Finishing the sales of car for those who are still having the attached loans is a matter patience and faith for both the seller and buyer. In that case, the buyers are usually worried about the title and clearance of funds from the bank whereas the seller will be concerned about the liabilities as the title is still in his name. But there is a smooth and safe way to settle down this transaction.
- Title of vehicle
- Bill of sales
1. Gather the payments of your car from the buyer.
2. Make a bill of sale in which clearly mention the selling price and make statement that you, the seller is ready to transfer the title to the name of buyer once you will get the funds released from the bank. It is important to get the mailing address of the buyer so that you can easily mail the title which you have received once all the loans and funds are cleared by the institution which is offering the loan for the car. Another crucial thing is that hold two copies of the agreement, both of them will be signed by the seller and buyer and each of them must hold a copy as a proof that both of them are aware of the terms, rules and regulation and are agree on it.
3. Now you can allow the buyer to take away the vehicle. Make the payments of loan through the lender, and after which the lender will issue the title to you. Now make the buyer inform that you have already paid the loans and soon he will be receiving the title from the lender.
4. After receiving the title, fill all the essential fields given on the back to release your interest in the vehicle. By doing this, you can make yourself relax from the liability in case the buyers get involved in any accidents or something.
5. Now just mail the title document to the buyer and this is how it’s done.