How do you sell your truck if you still owe the bank some money and they have the title?

Just curious how that works.

 

I'd sell it more then that you owe and go to the bank with the money and get the lean/ title release.

 

You'll need to call the bank its financed through and ask them their procedure, but essentially the buyer will have to buy the truck from the bank. You'll never see the money unless there is some extra in there.

Sounds good in theory, but you won't find anyone thats gonna give you money if you don't have the title. They could easily get screwed and unless they're really stupid that just won't work.

 

Wouldnt you get a Bankers check anyway and then it'll work... I think

 

Ahh ok I'll have to give the bank a call. I sold a bike a few years back but the dude was really trustworthy and just brought cash...like $4500...went to the bank and caught up with him the next day with the title.

 

you can't sell it without the title.
pay it off, then sell it.

 

then never finance any vehicle again. Save and pay CA$H

 

I live by that very theory whether or not I'm paying $5,000 or $25,000. You may go a while without the vehicle you want, but in the end it's a huge relief to not have that monthly payment hanging over your head. Not to mention it gives you complete control over the buying process completely turning the table on the salesman.

The only time I didn't do this I was screwed over by financing a 1998 Mazda B2500. I had the cash to pay it off right away, but I wanted to build some credit for myself and just pay it off in 4-6 months. Long story short, the Mazda was a turkey and I paid it off the following month and sold it. Hindsight's 20/20 they always say.

 

Definitely words to live by, but with the prices of vehicles today that can be difficult to do.

 

Dude brings you a certified check. You both go to your bank. You deposit the check and pay off the loan, buyer gets the title. Easy as that.