thanks
Suggestion:
In theory, yes, what you are talking about is feasible.
Most buyers are simply NOT going to pay unless they get the title right away.
And no bank is going to hand over the title unless they get paid in full with cash.
If the buyer pays less than you owe, you have to come up with the difference or they wont hand over the title.
You do NOT have to wait 2 years to pay it off. But you DO have to payoff the entire amount due before or when they hand over the title.
I bought my first car exactly that way. I met the seller at his credit union with $6500.
He handed it to the lady at the credit union who signed off on the front of the title where it says "release of lien". then the seller signed the back of it over to me.
As long as the buyer has cash, its fairly simple. If not, it becomes more of a problem.
My bank trusted me to bring them the title right after I bought it. Your buyers might not in which case it could be a roadblock that you would have to workout with the 2 banks.
PS, while your truck may be worth more than $2500, its very possible you cant get $6500 for it. And maybe not even the $5600 you owe.
Again, your bank has to be paid in full for them to hand over the title.
So if you find a buyer for $5200 and you give $400 in cash to add to the buyers money, you can do it.
The $5200 is just for an example. If you find a buyer for $5950, the bank would hand you $350.
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That Jeep might be worth $2500 now.
Do you have $3100 cash upfront to take to the bank with you along with the $2500 the buyer will be able to cough up? This is how you can do this.
You can TRY to sell that Jeep "for about $6500", but a lender has their own opinion of its worth and it's not exactly a collectible to where you can name your price, either.
Yes, you can do the transaction this way. I have both bought and sold cars by meeting someone at the bank and handing over the money and transferring ownership with a bill of sale. You pay off the note and have the title transferred directly to the new buyer as the legal owner, It's common practice.
As to the value of the car in 2 years ? Who honestly can say. The war might end and gas go down to $1.75 a gallon and your jeep might be worth $10,000. Not likely, but that's a long time away. Personally, I am not planning anything past 12/21/2012 myself.
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