Legal Question in Consumer Law in Virginia
auto sale contract
Is it possible to sell a car to a private person if
I am not in the posession of the original title?
The car has been bought with a consumer loan and
the bank(lienholder) is in the posession of the title.
The amount resulting from this sale will go toward
the payment of the loan.What is the procedure and
are any specific forms for this situation?
1 Answer from Attorneys
Re: auto sale contract
Yes, it is possible for you to sell your vehicle to a private purchaser even though you are not in possession of the title.
Any such purchaser, however, would be very foolish
to agree to such a contingent transaction, knowing full well that your are not personally in any position to convey a clear title to the vehicle free of all legal encumbrances and that a bank is actually in possession of the title with the ultimate decsion-making authority about whom to release the title to and under what circumstances.
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