Selling my car which is financed by a credit union

[guest]

I have a 2001 civic which i financed 6 months back(while purchasing) thro a credit union. The original title of the car is with the credit union.

Now I want to sell the car & return back to India. My credit union is telling that they need the remaining money before they can send back the title.

I have a buyer who wants to buy the car but he will pay only when I give the title to him.[He may be fearing that I may run away with his money].

I don't(neither my friend does) have $12,000 cash so that I can pay the credit union

What to do? Have anyone faced this sort of problem?

[Murali]

Discuss and make him understand the problem.
You may him himin writing, as gurantee and notersie along with him with some local notary for his/her satisfaction.
Thats what i would do ...
Other may give their suggestions ...

[unknown]

Ask you CU for the payoff amount for the month and then ask the person to send a check of that amount to CU, instead of giving it to you. If the balance is less then the fidderence is credited to your account or you will check for that amount.

[Jithender]

I was in a similar position as u a few days back. Both of u go to the credit union and pay off the amount.If u pay by cash or cashier check u will be given a lien satisfying document over the counter.From there go directly to DMV.DMV accepts this lien satisfying document for u to transfer the lien to the buyer.I did the same thing last week.