Selling a car I owe money on?

[Anonymous]

I’ll be receiving a company vehicle and won’t need my personal vehicle any longer. I still owe $14k on the vehicle, through a credit union. I plan to price it to sell it for around $18k. How do I go about doing this?

I know I will have to accept a cashiers check. Should my plan be to have the buyer meet me at the credit union where I will cash their check, pay off the car, and sign off on the title?

Any other tips are greatly appreciated!

[Anonymous]

You don't own the car, the credit union does. You do to have clear title to see the car. Contact them and ask them what the process is.

[Anonymous]

Contact your lender for the payoff amount snd instructions. Purchaser likely will have to meet you at the credit union so title can be transferred or lien release obtained. Depending on the lender the purchaser may present the cashier’s check for the full amount to the lender, which will then transfer any positive equity to you or present two checks, one payable to you snd the other to the credit union. If the purchaser is financing then the teo lenders handle almost everything.

[Anonymous]

The easiest way is to go through a large dealership network like carmax. You'll get slightly less than a private sale, but they will handle the title and loan

[Anonymous]

The online buyers like Carvana, vroom, etc were massively overpaying last time I needed to sell a car. Make sure to check there. They’ll handle the payoff and title release.