Selling a car I owe money on?

[Vmack]

Anyone ever done it?
I'm moving to Calgary this summer and need the money so I am selling my car in favor of something cheaper. Only had the car for 1 year.

I owe 17,000 on it.
Selling it for 18,000.

Since it has a lien, and i guess is technically owned by TD auto finance, how would I sell the car? Deal with everything at the bank so he can pay off the balance and they give him the title? I'll call the bank on monday but just looking for some insight for now if anyone has ever done it.

[btimbit]

When I did it I just sold the car privately, and payed of the loan just like I would normally. If the buyer wants to be sure, you can go to the bank with him, but it's not neccessary

[Vmack]

alright, that was what i originally thought but my brother said it may not be that easy. I'll give the bank a call on monday and see what they say, but hopefully its that straight forward

[realazy]

The easiest would be to meet at the bank to sort things out. If I was the buyer, I would not take the seller's word that they would pay off the loan. The seller could easily not pay off the loan and the lien would still be on the car.

[colinxx235]

the guy i bought the car off was great and friendly, but even still it had close to a $50K in financing on it, I sat at the bank while he transferred the funds to get it off and the branch manager confirmed it for me.

[Tik-Tok]

Originally posted by colinxx235
the guy i bought the car off was great and friendly, but even still it had close to a $50K in financing on it, I sat at the bank while he transferred the funds to get it off and the branch manager confirmed it for me.

Similar, I sold mine with $25g owing, I invited the guy to come to the bank with me, and he waited around the bank until I got my clearance letter, and he got a copy too.

[Vmack]

Thanks guys ill see if hes serious about buying and see about dealing at the bank then

[300zxfairlday]

Same here, met at the bank gave the seller the check he paid off the loan and k got a clearance letter from the bank

[theken]

Sold my bike owing money on it, he just trusted me.

[eur0]

Yeah I did the transfer with the a purchaser at the bank and then sent him a copy of the clearance letter just to be nice.

[CapnCrunch]

Originally posted by realazy
The easiest would be to meet at the bank to sort things out. If I was the buyer, I would not take the seller's word that they would pay off the loan. The seller could easily not pay off the loan and the lien would still be on the car.

+1.

[Thaco]

when i sold my car the guy wrote the cheque to the lender for the whole value, then i gave it to them, they cashed it, and gave me a cheque for the difference.

[403Gemini]

I don't see why a buyer would have an issue going to the bank with you, certainly gives him that peace of mind that all liens are paid off for maybe having to sit around for 15-20 minutes tops.

[A790]

I've sold lots of cars I owed money on. The buyer paid me, I paid the lien and provided the buyer a letter from the lienholder releasing it from their interest.

[wintonyk]

when i sold mine. I tossed the balance of my lien on my line of credit. Gave the guy the letter then cashed his cheque and paid off line of credit.

[Vmack]

Originally posted by wintonyk
when i sold mine. I tossed the balance of my lien on my line of credit. Gave the guy the letter then cashed his cheque and paid off line of credit.
I thought about doing that, though I don't think I can push that much onto my line of credit.

Bank told me just do the transaction at the bank if he wants to, otherwise just have him pay me and take the check to the bank.

Either way, now its just a matter of actually getting a serious buyer