jetta. It is currently financed. For the record, I have never sold a car privately, so I am bit of newb. I have a remainder of 48 months left. I don't know the actual payoff amount on the Jetta,(i can find this out) but I know it is possible to sell the car, payoff the loan and then transfer it to the buyer.

My question is, are there buyers out there that are willing to do this? Wait for the title? Would I have any luck selling it this way, or should I just wait to sell and pay it off myself?

It's done everyday. It's not as easy as it once was. Used to be you could walk in the bank, the seller would sign something, the banker would send upstairs for the title and they would release the lien when you handed over the money.

Would I give you $12,000 with the promise that you will pay off the loan and get me a title? No way.

Call the lien holder and ask them their policy. It's far easier to trade if you are looking to upgrade.

[michaelramsgate]

Would I give you $12,000 with the promise that you will pay off the loan and get me a title? No way.

that's what I thought...Do people who do this use an Escrow company to appease the buyer?

[SVTDanny]

If the buyer is paying cash, they would just pay the lien holder directly.

If the buyer is financing, then the buyer's bank would pay the lien holder directly.

You can obtain all of the info that a buyer would need from your bank.

[GreenWagen]

I've done it a few times. The easiest way is for you to go through your bank and for your bank to deal with their bank when buying. Also make sure you get a legitimate bill of sale, so in case it came down to a court battle, both sides wold have it in writing.