We handle the loan payoff at the time of sale to ensure buyers receive a clean title free of any liens.
The seller will have already provided us with their estimated loan payoff amount, the lender's name, and loan account number. The seller will then sign a "Release of Interest" letter allowing PSX to pay the loan off on their behalf, and we take it from there.
We verify the remaining loan balance and repay it using the purchase proceeds. If there's any negative equity, we'll collect that money from the seller before instructing them to release the vehicle. As soon as we verify the outstanding loan balance and we have the funds to pay it off, the seller can transfer possession of the vehicle to the buyer.