Selling my Explorer Sport- Loan Question

[Tarpon6]

I still owe about $2000 to Ford Credit on my Sport. If I sell it to an individual who needs to finance it, how does his bank handle this? Do they need a title before giving me a check? Do they pay off what I owe, detuct it from my check and have the title shipped directly to them?

 

[dogfriend]

I bought mine from a private party, but needed a loan from my credit union.

Went to credit union, got preapproved for amount.

Did the deal, agreed on amount. Set up time to meet.

Met at diagnostic shop, had truck checked out and smogged.

Went to credit union. Did paperwork. He brought his copy of title. Credit union did all paperwork, including registration change and cut check for him to send to the lienholder on his title.

Everything went very smooth.