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      05-19-2008, 12:17 PM   #1
john970
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How to sell a car (help)

How do you sell a car to a private party with a loan on the car? I'm in Colorado and don't think we have an official bill of sale form. Anyone who has done this, can you give me some help?

After they write me a check for the agreed upon amount, I assume I take my plates and give them the car. I can then pay off my loan and I get the title in about a week, and somehow transfer it to them?

Not sure how all of this works...
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      05-19-2008, 07:11 PM   #2
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I think you would have to go to the bank with the buyer so he can cut you the check and then you can payoff the car so he can get the title.
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      05-21-2008, 02:48 PM   #3
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anyone?
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      05-21-2008, 05:20 PM   #4
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What Jeff said. In the past I have usually met the buyer/seller at the bank and the loan officer there managed the process for us.
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      05-22-2008, 03:27 PM   #5
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You need the title before you can sell the car. So if the title is with your bank you need to go there. In Kansas all out titles are electronic, so whoever has the lean on the car their name is on the title but they don't have title in hand, it has to be ordered or picked up from Topeka. Only if you own the car outright do you get the title. I don't know how Colorado is, but I know that wouldn't work here.
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      05-22-2008, 05:08 PM   #6
john970
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Well I can't payoff the car until someone buys it from me, a bit of a catch-22
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      05-22-2008, 09:42 PM   #7
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Quote:
Originally Posted by john970 View Post
Well I can't payoff the car until someone buys it from me, a bit of a catch-22
Thats why the buyer goes to your bank or credit union with you.
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      05-22-2008, 09:48 PM   #8
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sounds like a consensus, I'll call my bank thanks.
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      05-23-2008, 04:00 PM   #9
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I've never sold cars with loans on them. I buy all my cars with cash. But I've bought plenty of cars from private parties that have had loans on them.

In one case, the local bank has actually had the title on site and we did the exchange at the bank. I got the title right there and then, because I had cold hard cash. Crisp currency. And they were able to close the loan out right there and then because the seller had called them ahead of time and gotten the title transferred over from their central branch to his local branch.

Another case, I had a cashier's check, and the bank couldn't close the loan right on the spot, so I got the title directly from the bank in the mail later.

Another time, we wrote up a sales agreement and I handed the guy a check and took the vehicle. Once my check cleared his account, he went to the Credit Union and paid off his loan. Then the Credit Union mailed the title from their main branch in Ohio to the seller. I met up with the seller, and he handed over the envelope with the title in it. But I knew this guy, and trusted him to come up with the title.

By my state law, you have 60 days after you buy a car before you have to present the title to the DMV. You can go in and get temp tags and drive it on temp tags for up to 60 days before you get the title. That's how I handled that deal.


Hope that helps.

Last edited by Nixon; 08-10-2009 at 03:47 PM.
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      05-24-2008, 11:23 AM   #10
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Thanks Nixon, thats what I was looking for. Is there any other paperwork required other than the sales agreement?
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