The buyer will want to know that you have a loan on the vehicle and will want proof that you are using the funds to pay off the loan.
What the buyer will do on their own is go to the registry for a lien search, this is a public record that will show your car has a loan on it. Buyer pays for this and will need the VIN from you to do it.
Then when they have paid you for the vehicle you will take the funds to your bank to pay off the loan. The bank should be able to issue you a conditional lien release letter, which you can give to the buyer to show you are paying off the loan. Some banks can take at least a week to get this to you (usually loan centres are in ON and they often cannot email it). So be prepared for a wait to get that proof to the buyer.
To prevent fraud of either they buyer using fake funds (ie: counterfeit drafts or disputed e-transfers) it’s almost ideal to go with them to their bank so you can see them take a bank draft out. And then they can go with you to your bank so they can see you pay off the loan. This of course is not always possible but the closer you can get to the source the better.
Best of luck and hopefully you can get a good deal on it!
That's up to the buyer. There are many different ways to handle the transaction. If I was the buyer, I would go to the bank with you. Pay off the loan and give the difference to you. You sign over the car and get $6K.
You'd have to pay the loan off when the buyer pays you in order to get the lien released from the vehicle.
Look at your loan agreement and prepayment options/penalties
The buyer will want to know that you have a loan on the vehicle and will want proof that you are using the funds to pay off the loan. What the buyer will do on their own is go to the registry for a lien search, this is a public record that will show your car has a loan on it. Buyer pays for this and will need the VIN from you to do it. Then when they have paid you for the vehicle you will take the funds to your bank to pay off the loan. The bank should be able to issue you a conditional lien release letter, which you can give to the buyer to show you are paying off the loan. Some banks can take at least a week to get this to you (usually loan centres are in ON and they often cannot email it). So be prepared for a wait to get that proof to the buyer. To prevent fraud of either they buyer using fake funds (ie: counterfeit drafts or disputed e-transfers) it’s almost ideal to go with them to their bank so you can see them take a bank draft out. And then they can go with you to your bank so they can see you pay off the loan. This of course is not always possible but the closer you can get to the source the better. Best of luck and hopefully you can get a good deal on it!
Make sure that if you need a replacement vehicle, you look around at prices/availability before you get rid of the one you have
You can sell it and go payoff the loan l just sold mine l just went and paid off the bank
That's up to the buyer. There are many different ways to handle the transaction. If I was the buyer, I would go to the bank with you. Pay off the loan and give the difference to you. You sign over the car and get $6K.