Selling cars with loans. - Best options

[SabrToothSqrl]

Due to scammers and people who are generally a pain, I don't think I can sell another car that has a loan on it. (I've sold many, just fine). But it's more hassle, and I don't blame most people for not wanting scammed, I blame the scammers.

In PA, titles are electronic and NOT printed, NOT at "a bank" or any of the dozen of things people seem to think that happens.

Anyway, I usually only ever have $500 in my account. Money is invested. I take car loans because it's much cheaper to use someone else's money, than mine.

When I go to sell, I might need quick access to $50-80k, but only for 1-2 months while it sells.

Selling investments, only to rebuy it in 1-2 months will cost me money in taxes, and hassle, and missed opportunity costs.

Margin is like 7-8%, and that's so freaking high!

HELOC options? CCs?

I don't want yet another loan on my credit report for 2 months just to sell a car.

Do Margin loans hit your credit report?

Does no one really have a service to help people get titles to sell cars? Like they charge a % or something?

do people really have 60k cash laying around?! A "bank is place where people put money that's not properly invested".

short of rich friends (who also seem to rarely have cash), what is everyone doing?

 

[ATPMSD]

If you own the car outright, how to you transfer the title since you do not have a “printed” copy of the Title to the satisfaction of the buyer? As to a loan, talk to you bank:

Generally: ”The buyer will pay the total amount to the lender and the lender will then pay the difference to you. Or, the buyer will pay your remaining loan balance to the lender and make a separate payment to you. For example, if you still owe $5,000 and your buyer is going to pay $15,000 for your car, you’ll pocket $10,000 for the sale.

“Then you and the lender sign the title and give it to the buyer. The buyer takes the signed title (and any other required paperwork) to the state’s department of motor vehicles and gets a new registration and title.”

I appreciate that the Title may not be printed but Banks do this day in and day out. Just ask them how they release their lien, so you can then transfer the Title to the buyer.

 

[glide]

For every vehicle I’ve owned that has a lien on it there are 3 options:

1.) pay off the loan before selling
2.) have the buyer meet you at your bank and pay off the loan. Have the bank deposit any proceeds into your account. Mail buyer the title when it arrives (in the case of an e-title this should be even easier).
3.) trade in to a dealer and let them handle the paperwork. You will obviously be paying out of your end for the “convenience”

Personally, I use option #2. Never had a problem with it.

 

[SabrToothSqrl]

I also used to use #2, but meeting at my bank serves no purpose. And I had several buyers walk due to not waiting to wait for the title. They claimed to be handing over "Cash" and wanting a title right away, even though I was handing them the car, and allowing them to take a pic of my license, etc. etc. still buyers walked because I didn't have it that second.

Trying to avoid this in the future, as I lost out on around 6k higher sale price.

 

[glide]

I also used to use #2, but meeting at my bank serves no purpose. And I had several buyers walk due to not waiting to wait for the title. They claimed to be handing over "Cash" and wanting a title right away, even though I was handing them the car, and allowing them to take a pic of my license, etc. etc. still buyers walked because I didn't have it that second.

Trying to avoid this in the future, as I lost out on around 6k higher sale price.

Those people can f-right off. Especially in this market.

It’s not like you get a title from Tesla the day you purchase the vehicle either.