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Old 05-18-2001, 06:26 PM   #1
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Join Date: Apr 2001
Chapter/Region: BAIC
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'08 Prius

Post Selling your car to a private party questions - advice needed

I've never sold or bought a car privately before so I'm really green about the whole thing.

I'm close to selling my Forester to somebody but I still owe some money to Subaru Credit who holds the title. Since it's an out of state bank holding the title, how do you go about transferring ownership to the buyer? Do I have to pay off the loan 1st and then send the title later? Any advice from the experienced here would be really appreciated

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Old 05-18-2001, 06:29 PM   #2
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Join Date: Oct 1999
Location: The land of many Subies
2004 STi Blue/Gold
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Maybe you should call Subaru Credit and get them to help you out. I'm sure they'll be helpful, they are going to get thier money (the payoff) balance anyway.

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Old 05-18-2001, 08:36 PM   #3
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pay off the loan, then sign over the pink slip. Thats all... The only thing is they might not want to do is pay first... As long as you sign the title over in 30 days, it should be fine. Make sure you smog it fi9rst, and that everything is right with the car. You do not want someone trying to come back to you after you sell it...
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Old 05-18-2001, 08:43 PM   #4
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I believe it goes something like this: Contact Subaru Credit who has your title, request a payoff document, so you know what you owe them *exactly*. Draw up a bill of sale for your car w/ VIN, space for odometer reading, sales price,name|address|phone and such for you and the buyer. find your buyer, meet him at a bank to get yer money, sign the bill of sale, have it notarized there at the bank. Deposit yer money, send your payment to Subaru to payoff the loan. Either have Subaru transfer the title to the new owners name, or wait for it to come in the mail to you and then transfer it. Just make sure you pay your tax.

It is definately easier if you have your bank, or other lender, who is setting up your new loan to handle all the payoffs, title transfers, and taxes.

Good luck. I've been through this process on my own... it can be a headache... especially if the dealership gets involved or it's a lease buy-out. If your loan was done through a dealership w/ Subaru Credit, the payoff check has to be paid by that dealer (in my experience anyway).

[This message has been edited by snowone (edited May 18, 2001).]
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