What is the process of selling a car privately if the bank has the title?I still owe money on my car, but I want to sell it privately. I am in a real complicated situation. The car is located in NC (in a garage), however, I am currently in school in IL. Additionally, I have a car loan through the bank who has the title. I know the basics: Post ads, find buyer, let buyer test... | |
You're going to need all kind of affidavits to do what you want.
You can appoint X as agent to sell your car via the affidavit.
The bank will send the title to the buyer with the proper affidavit after its paid off but many buyers aren't going to be comfortable with anything other than "title in exchange for cash".
Plus, the title without your signature is worthless.
Talk to your bank and a title clerk to find out exactly what you need as for affidavits.
If you saw the title that is at the bank, you would see your name on the title as owner, but you would see the banks name listed as lien holder. When the loan is satisfied, they will 'sign off' on the title, and send the title to you. Then you would give the title to the new owner after you sign off. You cannot complete the deal solely by fax.
To my knowledge you cannot sell a car without a title. You must have title to sell it. Without a title, nobody can say they actually own the car. The title bearer is the owner.
you would have to pay off the loan before they would transfer the title.
depends on your insurance if it would be covered.
