How do you sell a car you still owe money on?

This might be a stupid question for soem but I have no idea how to do it.

I am going to put my 2007 Jeep JK Rubicon up for sale and I think I am going to ask somewhere in the neighborhood of $23,000 for it and only owe somewhere around $15,000 for it, but I do still carry a loan on the vehicle.

So how do I go about listing it, and then what do I do when someone wants to buy it?

So Joe Blow comes up and wants to buy it, what do I do about the loan, how do I pay that off and get the new owner the title. Wells Fargo holds the note if that makes a difference

Again, sorry if this is stupid but I have never sold a vehicle before it was paid off, I usually keep my stuff for years and years but I just cant afford this one anymore.

Thanks for any and all help.

The way I did it was a bill of sale noterized and shipped the title when I got it. The other way is to let Wells Fargo know and do the transaction at a Wells Fargo and have them have the title at the branch so when you pay it off you can hand the title over.

Just have to complete the sale at the bank. They bring a cashiers/bank check to the bank. Give the check to the bank, they get the title, you get the difference. At least that is how my credit union does it.

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Originally Posted by wrestler034

Just have to complete the sale at the bank. They bring a cashiers/bank check to the bank. Give the check to the bank, they get the title, you get the difference. At least that is how my credit union does it.

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That's how I sold mine.

So Can I Contact WF and tell them I am going to sell the rig and then ask them to send the title to a branch near me? Then just do the transaction there?

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Originally Posted by spleify

So Can I Contact WF and tell them I am going to sell the rig and then ask them to send the title to a branch near me? Then just do the transaction there?

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As long as WF works the same as my CU, yep.

Quote:

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Originally Posted by wrestler034

Just have to complete the sale at the bank. They bring a cashiers/bank check to the bank. Give the check to the bank, they get the title, you get the difference. At least that is how my credit union does it.

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Same here also except they brought cash and i had to put in a $1000 of my own cash because i needed to get out of the car and took the first real offer. I thought It was going to take a few months but gone with in a week.

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Originally Posted by wrestler034

Just have to complete the sale at the bank. They bring a cashiers/bank check to the bank. Give the check to the bank, they get the title, you get the difference..

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yep
this
you have to set it up with the bank beforehand so they have the title physically there. it's also good since the person isn't bringing money to you they are bringing it to a bank. (safer for them)

remember if you are in an emissions area, you need a new emissions certificate.

no need to preship the title, just do the transaction at the bank, just like the dealer they will provide the bill of sale and ship the new owner the title directly.

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Originally Posted by rockhound

no need to preship the title, just do the transaction at the bank, just like the dealer they will provide the bill of sale and ship the new owner the title directly.

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no offense
but as a buyer from a private party I expect free and clear title upon payment.
no games, no BS, no nigeria/bank scams.

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Originally Posted by JohnTRourke

no offense
but as a buyer from a private party I expect free and clear title upon payment.
no games, no BS, no nigeria/bank scams.

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I'm the same way. I bought a bike from a guy 2 years ago that he bought from a dealership with cash. He did not even have the bike long enough to get it registered. Still had the temp plates from the dealer when I got it. Long story short, it took 1.5 months for the paper work to go through, cost him $300 to register in his name, sign the title over. etc. I was able to register it in my name the same week I bought it but had to wait on the title in the mail. They issued me a temp register card and plate.

Glad someone asked this because I was wondering the same thing a few weeks ago.

I have sold a couple of vehicles that had balances due.
It is actually a pretty easy process.
I had the purchaser meet me at my CU, CU received payment and issued the purchaser a bill of sale.
All I had to do was sign a Power of Attorney for the CU and the CU handled the rest as far as delivery of title.