How to sell a car you don't own?

Arachnyd · 07-06-2011, 04:35 PM

How do you sell a car you don't own?

How does the title transfer and the such work?

Thanks!

Camarowguy · 07-06-2011, 04:42 PM

Ummmm...what?

The Stig · 07-06-2011, 04:46 PM

As in he hasn't paid off the car completely yet so the bank still holds the title. Did I get that right?

SSOOCH · 07-06-2011, 04:47 PM

no one will ever buy your car, you never change the oil in it!

8cd03gro · 07-06-2011, 04:50 PM

Talk to whomever holds the title, i.e. your bank. Usually what will happen is the buyer pays the lienholder, then the lienholder sends the remaining (extra $) to the seller. It's fairly simple, but will take a few days.

nester7929 · 07-06-2011, 06:04 PM

When you steal a car, your best bet is to take it to a chop shop.

dmginc · 07-06-2011, 06:39 PM

Quote:

Originally Posted by nester7929

When you steal a car, your best bet is to take it to a chop shop.

Arachnyd · 07-07-2011, 09:36 PM

Stieger, your right... thanks! (much more elegantly stated than mine...) haha.

SSOOCH- I change my oil when it gets to about 30% on the dash, and I still feel like thats too frequently. Selling this cars really going to challenge my ethics. I don't wish this car on anyone, so I'm NOT going to post it on C5... haha. I've had so many issues with it though and the dealers have been no help that I think I'm going to try to private party sell it and then preorder the ZL1, and if I can't sell it then I'll trade it in.

8CD- Thanks a bunch. I never knew thats how it works. I'll call up the bank and talk to them about it!

@nester- LOL

Thanks!

coolman · 07-07-2011, 09:47 PM

It's really a catch 22 to sell a car private party that you owe money on. You need the title to sell it ,but you can't get the title until it's paid for. I've done this two different ways. First one requires some trust between the seller and the buyer. I've had the buyer pay me so that I could pay it off and let them take the car with a promise from them not to drive it until you get the title back and get it transferred. If they drive it during this time it's on your insurance.(Not good) I've only done this while selling cars to friends or family. The second way I've done it was to take out another short term loan that isn't tied to the car your trying to sell. (like a line of credit or personal service type loan) Pay the car off with that, get the title and then sell the car. Other than that I don't know how you would do it. I think that's why most people trade in at a dealer when they still owe money.

DarkneSS · 07-07-2011, 10:10 PM

What Im going to do, is sign a written agreement with any potential buyer that after their payment to me has cleared I will use that money to pay off the loan on the car and then sign the title over to them. That way they will feel comfortable knowing that they have the transaction in writing and Im legally obligated to sign the car over to them.

07-06-2011, 04:35 PM	#1
Arachnyd Master of all trades Drives: 2many2count Join Date: Dec 2009 Location: West Chester, OH (near cincy) Posts: 732	How to sell a car you don't own? How do you sell a car you don't own? How does the title transfer and the such work? Thanks! __________________ 2010 Camaro SS modified extensively. I stretched the body to make it a 4 door, but I swapped in the 3.6L DI V6 for fuel economy. Then I picked up a corvette body around the V8. I also swapped the body for a C2 Z28. (In short I traded it for three cars, a Corvette Z06r, a C2 Camaro Z28, and a Cadillac CTS Summer Performance package 3.6L DI with Aisin 6spd.)

07-06-2011, 04:42 PM	#2
Camarowguy Drives: 2011 imperial blue SS, black 92 RS Join Date: Apr 2011 Location: Denham Springs Posts: 2,580	Ummmm...what? __________________ 2011 imperial blue SS/RS a6 12.43@112 vararam, tune, jba cats, magnaflow axle back, self ported tb, under drive pulley, NO headers, Stock tires. 1.87 60ft. Stock tires. SOLD :( 2000 1500 silverado extra cab SOLD :( 2017 Silverado 5.3 all stock 2004 5.7 GTO 78mm turbo

07-06-2011, 04:46 PM	#3
The Stig knows 2 facts about ducks Drives: ...and they're both wrong Join Date: Aug 2009 Location: The HMS Invincible Posts: 25,072 View My Garage	As in he hasn't paid off the car completely yet so the bank still holds the title. Did I get that right? __________________

07-06-2011, 04:47 PM	#4
SSOOCH Camaro SL,UTs Drives: 2010 Camaro SS/RS #16429 Join Date: Sep 2006 Location: South Jordan, UT Posts: 7,357 View My Garage	no one will ever buy your car, you never change the oil in it! __________________

07-07-2011, 09:36 PM	#8
Arachnyd Master of all trades Drives: 2many2count Join Date: Dec 2009 Location: West Chester, OH (near cincy) Posts: 732	Stieger, your right... thanks! (much more elegantly stated than mine...) haha. SSOOCH- I change my oil when it gets to about 30% on the dash, and I still feel like thats too frequently. Selling this cars really going to challenge my ethics. I don't wish this car on anyone, so I'm NOT going to post it on C5... haha. I've had so many issues with it though and the dealers have been no help that I think I'm going to try to private party sell it and then preorder the ZL1, and if I can't sell it then I'll trade it in. 8CD- Thanks a bunch. I never knew thats how it works. I'll call up the bank and talk to them about it! @nester- LOL Thanks! __________________ 2010 Camaro SS modified extensively. I stretched the body to make it a 4 door, but I swapped in the 3.6L DI V6 for fuel economy. Then I picked up a corvette body around the V8. I also swapped the body for a C2 Z28. (In short I traded it for three cars, a Corvette Z06r, a C2 Camaro Z28, and a Cadillac CTS Summer Performance package 3.6L DI with Aisin 6spd.)

07-06-2011, 04:50 PM	#5
8cd03gro Drives: 2005 STi corn fed Join Date: Jul 2008 Location: Colorado Posts: 2,997	Talk to whomever holds the title, i.e. your bank. Usually what will happen is the buyer pays the lienholder, then the lienholder sends the remaining (extra $) to the seller. It's fairly simple, but will take a few days.

07-06-2011, 06:04 PM	#6
nester7929 Rice Harvester Drives: 2014 Bright Yellow 2SS/RS Join Date: May 2008 Location: Plainview, TX Posts: 1,449	When you steal a car, your best bet is to take it to a chop shop.

07-07-2011, 09:47 PM	#9
coolman Guest Join Date: Jun 2009 Location: PA Posts: 4,812	It's really a catch 22 to sell a car private party that you owe money on. You need the title to sell it ,but you can't get the title until it's paid for. I've done this two different ways. First one requires some trust between the seller and the buyer. I've had the buyer pay me so that I could pay it off and let them take the car with a promise from them not to drive it until you get the title back and get it transferred. If they drive it during this time it's on your insurance.(Not good) I've only done this while selling cars to friends or family. The second way I've done it was to take out another short term loan that isn't tied to the car your trying to sell. (like a line of credit or personal service type loan) Pay the car off with that, get the title and then sell the car. Other than that I don't know how you would do it. I think that's why most people trade in at a dealer when they still owe money.

07-07-2011, 10:10 PM	#10
DarkneSS Account Suspended Drives: 2010 Camaro 2SS/RS 6MT Join Date: Apr 2010 Location: Westchester, New York Posts: 3,715	What Im going to do, is sign a written agreement with any potential buyer that after their payment to me has cleared I will use that money to pay off the loan on the car and then sign the title over to them. That way they will feel comfortable knowing that they have the transaction in writing and Im legally obligated to sign the car over to them.

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