Selling car question (Existing Loan)

EmersonHart13

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Jul 18, 2007
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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
 

Smokinhot

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Jul 4, 2007
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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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