REVscene Automotive Forum - wanting to sell car but still financing..

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wanting to sell car but still financing..

anybody with experience with this? i am still financing my car and i want to sell it. does the buyer take over the remaining finance and pay me the amount i want? or does the buyer pay me the full amount that i ask for and i use part of it to pay the rest of the payoff quote? thanks!

buyer pay u amount u ask for -----> payoff quote = difference

what car are you selling?

i think you need a letter authorizing you to sell the car because technically the car is still not yours until you pay it off.

or you can get the person to take over the financeing and ask the buyer to pay you some money back for the downpayment you made..

thanks for the replies.

im selling the s2000.

hm i was thinking to meet up with the buyer at the finance company and have him get one check to payoff the quote and another check with the difference for me.

Anybody else experience with this?
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Quote:

Originally Posted by pwp type-s (Post 6938518)

cheque? Might want to do cash in hand so you don't get screwed
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Quote:

Originally Posted by pwp type-s (Post 6939763)

Anybody else experience with this?
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Actually it's simple. You sell the car, buyer pays you money, then you pay off the balance on the loan.

I don't think he can, because the title is not in his name. It will be under Honda Financing.

I think what people do is assume financing. Call Honda Financing or visit them, they are on No. 6 in richmond

Quote:

Originally Posted by Nssan (Post 6940598)

Huh?

Do we have financing and leasing confused here?

Quote:

Originally Posted by Nssan (Post 6940598)

You are wrong. If you LEASE a car, the title is not in his name. If you FINANCE a car, the title is in your name with a lien against it. You can transfer the title all you like but there is still a lien against it.

The best way to do this is that the buyer makes out two certified cheques / bank drafts, one for the exact amount of the payout, made to Honda Finance company, one for the balance, made to the buyer.

Quote:

Originally Posted by Great68 (Post 6939893)

Actually it's simple. You sell the car, buyer pays you money, then you pay off the balance on the loan.

If I was the buyer, I would never agree to this - there is no guarantee that you as the seller would actually pay the money to extinguish the lien, that is why it is much safer to directly pay the finance company.

thanks all, i know wut to do now!