My question is actually about selling my car, not buying... :)
I am moving from Pittsburgh, PA to San Francisco, and I want to sell my car. Unfortunately, it is not yet paid off (I owe about $3,000 on it). It's Blue Book Value is around $4,000, so I think I could make enough to pay it off once I sell it, but I have heard that you cannot transfer a title until a car is fully paid off. In other words, there is no way for me to sell the car on Craigslist on Ebay and use that money to pay it off. I am in a bit of a bind, because I don not want to spend my moving money on paying off the car, only to have it not sell and be left without funds to move. Do you have any advice?
Your bank holds the title to your vehicle and will not release it until the loan is paid in full. You need to call your bank to find out what they require and how much time it takes to release the title. Also check with your States Bureau of Motor Vehicles to find out what they require to get a temporary license plate.
If, based on this information, the buyer is willing to wait for the title and just receive a notarized Bill of Sale that, in most states, they can use to get a temporary license plate then you should be able to sell the vehicle.
Each state is different, as is each bank.
Don*t do anything until you have all this information in hand.
〉 Answered on Jul 23rd, 2010 by Jessie L Thatcher, F&I and Sales Specialist at Reynolds and Reynolds Company (Retired)