Who's sold a car they were upside down on?

[gasnmyveins]

I'm going to sell my Durango, but I'm still paying the credit union for it. Obviously, the credit union isn't going to cough up the title until they are paid off, and even then it will take a few weeks for it to arrive. How do I clear it with my buyer in such a way that he can be confident that I'm not going to rip him off? I mean, I wouldn't want to give anybody money for a vehicle without being able to get the title right away.

[Eat-Pez]

Fill out a bill of sale with the buyer.

[gasnmyveins]

OK. Thanks. Do I just write one up, or do I get one from a notary, or ...............

[ls1240z]

I have done this before with my credit union 3 different times in the past years.You need to apply for a personal loan for the amount you are loosing on the deal.Get pre-qualified before you sell it.
EXAMPLE:Your selling you car for 10K but owe 12K.You get pre-qualified for a 2K personal loan before you sell the car.When you find a buyer for 10K...You go with him to the credit union and give them his 10K and sign what ever paperwork you need to and then you just pay back the difference.

[chetta]

I have done this before with my credit union 3 different times in the past years.You need to apply for a personal loan for the amount you are loosing on the deal.Get pre-qualified before you sell it.
EXAMPLE:Your selling you car for 10K but owe 12K.You get pre-qualified for a 2K personal loan before you sell the car.When you find a buyer for 10K...You go with him to the credit union and give them his 10K and sign what ever paperwork you need to and then you just pay back the difference.

While it sounds like a bigger hassle going this way, it's actually the safest all the way around. When you sell a vehicle you want it out of your name asap so that you don't get caught in anything that the new owner may do in the vehicle just because your name is still on the title.

[ls1240z]

if you speak with your financial institution and tell them exactly what you plan on doing.....They will work with you.They rather you owe them a couple grand then 10K+...
You can call over the phone to get pre-quailifid.They already have your credit info from the car loan so it's easier then just starting over and they know your payment habits.....good or bad :rolleyes:

[1bad6]

How about this. 'Don't buy a car that puts you upside down.'

Best advice I can give ya.

[gasnmyveins]

I have the extrra money to pay it off. I've just been wondering how to go about the transfer so that the buyer can be confident I'm not trying to steal his money, without having to drive out of town to go to the credit union. Down here, if you have to drive more than 10 minutes, people think they've been killed.