Get the current payoff
Ask the lender for a written payoff quote and its valid-through date. Confirm accepted payment methods and whether the title is electronic or paper.
Calculate equity
Positive equity is the amount by which an offer exceeds the payoff. Negative equity is the shortfall when the payoff is higher than the offer.
Choose a buyer prepared to handle the lien
Dealers commonly coordinate lender payoffs. Ask for the exact sequence, who receives each payment, and when you can release the vehicle.
Document completion
Keep the purchase agreement, payoff confirmation, title-release information, odometer record, and any required state sale report.