Selling car question (Existing Loan)

EmersonHart13

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I am selling a car via private sale where the bank holds title and I need the funds from the buyer to pay off the loan. Are there any special steps that have to be completed while I am waiting for the title from the bank? For example we will complete the bill of sale and I will pay off the loan with their funds and await the title. I don't want any liability going either way so we are both covered legally.

I see something on the internet about a Temporary Operating Permit but I cannot find anything on the Illinois site about it.

Thanks in advance,

John
 

Biff

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Arrange to go to the bank or credit union with the buyer to complete the transaction.

That's how i'd do it.. .02
 
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EmersonHart13

EmersonHart13

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Bank is out of state, sorry I forgot to mention that.

Thanks though!
 
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EmersonHart13

EmersonHart13

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It would have to be some sort of affiliate, but I doubt it. My loan was sold to a servicing company and is not serviced through the bank.
 

Smokinhot

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When Panda bought my car I had to payoff State Farm. We paid it off but I had to send a letter to there building in Madison,WI where they keep the titles for loans stating I sold it to him and that the title be sent to him instead of me. Unfortunately we were told the wrong place so instead of overnighting the letter to them and them overnighting the letter to Mike it took a bit... pissed me off bigtime. If I were you I'd call the bank and have them tell you the steps but im sure its going to be somewhere along the same lines
 
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EmersonHart13

EmersonHart13

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Going to this morning, I will report back.
 

bluzohh6

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The only thing you really have to do is get a payoff amount and the date because the amount owed on your statement isn't correct because of the compounding interest. Just like whenever you go to a dealership to trade in a vehicle they always to a 10 day payoff
 
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EmersonHart13

EmersonHart13

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I found out that yes, I pay the loan off and the title is forwarded to the buyer. The Bill of Sale is proof enough, I bought the official IL documents online.

Thanks,

John
 

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