Bri: What to do if selling your car to a private buyer?
I’m selling a car to a private buyer and just looking for what has to be done. We’re selling it for $ 16k and we still owe $ 19k. Is there any type of contract that has to be signed? Also, we financed our car through the bank. The person buying it will also be financing it. How do the payments work out? Will their bank make a payment to us or our bank? Any advice, suggestions, etc will be appreciated! Thanks!
Answers and Views:
Answer by UCANTCME
It would be best to contact the lender and check with them so that you don’t make any mistakes.
Their bank will cut them a check, which they can sign over to you, or write you their own check after they desposit it. Then, they pay you the $ 16k. Then, you pay your lender the $ 16k. You will still owe your lender $ 3k. Why you would do this, I don’t know. But that’s how it works. ALSO, you won’t get the title for this vehicle until your loan is paid off. So, I really don’t think this deal will work. Contact your lender.
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