Car for sale by owner question?

If you sell your car privately, but still owe money on it, how does the transaction happen? Don't you have to pay the remaining balance off asap, so the new owner has title?Car for sale by owner question?
You need to get the company holding the loan to release the lien. They will usually only do that when the loan is paid in full. The buyer will not be able to title the car with a lien still attached.Car for sale by owner question?
wrong,wrong wrong and all wrong.... yes you can sell it. 1st.call the bank where loan is held.ask for a 10 day payoff (that is the exact dollar what is due) then get a bill of sale/and a release of liability and fill it out and send to dmv.person gets the car/truck they get bill of sale,you turn in release of liability.bank gets remaining balance.. bank sends you ';pink slip'; you sign off on it.send it certified mail to the new owner.and your done..
Buyer and seller both meet at the bank. You go in buyer pays off the loan, gives seller the balance, bank and seller sign off title and give it to the new owner.
Until you have the title in your hands, it's not your car to sell in the first place.





Therefore, the car must be paid off, and title in hand, before the vehicle can be transferred to the new owner.





Let's consider worse case scenario if you don't. You take their money, give them the car, and something happens with the financing company or something, and you owe more than you thought. Then what? The buyer can't get his money back, because you likely already did something with it.





And yet, from their perspective, the vehicle is already theirs.





Legally, however, it's not yours to sell, and thus, not theirs.





Sound like a mess? It is.
short answer , yes


and you must let the buyer know you don't own it free and clear before the sale