Advice on car sale/loan

[rubenswm]

Ok here's the deal

There is a car in Ohio for $8,500 for sale. I am in Minnesota.

I have my car for sale for $5,900. I spoke with the seller and we agreed to do a trade. My car + $3200 in cash for his car.

The problem is, he has a loan out on his car so the bank holds the title (he's in Ohio). He still owes about $6,000 i beleive.

Would his bank consider taking a $3200 payment + possibly "switching" titles (they take the title to my car for the remainder of the loan)? Or is this really not a possibility.

If not, how do we go about closing the deal? I know we can get a bill of sale or whatnot, but I essentially do not want to be left hanging with a car and no title at the end of the day. Any advice?

Thanks,

Rubens

 

[spidey07]

he has to pay off the loan to release the title. Remember, the bank owns the car...not him.

he'll need a lien release from the bank saying "we no longer own this car"

 

[rubenswm]

so what's the best approach to this.
Have him take out another loan for my car + pay off the existing loan or what?

Rubens

 

[spidey07]

you also have to get a relase on your vehicle.

some other folks can chime in on how to do it.

 

[Red]

Originally posted by: rubenswm
so what's the best approach to this.
Have him take out another loan for my car + pay off the existing loan or what?

Rubens

Yes, either your or him need to pay (either with cash, a new loan, etc) his loan off to clear the title before the title can be transferred.

 

[rubenswm]

Originally posted by: spidey07
you also have to get a relase on your vehicle.

some other folks can chime in on how to do it.

my car is paid for