r/Autos•
TG_Alibi

Selling a car you still owe money on

I wasn't sure where to ask this, so if this is the wrong place, please point me in the right direction.

Anyways, I am thinking about selling my car. This is the first car I have ever financed so I have no experience with how to go about selling it. I owe less than it's worth and am looking to buy something a little more economical, though the RX8 is really fun. The bank will not release the title until I pay off the loan, which I plan on doing with the funds from the sale. My question is, how do I work that into both the bill of sale and the AD so that the buyer is aware of the situation? I would have the title from the bank within 10 business days. I have tried searching online for some help, but everything I find is just a sample bill of sale with nothing about receipt of title. Has anyone had experience with this that could help me out?

Posted Mar 24, 2012, 9:28 PM UTC

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