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Posted: 8/21/2002 3:46:08 AM EDT
I have a truck I want to sell that is financed with GMAC. What is the procedure for selling to an individual. Every vehicle I have previously sold has been paid off and I had the title. Any advice is greatly appreciated!
Link Posted: 8/21/2002 4:08:19 AM EDT
[b]sanderama[/b], what you must do is obtain a 'pay-off' balance from GMAC on your current loan, which will be the amount that you still owe on the purchase price of the vehicle, less any unearned interest that will be rebated. With this figure, you can determine what your profit (or loss) will be when you sell the vehicle to another individual. [u]Until[/u] GMAC removes its lien from the Certificate of Title, any purchaser will be unable to obtain a clear title to the vehicle. GMAC will not remove its lien until it has been 'paid in full.' Presently, you are the owner of the vehicle, but the same title that says [u]you[/u] are the owner, also says that there is a lien against the vehicle. Call GMAC and inquire of them what they need in order to release the lien. Eric The(Informative)Hun[>]:)]
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