A loan doesn’t automatically stop you from selling. The important number is your lender’s current payoff—not just the balance on your last statement.
Start with an accurate payoff.
Ask your lender for a payoff amount, its expiration date, and instructions for releasing the lien. Interest may continue to accrue, so a statement balance may not be the amount needed to close the loan.
Understand your equity.
If the agreed purchase price is higher than your verified payoff, the difference is generally your equity, subject to the transaction’s agreed terms. If your payoff is higher than the purchase price, you have negative equity and will need to arrange how to cover that difference.
Bring lender and ownership details.
Have your lender name, account information, photo ID, registration and keys ready. Our team can explain what’s needed for your title and payoff. Do not send account numbers or identity documents through the website form.
Lease? Check with your leasing company first.
Lease buyout rules can differ from loan payoffs. Some leasing companies restrict third-party purchases or quote different buyout amounts. Your lessor must confirm the options available for your contract.
General preparation guidance, not legal or financial advice. Requirements vary by title, lender and ownership circumstances. Confirm the details with the dealership and your lender.