Selling a car with a loan help needed.

[bishir]

I have to call the bank to see what they want to do today, but I was just wondering how it typically works when you sell a car you have a loan on. The HD F-150 has a buyer and I think he's interested in picking it up this week. I was just wondering how the transaction typically works. I'm guessing he makes out the check to my bank, sends check, bank sends me title and I sign it over, or do they? Can they sign it directly to him? How long does it typically take? Thanks for your input. I've just never done this before and don't want to sound like an idiot when I call the bank on the phone. (Like to have some idea what's going on)

Thanks,

James

 

[JOHNDEEREGN]

James-

Dont know how florida laws are but in Kansas they can make the check out to the bank or the individual either way. Then we take the check to the bank and pay off the loan. Our bank just wont release any titles until the loan is paid off.

So either way it doesnt matter.

HTH

Ty

 

[SGRIM]

Depends on Bank

I am in the finance business and it all depends on the bank.
If you deal with a small local bank they may have title in house. If big bank or some big nationwide company they will have to order title from holding site. Most banks will not even order the title until certified funds have been passed. Depends on bank and who you know there. Most places I deal with will order the title and have it in house so when you go in with certified funds and they will release lein.

Depends on state if you have to sign your name in front of a notary public. If your state requires most banks have someone in the office that will do that for you or can carry to your DMV office. Unfortunatley I am very versed in the subject if you have any more ?'s please e-mail no problem at all. Good Luck.
If you have local bank just call and talk with manager!

 

[bishir]

Thanks for the info.. The bank is Fidelity and they aren't local so I'll probably have to wait. Thanks for the heads up!

James

 

[2GNS4ME]

just sold a car. What you could do is call ahead of time and tell them to send the title to your branch so when you have the check in hand and pay it off you can sign the title right over to the buyer. Hope this helps.

Joe