Can I sell a car that is about to be repossed?

My GMAC tahoe is 3 months past due. I have a buyer--- can i get payoff from
gmac and have the buyer pay off gmac?

how does this work. thanks

You'll need clear title in order to transfer it to someone else...and you
won't have that until the load is paid and you receive a release from GMAC.

"Lu M via CarKB.com" <forum@nospam.CarKB.com> wrote in message
news:71b2c432d9034286b270d66cefec8e42@CarKB.com...
>
> My GMAC tahoe is 3 months past due. I have a buyer--- can i get payoff
> from
> gmac and have the buyer pay off gmac?
>
> how does this work. thanks

"Lu M via CarKB.com" wrote:

My GMAC tahoe is 3 months past due. I have a buyer---can
I get payoff from gmac and have the buyer pay off gmac?
how does this work. thanks
______________________________________________

Sure you can. Call GMAC, tell them you have a buyer and
ask for instructions to complete the deal. They will tell you:

1.) The payoff amount including principal, pro-rata interest,
any late fees and payoff fees, contingent on payoff
on or before a stated date.

2.) The location of a GMAC office or a bank where you
are to take your paperwork and your buyer with his
payoff cash on or before the payoff date specified.

After the transaction is done, you will owe nothing more
and your buyer will own the vehicle free and clear. Keep
a record of the sale, notify GMAC and notify the DMV to
be sure you are free of owner liability.

This is an easy business transaction, done every day. The
benefit to you is that the debt is eliminated, possible legal
collection action is avoided and your credit remains good.

If you let your Tahoe be repossessed, GMAC will tow it away,
some GMAC insider or relative will buy it at half your balance,
then GMAC will sue you for the other half plus towing fees,
legal fees and any other fee they can dream up. Then they
will put a negative notice in your credit report.

Good luck.

Wendy & John

Your loan needs to be satisfied. GMAC does not care where you
get the money. After it is satisfied you will receive the title
and can sell the vehicle. ALL of that can be done at same time
at an authorized title agent in your state.


mike hunt



"Lu M via CarKB.com" wrote:
>
> My GMAC tahoe is 3 months past due. I have a buyer--- can i get payoff from
> gmac and have the buyer pay off gmac?
>
> how does this work. thanks

"Wendy & John" <ardanswj@kilobar.net> wrote in message
news:1Cxpe.10167$KQ2.3894@trnddc08...
> "Lu M via CarKB.com" wrote:
>
> My GMAC tahoe is 3 months past due. I have a buyer---can
> I get payoff from gmac and have the buyer pay off gmac?
> how does this work. thanks
> ______________________________________________
>
> Sure you can. Call GMAC, tell them you have a buyer and
> ask for instructions to complete the deal. They will tell you:
>
> 1.) The payoff amount including principal, pro-rata interest,
> any late fees and payoff fees, contingent on payoff
> on or before a stated date.
>
> 2.) The location of a GMAC office or a bank where you
> are to take your paperwork and your buyer with his
> payoff cash on or before the payoff date specified.
>
> After the transaction is done, you will owe nothing more
> and your buyer will own the vehicle free and clear. Keep
> a record of the sale, notify GMAC and notify the DMV to
> be sure you are free of owner liability.
>
> This is an easy business transaction, done every day. The
> benefit to you is that the debt is eliminated, possible legal
> collection action is avoided and your credit remains good.
>
> If you let your Tahoe be repossessed, GMAC will tow it away,
> some GMAC insider or relative will buy it at half your balance,
> then GMAC will sue you for the other half plus towing fees,
> legal fees and any other fee they can dream up. Then they
> will put a negative notice in your credit report.
>
> Good luck.
>
> Wendy & John

This response gets my vote.

"Scott" <homealone.com> wrote in message
news:11af3742uh0nv1e@corp.supernews.com...
>
> "Wendy & John" <ardanswj@kilobar.net> wrote in message
> news:1Cxpe.10167$KQ2.3894@trnddc08...
>> "Lu M via CarKB.com" wrote:
>>
>> My GMAC tahoe is 3 months past due. I have a buyer---can
>> I get payoff from gmac and have the buyer pay off gmac?
>> how does this work. thanks
>> ______________________________________________
>>
>> Sure you can. Call GMAC, tell them you have a buyer and
>> ask for instructions to complete the deal. They will tell you:
>>
>> 1.) The payoff amount including principal, pro-rata interest,
>> any late fees and payoff fees, contingent on payoff
>> on or before a stated date.
>>
>> 2.) The location of a GMAC office or a bank where you
>> are to take your paperwork and your buyer with his
>> payoff cash on or before the payoff date specified.
>>
>> After the transaction is done, you will owe nothing more
>> and your buyer will own the vehicle free and clear. Keep
>> a record of the sale, notify GMAC and notify the DMV to
>> be sure you are free of owner liability.
>>
>> This is an easy business transaction, done every day. The
>> benefit to you is that the debt is eliminated, possible legal
>> collection action is avoided and your credit remains good.
>>
>> If you let your Tahoe be repossessed, GMAC will tow it away,
>> some GMAC insider or relative will buy it at half your balance,
>> then GMAC will sue you for the other half plus towing fees,
>> legal fees and any other fee they can dream up. Then they
>> will put a negative notice in your credit report.
>>
>> Good luck.
>>
>> Wendy & John
>
> This response gets my vote.

I agree with the exception of "After the transaction is done, you will owe
nothing more". Often a loan will exceed the market value of the vehicle. In
such instances, GMAC will permit the sale of the vehicle for fair market
value, however the borrower will still owe any shortfall on the payout of
the loan.

"StingRay" wrote:

I agree with the exception of "After the transaction is done, you will owe
nothing more". Often a loan will exceed the market value of the vehicle. In
such instances, GMAC will permit the sale of the vehicle for fair market
value, however the borrower will still owe any shortfall on the payout of
the loan.

__________________________________________________ _______

The "payoff amount" is the amount of cash that GMAC acknowledges
will completely satisfy all remaining GMAC claims under the contract.
That amount may be more or less than the vehicle's market value.

The OP had a buyer ready to pay the full payoff amount. After the
payoff is completed the OP will owe nothing more and the buyer will
own the vehicle free and clear.

GMAC has no power to permit, nor prevent, nor influence the vehicle
sale, provided that GMAC receives its demanded payoff amount.

Wendy & John.
__________________________________________________ _______