Contact your lender to get the exact payoff amount
Check your vehicle’s current market value
Compare the payoff amount to the vehicle’s value
If the vehicle is worth more than the payoff, sell it and keep the difference
If the vehicle is worth less than the payoff, plan to cover the remaining balance
Ask the lender how to handle the title and lien release
Decide whether to sell privately, to a dealer, or through a trade-in
Disclose the loan and lien status to the buyer
Use the buyer’s payment to pay off the loan directly
Complete the sale only after the lender confirms the loan is satisfied
Obtain the lien release and title transfer documents
Pay any remaining balance if the sale proceeds do not cover the loan
Keep records of the payoff, sale, and title transfer
Cancel insurance and registration after the sale is finalized