I finance my car through a credit union. Now I want to sell it and pay off the loan. What is the process?
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I still owe $7k on the loan. And of course the title of the car is under the credit union's name. If I want to sell it to a private party who is paying full in cash, and use the cash to pay off the loan, what procedure do I follow? Do we both go to the credit union and do the paperwork there?
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Answer:
Take the money and go to the CU. Pay them the $7k. Few weeks later, they will mail the title to you. Sign it and turn it over to the buyer. They will go to the DMV and register. Then they get a new title within a few week. Be sure to file a "Release of Liability (attached to the title)" as soon as possible with the DMV. If something happens with the car, you will be responsible until it is on file with DMV.
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