You are currently viewing our forum as a guest, which gives you limited access to view most discussions and access our other features. By joining our community, at no cost, you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is free, fast and simple, so please join our community today!
if someone is buying your car and you owe money then there area few ways to do it. they will most likely have to get approved for a loan (unless paying cash) and within the loan papers there should be something to sign for transfer of the title from one lending company to the other along with a release of liability.
if the buyer is paying cash then you (previous owner) will need to go pay off loan amount and the bank or lending company will have you sign papers and there should be a paper that needs to be signed for transfer of title.
most states work transfer of title different ways, so the best thing to do is to call the lending company and local dmv to verify.
as for warranty, there is no specific transfer of it. If you are a second owner of the car and the car is still under warranty then you just take it into a dealer to get serviced. the vin number holds all the mileage and information about warranty work done to the car.
You will sign the title with the lien on it to the purchaser. After you get the check, you pay off the loan and request a lien release. This can be faxed to your bank or where ever you make the payments. The buyer gets the lien release to go with the title, and then when the new title comes it, it will go to the new owner with their info on it.