Title Ownership Question

Asked by Mazda6Lover May 12, 2017 at 07:45 AM about the 2015 Mazda MAZDA6 i Sport

Question type: Car Selling & Trading In

I would like to sell my 2015 Mazda 6, but I still have some payments left on my
loan. Will this negatively impact interest in my car?

I can pay it off completely without the cash from selling, but I would rather not
take that hit to my savings account without knowing when the car will be sold.

Thank you!

101,515

KenF answered 6 years ago

Just let buyer know there is a lien on the car. The lien-holder should issue you a "certificate of title" that you can transfer to the buyer so they can acquire temporary permits, then mail them the title as soon as you pay it off. Most banks and responsible lien-holders do this promptly, but be sure to contact them first with your intentions so they can tell you what needs to be done to make this happen.

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