How to sell my financed car to a private party ?
I'm kinda new living in the US, i got a 2007 car purchased financed through my credit union.
Now i need to sell the car but i need to know what's the procedure for selling the car and transferring ownership to the new owner ? and would a cashier's check be the best way to get guaranteed payment from the buyer ? of course i understand that i need to payoff my loan to my credit union first
Comments
yes on the cashiers check...no on the payoff. you do not have to payoff the vehicle PRIOR to selling the car. you just have to pay it off prior to transferring the title so that you can get the title and sign off on it. the new owner will take your signed title to the DMV and they will take care of the title transfer. DO NOT SIGN THE TITLE UNTIL YOU RECEIVE YOUR CHECK
Easiest way would be call the credit union and tell them what you want to do. Set up an appointment. You and the buyer meet at the credit union and let them handle everything.