When you sell a car with a loan on it, you will have to use the proceeds to pay off your loan and transfer the title. If you buy through a dealer, the dealer should take care of this process for you. If you sell directly to a private party, you will have to pay the loan balance yourself.
You are not the legal owner of the vehicle until it is fully paid off. You are not legally allowed to sell it without settling any outstanding finance first. You can settle this amount by selling the car through a dealer, however.
How do I settle my financed car when I sell it?
To do this, you’ll need to contact your finance company and ask them for a settlement figure. Once you receive your settlement figure, you’ll have a set period of time to pay it off. Once you’ve paid it all off, the cars will be yours to sell.
Step 1: Allow the Buyer to Have the Car Inspected by a Third Party.
Step 2: Clean Out the Vehicle.
Step 3: Remove the License Plates.
Step 4: Complete a Bill of Sale.
Step 5: Collect Payment from the Seller.
Step 6: Sign the Title to Formally Transfer Ownership.
Step 7: File a Report of Sale.
What is the best way to sell a financed car? – Related Questions
What documents do you need to sell a car in Washington state?
If you are selling your car in Washington, you will need a clean title and a bill of sale. A clean title means it must be legible and intact, with no rips or tears, and you must not have a lien on the vehicle. If you still owe money on your car loan, that doesn’t mean you are out of luck.
Do I need proof of ownership to sell my car?
At the sale, both you and the new owner will want proof of purchase. Write out a simple receipt stating the key details about the car including at least the registration number, make, model and year. Many buyers will also want the VIN (chassis) number on the document so it’s worthwhile finding this.
What paperwork do I need to sell my car privately?
How do you fill out a title when you sell your car in Washington?
Do I need a bill of sale if I have the title in Washington state?
Washington requires a bill of sale to transfer a car title and register the vehicle after it’s been bought and sold. You can use the state-provided form or create your own. You don’t need to have the form notarized.
How do I write a bill of sale in Washington State?
How Do I Write a Washington Bill of Sale?
The full legal name (printed)
The date the bill of sale was created.
Certain information about the item being sold.
The amount of money the item was sold for.
The signatures of the buyer and seller.
Can you handwrite a bill of sale in Washington?
While it is common to present a bill of sale in a digital format, you can also create this type of contractual agreement as a handwritten document on paper. What’s most important is to include all of the pertinent details in the bill of sale in order to protect both parties.
Can you hand write a bill of sale Washington?
Washington Vehicle Bill of Sale Requirements. As an alternative to the state-provided form, you may draft your own bill of sale, or use one of the many templates online. Notarization is not required, but the following must be included: The names, contact information, and signatures of both the buyer and seller.
What is the penalty for not transferring title in Washington state?
It is a misdemeanor to fail or neglect to apply for a transfer of ownership within forty-five days after delivery of the vehicle. The misdemeanor is a single continuing offense for each day that passes regardless of the number of days that have elapsed following the forty-five day time period.
There are very few reasons that you will be able to sell a car that isn’t in your name, these include: If you are the executor of the estate. If you have financial power of attorney. With confirmation of intentions from the registered individual.
Is title jumping a felony in Washington?
Yes, Jumping Titles is a felony and it is also illegal in all 50 states except in certain cases such as when someone has passed away and the family or next of kin wishes to sell the vehicle. If you are caught Jumping or Skipping Vehicle Titles you will face Fines, Penalties, and Possible Jail Time.
Can I sell my car without the title in hand?
Yes, you can sell a car without a title if you have proof of ownership. Selling a car without proof of ownership is illegal in most states. That said, it’s not uncommon to discover that you don’t have your car’s title in your possession.