My friend needs to sell her car that is NOT fully paid yet. She now has a buyer with cash and needs to know the proper procedure from A to Z. Can somebody here please instruct me on how to do it. Arigato.

 

The buyer pays seller cash, seller pays the rest of the loan, loan company sends title to seller, seller signs off title to buyer.

 

That could take up to 4 weeks.

 

The buyer may not agree to the loan company sending the title to the seller.

What about if I tell the buyer to get a loan and let the banks deal with themselves.

 

Not sure how good your credit score is, but you can get all kinds of CCs now with huge limits. Just do that, pay off the car, sell the car and pay off the CC and imporve your credit rating at the same time.

 

Not my car, just trying to help my bro-in-law. I don't know their finances. All I know is they just bought a house and will be locking rates next month or two. Maybe thats why they wanna sell their car now to increase their credit score even more.

 

Just curious, what kind of car was it?

 

If that's the case you might want to let them know that would actually reflect more negatively on their credit. If they have to sell the car because of DTI or something though, that's a whole other thing... but paying off a big debt rather than paying over a longer time period can be bad for your credit even though you'd think it would be a good thing.

 

Sorry for being a bit OT, but does this apply to CC's as well? I'm about to payoff my CC debt with my tax refund, but I don't want to adversely affect my credit by doing so...

 

Youre right Anna, but they already have excellent credit 7xx+. They don't owe anything else besides this car. Also they are going stated income so dti is not really as issue (correct me if i am wrong). I think they just want to get rid of it to be able to afford they're mortgage.

 

200x Honda CRV.

 

It will show that you have no balance on your credit report which is a good thing. But if you close them can affect your score. As long as you keep them, shows a lender how well you do with debt.

 

Thx Dex

Thx Anna for response below

 

Yobri: Just put the money in your savings and pay your CC normally every month but just pay a lot more than you would until it's payed off. It will be better for your credit in the long run.

Arvin, ahhh gotcha! Makes sense then

 

Brian, just do what I do. Transfer all your debt to zero percent cards and just pay the minimum. Meanwhile, keep charging a shitload of stuff on your other cards. Then, when the zero percent offers expire, just sign up for new zero percent cards. Rinse and repeat.

How do you think I pay for mods?

 

 

Actually that's what I've been doing for awhile now (except for the "charging a sh!tload" part). I've finally gotten it down to a point where I can FINALLY afford to kill the CC debt, thus I can save that usual $500/mo that I spend on paying down that debt on car mods or a "ring" as I am told...

After that I have to worry about the car payment and student loans. But I can't wait to worry about having a house payment Odd.

 

I gotta try your method