Selling with a loan
Still owe on it? That’s normal.
Most vehicles we buy have a lienholder, so tell your buyer who holds the loan and we handle the rest.
How the money moves
Four steps, none of them yours.
- 01
We confirm the payoff
Your buyer gets the exact payoff amount and good-through date from your lienholder, with your permission.
WhoYour buyer + your lender - 02
We pay the lienholder directly
Lakeway sends the payoff to the lender. You never handle that money or wait on a title you don’t have.
WhoAccounting & title - 03
You get the difference at pickup
Offer minus payoff is your check. If the payoff is larger than the offer, you bring the difference, and your buyer walks you through that before anything is signed.
WhoYou + your buyer - 04
Title and release handled
The lender releases the title to Lakeway, our title clerk files the DMV paperwork, and you are released from ownership and liability.
WhoAccounting & title
Reagan was very easy to work with. Great communication, reliable and made a great offer I couldn't pass up! Also a big shout out to Tommy & Jeff who met me at my bank an hour away to finalize everything and pick up my car.
Do I need the title?
No. When there is a loan, the lender holds the title. They release it to Lakeway after the payoff.
What is a “per diem” and a “good-through” date?
A payoff letter from your lender quotes the amount that settles the loan through a specific date. Every day after that, the lender adds one day of interest, the per diem, to the amount owed. Both figures are printed on the letter. Pickup inside the good-through window means the quoted payoff is the real payoff; later than that, the per diem is added for each extra day, which is what the calculator shows.
What if I owe more than the offer?
That is called negative equity. Your buyer shows you the exact difference before anything is signed. You can pay it with cash, a check or a debit card at no charge; credit cards carry a 3% processing fee.
Why a 10-day payoff?
Lenders need a few days to process a payoff, and interest adds up every day. We send your lender the payoff the day we buy, using a payoff quote good for 10 days, so it covers their processing window and your loan closes cleanly. If it turns out to be more than the lender needed, the difference comes back to you.
Does a co-signer or co-owner need to sign?
Look at the word between the names on the title. AND means both owners sign; OR means either owner can sign alone. Your buyer tells you who needs to be there, or arranges signatures separately when someone lives out of town.
Can you buy a leased vehicle?
Sometimes. It depends on the leasing company’s buyout rules. Tell your buyer it is a lease and they will check before preparing the offer.
Before you sign · with a loan
Four forms, about fifteen minutes.
Every form you’ll sign, blank, before you call. No title needed: your lender holds it and releases it to us after the payoff. Every path and every form →
Loan or no loan, same process.