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Discussion Starter #1
I am sure with the wealth of knowledge within the WIVO community someone here can help me understand the process better.

I am selling my wifes car but we still owe money on it to the bank and since we are in Illinois they still hold title and we are trying to sell it to a private party. We spoke to the bank and they will not send the original title to a branch bank for us to pay off the loan and then be able to give the title to the new owners.

What happens now...?? Per the bank it will take a few days to process the payoff and send the original title to the new owners. Is there a temporary title issue to the new owner so that they can register this or how does this happen.

What should I be worried about and what do I need to do????

Please forgive my lack of knowledge on this since every car I have sold usually was a trade in or I held the title in hand.

Any information will be appreciated.

Thanks,
cshep
 

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cshep said:
I am sure with the wealth of knowledge within the WIVO community someone here can help me understand the process better.

I am selling my wifes car but we still owe money on it to the bank and since we are in Illinois they still hold title and we are trying to sell it to a private party. We spoke to the bank and they will not send the original title to a branch bank for us to pay off the loan and then be able to give the title to the new owners.

What happens now...?? Per the bank it will take a few days to process the payoff and send the original title to the new owners. Is there a temporary title issue to the new owner so that they can register this or how does this happen.

What should I be worried about and what do I need to do????

Please forgive my lack of knowledge on this since every car I have sold usually was a trade in or I held the title in hand.

Any information will be appreciated.

Thanks,
cshep
I believe what you need to do is ask the bank what their procedure is. They should give you the step by step procedure.
 

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Discussion Starter #4
Mark_1bx...

I only spoke to the bank briefly but they did state that they would not mail the title to a local branch. I think it is a Harris Bank who holds it now...

I also have found that most people I have spoken too really didn't have a clue and wanted to see if anyone else has been in my shoes here and what their solution was.....

Thanks though...
 

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Discussion Starter #6
That must be nice...maybe someday.

I received a car with a new job I took so I am selling the wifes and will have mine (which now is my wifes) this year so it is going to be real nice when to go from two car payments to none.

I will have to get on the horn with the bank some more or call the DMV to find out how this all works or if there is something that can be provided in order for the new owners (once sold) to be able to title it and register it in their name as soon as possible just in case.
 

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Well I sold a motorcycle a few years ago, kinda the same scenario. The Buyer and I went to the bank that was holding the title. They too would not issue a title till full payment was recieved and verified. The purchaser paid the teller cash, I signed a bill of sale, gave him the bike. And mailed him the title about 2 weeks later..
 

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Discussion Starter #8
Hey MonsterVTX,
Thanks for the reply.

As for the Bill of Sale...did you draft this up or was it something the bank drafted???

I just am trying to get all my ducks in a row since I have several interested buyers.

I still need to talk to the DMV to see if they allow registration of a vehicle and transfer of title with just a bill of sale.
 

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I just sold a car about 4 months ago to a private party. I also had an outstanding loan on the car.

I created my own bill of sale....got the check from the buyer, gave him the car. I then paid of the loan, and had the title mailed to me, and I then mailed it to the buyer.

Make sure when you create a bill of sale that you include any information that you can think of.... VIN#, buyer & sellers names & addresses & telphone #'s, year, model, etc, down payment amount, total purchase price, the fact that the buyer is responsible for any & all title & tax fees, how the title will be delivered, your bank name and address, buyers bank name, and anything else that you might think is important. There are websites out there that sell forms also (probably $20 for the form or so). Also be sure to have everone sign the form, and make sure everyone gets copies.

Don't forget to state that the car is being sold AS-IS!
 

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I purchased the bill of sale from either office max or depot. But Like Eric says, you can create your own. The Bill of sale was just something to give the buyer some assurance and legal leverage incase I were trying to pull a fast one. I don't believe the state will let you register the vehicle without an actual title.
 
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