Getting the title of a financed car?

In my new job, I will get a company car. Hence, I want to sell my currnet car which is still financed. Naturally, the title is in the posession of the bank. How does one go about selling such a car, geeting the title and making sure the buyer gets the car for his/her money?

Getting the title of a financed car?

A correction to a previous answer:

Most lenders do keep the title to the vehicle. When you purchase the car, you are given the Title or CofO to the vehicle, and the License Branch sends the title to the Lender.

When the car is paid off, the lender signs off on the lien release on the title, and many include a written lien release.

When you sell the car, you must pay the lender, then they will typically send you the title, unless you direct them to send the title somewhere else.

You can give the purchases a Limited Power of Attorney that serves as your signature on the title.

Getting the title of a financed car?

When I sold my car (with a lien) it was no big deal at all. When we found a buyer I contacted my financer to get a pay-off amount (which was valid for 10 days). I then worked with the seller%26#039;s bank to get them to send a check in the payoff amount to the financer (and give me a check for the difference). I signed the title over at the seller%26#039;s bank.

Getting the title of a financed car?

No bank nor finance company (assuming you in the USA) keeps the title until the vehicle is paid for. They merely add their name as legal owner, and the title is sent to you. When it%26#039;s paid off, they send you a lien release, and you take that and the title to have a clear title issued.

The easiest way to sell the vehicle will be to pay if off, get clear title, and then you can deliver the car and title to the buyer at the point of sale.

You might get someone willing to go to the finance company and pay the balance, get the release and bring it to you, and give you the rest of the money and wait for the new title to come, but most would not.

First step of course is find the title. You have to have it somewhere. If not, you will have to apply for a duplicate one.