Selling car with negative equity.?

Question

I bought this truck and owe 8900 to my bank, i'm trying to get 4000 for it.

Do i need to do anything if i sell it, i know the buyer should (if paying with check) write it out to my bank. What else?

Answer 1

Buyer pays $4000 and YOU come up with $4900.

That is all there is to that part.

Answer 2

You actually can't sell the car to anyone until the loan is paid off.  A vehicle cannot be transferred to a new owner without a free and clear title.  Whoever you sell the car to will be unable to title it in their name until they get a lien release from the bank.  You can't just transfer payments into their name.  I would reconsider this.  You don't techinically own the truck - the bank does.  Banks have lots of money and big time lawyers who will stop at nothing to collect either the money or the truck, or in some cases both.  Plus if the vehicle is in your name because they can't get a new title and they do something illegal with it, you can get in trouble with John Q Law!