Having a baby, and will be selling my Duramax soon. I'm still making payments on it.

That said, how much more involved is it to sell privately with it not being paid off? Any insight, websites, forms, tutorials on if it's no big deal, or a way easier thing with title in hand?

Gonna start seeing which dealer will give me the most straight up or trade.

Don't do it. Babies like trucks.

I know, but we can fell swoop eliminate a car payment, and pay cash with the difference for what I'm looking at. Feel like this is one of those rare times when a vehicle can help you....dang trucks are going like crazy right now!

I'm sure their bank contacts the place where the loan is handled. Proof of payoff is provided. Bank pays the loan, they get the title and the loan place mails you a check for the difference. I've never done this before, always seemed kinda sketchy. I would try the trade in route first.

contact whoever the truck is financed thru and set up a payoff from the buyers finance place, they pay off the balance and when title is in their possession the finance place buyer used gives you the difference minus any down payment.

set it up with your finance place first, they can tell you exactly how to do it so it is painless.

plan b: buyer brings a bank draft in the amount of purchase, pays your finance place off and they give you the balance on the spot. buyer will get all paperwork from them.
this would be my preferred way to handle it. be sure it is a bank draft and not a cashiers check etc. have your place verify funds before anything happens.

Just sold my truck to Give Me Your Vin. Best offer out of any dealer we tried. That’s twice Ive used them

I used them instead of trying to sell my Dads car to settle estate. Was very happy with the offer and was hassle free.

Check with Spags as well.

I can't add much except to say that I applaud your responsible and accountable thinking. What ever you choose, I wish you the best of luck.

Thanks y'all. I will check out give me your vin and put Spags on the dealer list to drop a line to.

Thanks Bob, it's tough for sure, but also just too easy a solution given our current circumstances. It's my dream truck and unicorn, and took me many moons to find it. Least it will live on in picture form for me in the garage!

It's a hassle private party for sure. I tried to buy a truck this way last year and it was possible, but me and the seller both had to go to my bank to work it out. When I got there, it turned out the truck was actually owned by a guy who wasn't legally in the US and the guy who was "selling" the truck to me tried to forge his signature.

But if you as the seller are accommodating, it's possible. Just not something a lot of folks are going to want to deal with.

Food for thought...If you’re going to trade in one vehicle for another, It’s important to understand the system is rigged in favor of doing both sides of the deal with the same dealership. When you buy a vehicle in Texas you are required to pay a state sales tax. Currently the state sales tax for vehicles in Texas is 6.25 percent. So for every $10K in value you owe $625 in state sales tax.


If you trade a vehicle in on the new or preowned vehicle at a dealership, you only owe sales tax on the difference in value between your trade in and the cost of the new to you vehicle. So if you trade in a truck worth $40K on a car worth $50K, you only owe state sales tax on the $10K difference.

That means you would normally owe $3,125 in state sales tax on a $50K vehicle but if you trade in a $40K truck you’ll only owe state sales tax on the $10K difference. So your tax due would be $625 instead of $3,125 BUT ONLY if you do the trade and new car purchase at the same dealership. That $2,500 savings is where it’s rigged to encourage you to work with a dealership because you only get the tax break if you trade in and buy at the same dealership.

If you sell your truck to a dealership and then find a car from an individual or another car dealer for only $20K, you’ll end up owing $1,250 in state sales tax on the $20K new to you vehicle that you could have avoided by buying it from the dealership at the time you traded yours in.

Something to keep in mind when you’re shopping for both your new vehicle and trying to find the best way to sell your truck. When you’re dealing with older cash cars this doesn’t matter as much but when you’re dealing with more expensive vehicles, it can add up.

Here's a link about the state sales tax:

Texas Motor Vehicle Sales Tax

Good info. Also, for the example under the Food For Thought section, I just wanted to add that if the Texas state tax for vehicles was 10%, you would owe $1,000 for every $10,000 in value. If anybody checks this, and if what I wrote is wrong...just know that I’m not a CPA, just a random guy trying to be helpful.

Some place like Give Me the VIN, Carmax or just to a dealer is easier than private party when you still owe on the vehicle. Unless the buyer uses the same bank then its a little easier. Private party means be prepared to have to take the time to visit the bank a couple of times.

call Texas Motorcars and talk to Brian he will fix you up.