What steps does one take when selling car but still have balance owed

[up2eyeballsindebt]

Son must sell truck due to school and we have never sold a vehicle private before.

 

Has someone intrested in the truck.

Is it normal for the finance company of the buyer to call son and tell him how much the buyer is preapproved for?

 

The offer will leave a balance with the finance company BUT we are not sure of the pay off because he had added GAP insurance and has tried to cancel it for the past month.

(he has not drove the truck for two months) Turned in paperwork to dealer almost three weeks ago and the GAP is still showing as NOT cancelled. So if he pays the total off and then the GAP is finaly cancelled ... will he then get a refund check?

 

In what order do we handle things.

 

We might be able to loan him the extra to cover the difference for a short time.

 

 

What paperwork should son expect to deal with?

 

Thanks for any help.

[MarvBear]

4-6 WEEKS to cancel GAP insurance.

 

You will need to provide a clear title to the new purchaser.

 

One way or another the GAP policy prorata gets refunded provided its cancellable. Either to the lienholder prior to the lein being released or to the consumer after the lein is released.

[bummed]

i am in the same position as well. I want to sell my car in private since the trade in value is too low. i still owe more than what the car is valued for.

 

i wanted to know if in case i find a buyer to buy my car which is less than what i owe, how am i gonna settle my balance with my financing company? do i have to pay it all off upfront or can i still make payments till its paid off?

[MarvBear]

you need to pay it off.

[up2eyeballsindebt]

So if after the buyer has agreed to a price that the owner is aware will NOT pay off the loan.......

can the owner call and make arragements to pay off the difference the same day that the buyers payment is made? I know the balance must be zero for the new owner to get the title.

[MarvBear]

go to whomever hold the title lien, and present them with a cashiers check for your sellers portion and your negative equity portion. If the title is locally held they will probably release the title withought delay.