How to sell a car on finance?

Hi





My car is on Auto loan with a bank. Now I am trying to sell it privately after 7 months. When I advertise, do I have to state that the car is on Finance?

How to sell a car on finance?
you can do it either way just make sure you know what your payoff is. when you sell it you will need to go directly to the bank and get the title from them and if they are not close by, you should tell who ever is buying the vehicle it will take 2 weeks after you payoff the vehicle to get the title. best bet is to pay it off first, if that's not possible then, sell it, send the bank the money, give the car to the new owner and tell him/her as soon as you receive the title you will send it to him/her. but either way you will need to explain it at some point and you can even get the bank to send it directly to the new owner , just call them when its sold and ask how they want you to handle it. they are more than capable of giving the title directly to the new owner.


good luck!








ps you dont need to call the "ad agency" or the "lender" and ask permissionto sell your car ....its your car, you can do whatever you want with it. these poeple do not know what they are talking about.








once again i am left with the trouble of telling you the other answers are b.s. they dont know and shouldnt even give an answer with little or no merritt. its a real shame that people come here with whole hearted questions and get answers from teenagers and people that cannot guve sound advice.


listen to who ever you want but you should listen to someone that does this everyday for a living.


good luck!
Reply:You need not put it in the advertisement, but you really do need to find a way to satisfy the auto loan. This is a secured debt, and the car is collateral. Unless the debt is satisfied, you won't be able to give a clean title to the buyer. This will make most buyers run in fear (because the car will get repossesed if you default on the loan).
Reply:Nope, you might have to explain why you have to wait on the title to come after you pay it off but you do not have to disclose you have a loan on it.
Reply:Your best bet is be upfront and honest about this as if they do decide to buy, they will find out. Better sooner than later because later may cost you a sale. But if it's stated that the car is still owned by a bank, most buyers will know that they won't get the title or registration immediately as they would from a person who owns the car. You can tell them later, but you'll have to deal with the fallout and angry people have been known to do things they would not ordinarily do.





If they're really interested in buying the car and don't mind waiting, there's no harm. Be careful, do not allow anyone to test drive it without you and preferably a male companion in it.
Reply:it would be the honest thing to do.
Reply:Most states you have to disclose it , but not necessarily in a for sale ad , you could check with who you are doing the ad with and they will advise you . The buyer will try to talk you down to your payoff amount , hold your ground . good luck
Reply:Yes you do.





But before you advertise you must contact the finance company and seek their permission to sell the car.
Reply:YES, YOU WILL HAVE TO DISCLOSE THIS AS WELL AS ANY OTHER INFORMATION IN YOUR ADVERTISEMENT.





I WOULD ALSO RECOMMEND THAT YOU AS WELL CONTACT THE FINANCE COMPANY AND YOUR INSURANCE COMPANY JUST TO BE ON THE SAFE SIDE.