Can i sell my car that i have a loan with the bank? i didn't know how this worked since i don't have title

Question

i got a loan to purchase my car. i would like to sell it because of gas prices, but i don't have the title. how does that work? or does it?

Answer 1

The bank has the title. You can sell the car, but to transfer the titile you will need to payoff the bank and then they will release the title.

The buyer may not want to give you the money unless you can give him the title. In that case the buyer could go to bank with you, give bank what is owed and if there is some leftover you get that. The bank can then give you the title to xfer.

Check with bank first to see if they have title there. I know of a case where they had it at another location and it took a week to get. That may not be a problem, but everyone should be aware if there will be any delay.

You should also get a "bill of sale" and any other forms you may need and have those with you when you go to bank. In Calif the forms are available on line.

Answer 2

You will want to call your lender and ask for the payoff amount. Do not sell the car to someone without paying off your current loan because you will still be held liable for the monthly payment even if they stop paying you.

If your payoff is higher than what you can sell the car for, then you will have to come up with the difference before the lender will release the title. Good luck and I hope this helps to clarify.

Answer 3

you can sell the car  you just need to find someone who will buy it  without the pink slip,  once you use the money you get you pay off the loan the bank will then send you the title then you transfer it to the person who bought the car.  in my experience its hard to find someone who will fork over money without the proper title to the vehicle  in hand

Answer 4

You have to pay it off first and get the title, try going to a dealership and trading it in or just selling to them outright for what you owe on the loan