Advice on selling

Joined
Feb 5, 2008
Messages
730
Location
texas
we already have 4 vehicles, so we can't do anything, but i'm wondering if anyone has experienced this. father in-law passed away and my mother in law needs sell his truck. it is too big for her and she already has a 2020 f150. problem is it isn't paid off. i've never bought or sold a vehicle without having the title in hand, so we are unsure how that would be done. she's not worried about making money--just payoff. she just wants it gone. has anyone done this? we are in texas.
 
The money goes to the bank first and any left-over goes to you. Not sure with the current high used car prices but in old days you had to write a check as well.
 
Just sold my 2021 F-150 Raptor to Givemethevin.com. No loan on mine but I’m pretty sure they will buy one with a lien. Search for my post to see what the big 4 quoted. Good luck.
 
How is the vehicle titled, in her name? If it's in both names, needs to have both listed with *OR* in between them. Depends on the state (not familiar with Texas), often there's some legal mumbo jumbo / estate stuff that needs to happen before the title can be transferred if it's in both names with AND between them. Maybe you have that figured out already but figured I'd mention it.

Regarding the loan, private party sales happen all the time when there's a loan on the vehicle. Typically the process works as follows:

buyer & seller reach an agreement in writing
buyer writes check / hands cash, or other verifiable payment for vehicle
seller sends money to bank and demands a lien release and title (if a non-title holding state)
once the lien release is in hand, buyer and/or seller can take the title to be transferred.

There's a significant delay in all the above which is why so many people do dealer transactions when financing is involved. When to hand the vehicle over is a sticky subject, if you trust the person and you have guaranteed money in hand, sometimes sellers will let buyer take possession of said vehicle (with verification of insurance) before title work is complete. To err on the side of caution, wait till you have the lien release and can finalize everything before handing the vehicle over. How you approach it (when it comes to liability) depends on what state you live in.
 
The first thing you need to do is find out if she can legally sell it . You need the advice of an actual Attorney .
 
Generally you call up the bank and have them get the title ready, then you and the buyer meet at the bank. I like the Carmax or other dealer idea. If it's so new it needs a loan, any potential buyer is also likely to need a loan, and the bank offering the new loan will give more favorable terms if the deal is through a licensed dealer. Waiting around with an old lady for random craigslist strangers to show up with $30k cash sounds like a mega-headache.
 
In my state, their bank would pay my bank and my bank would electronically send a "letter of lien release" stating that the vehicle was free and clear.

Then the NCDMV would send a new title to their bank after the registration transfer.

If they pay cash, they don't get a title until NCDMV prints them a new one with their name sends it in the mail.

Every state is different. An attorney would be better than bitog
 
The first thing you need to do is find out if she can legally sell it . You need the advice of an actual Attorney .
all assets and debts are hers now so there's no reason she couldn't. i was asking how due to the bank lien
 
all assets and debts are hers now so there's no reason she couldn't. i was asking how due to the bank lien
You can pay it off first if you have the funds. Most likely best to sell it to CarMax..Carvana etc. They Pay you the balance and pay off the loan for you and it's super easy. No drama. Same with a dealership.
Shop it around.
 
Take it to Carmax, they'll take care of paying it off and likely give you a fair price with no drama.
This.

I sold my Genesis to a Cadillac dealership and it had a lien, was as easy as can be. Then I sold my Tesla to CarMax, again, couldn't have been easier.
 
we already have 4 vehicles, so we can't do anything, but i'm wondering if anyone has experienced this. father in-law passed away and my mother in law needs sell his truck. it is too big for her and she already has a 2020 f150. problem is it isn't paid off. i've never bought or sold a vehicle without having the title in hand, so we are unsure how that would be done. she's not worried about making money--just payoff. she just wants it gone. has anyone done this? we are in texas.
If it’s over 10000 don’t you also have a tax form for the income?
 
Get on kbb.com and get a ballpark of what it's worth versus what ya owe on it. Then try online services first for offers
so ya know the highest online offer before going in person anywhere if needed but so many online services these days no sense driving all over. Carvana, Givemethevin, Vroom, Carmax etc...

They'll pay it off and give ya the rest assuming their offer is more than ya owe on it. All the need to know is who the loan is with and they'll call for a payoff quote.

I traded my Mercedes in last year. Dealer called the automated line to get payoff quote and paid it then kicked the extra 6-7k extra toward my new purchase. Week or so later I got a call from Mercedes to confirm to release the title to them and I said a-ok just traded it in. They literally sold it the next day after I traded it in as I kept it super clean/maintained.
 
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all assets and debts are hers now so there's no reason she couldn't. i was asking how due to the bank lien
Is your father's estate settled and how is the car titled? As said earlier, if in his name, she'll need to go to the DMV with a ton of documentation, varies by state. If the estate is not settled, she'll need a Letter of Testamentary and the executor of the estate will need to be present at the DMV. Good luck!
 
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