This might be a stupid ?...but how do i sell my car?
09-20-2005, 08:27 PM
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This might be a stupid ?...but how do i sell my car?
lol...so all the cars i have sold or bought have either been paid for or i paid in cash. the Z is my first car that i am actually financing and i will soon be selling it. i have one person that is very interested right now. but my question is...what steps do i need to go through in order to sell my car? i guess my main concern is transfering the title from NMAC to the bank the buyer is gettin a loan from? someone help me out please, im a newb at selling a car that isnt paid for.
09-20-2005, 08:30 PM
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The title has NMAC as a lienholder on it. The guy gets the funds to you or he can send them directly to NMAC. NMAC will then release the title to you with a letter of release and the title will be signed off. You then give the title to the buyer with your signature.
09-20-2005, 10:18 PM
#3
Contact NMAC........they do this all the time & can help you.
My guess is you will open an escrow at a title company and NMAC will put the title along with a payment demand in escrow. The buyer puts a cashiers check in escrow with at least enough money to cover the demand. Excrow pays off NMAC, gives title to buyer (or note holder), & gives you any money left over. If buyer cash is not enough to cover demand you pay the difference.
Its an easy, every day transaction.
My guess is you will open an escrow at a title company and NMAC will put the title along with a payment demand in escrow. The buyer puts a cashiers check in escrow with at least enough money to cover the demand. Excrow pays off NMAC, gives title to buyer (or note holder), & gives you any money left over. If buyer cash is not enough to cover demand you pay the difference.
Its an easy, every day transaction.
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