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.

 

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.

 

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.