Quote:
Originally Posted by geeknerd
So say I want to sell it private, post an ad -->
Buyer comes with certified cheque, sign papers and just has to trust me to pay off the loan?
I financed through toyota which is RBC loan? The loan I can pay off anytime I think, maybe I should just meet buyer at RBC bank and pay it off once he hands me the cheque?
I assume this is easier if I sell to dealer? I wonder if the dealers are willing to give me what I paid for (msrp)...
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Check with Toyota Financial Services first. It may be backed by RBC but it depends on the whole arrangement, including which bank you've been paying Toyota from.
A diligent buyer is going to ask you to provide a certificate of release to prove that you've successfully paid off and sold the car to them. Some people may not care but I hope you do the right thing. Let's say you don't pay off the loan, the lien would go against the car and the new owner, so they might come back and smash your teeth in and you might make the 6'o-clock news.