Privateauto Launches Industry-first Self-service Loan Payoff For Private-party Vehicle Transactions
Delivers Seamless Loan Lookup and Payoff—Offering Instant Documentation, Secure Payments, and Enhanced Assurance Benefitting Private Marketplace Buyers & Sellers.
- (1888PressRelease) January 18, 2025 - Alpine, Utah – PrivateAuto the only end-to-end transactional marketplace for private-party vehicles, today announced a first-of-its-kind Loan Lookup and Payoff feature that empowers private-party vehicle sellers to manage auto loan transactions directly, eliminating the frustration private sellers have when looking to complete vehicle buy/sell transactions.
Key Features:
Self-directed loan payoff process
Instant loan balance lookup
Seamless integration of payoff into the transaction
Transparency for buyers regarding lien release and title transfer
By streamlining the loan payoff process, private individuals can more confidently engage in person-to-person vehicle acquisitions. This first-of-its-kind technology addresses the growing concerns surrounding person-to-person vehicle transactions by providing escrow-like safeguards without the need for intermediaries.
"This is a game-changer for private-party vehicle sales," said Brad Parker, Co-Founder and CEO of PrivateAuto. "The Loan Lookup and Payoff feature represents a significant step forward in simplifying private vehicle sales. It allows sellers to obtain accurate payoff quotes quickly, eliminating the need to contact lenders separately or wait for mailed responses. Our technology eliminates these barriers, offering a streamlined, transparent process for both buyers and sellers."
Benefits for Sellers:
Ability to sell vehicles with existing loans privately
Avoid low trade-in offers from dealerships
Complete transactions entirely online
Benefits for Buyers:
Peace of mind regarding loan payoff and lien release
Transparent view of the entire transaction process
Access to a wider range of private-party vehicles
One of the primary challenges is the intricate amount of trust required between a buyer and seller when a loan is involved. Sellers with outstanding loans face the dilemma of finding buyers willing to hand over large sums of money without immediate possession of the title, a scenario that understandably makes many potential buyers hesitant.
For sellers, the process often involves coordinating with their lender to obtain accurate payoff quotes, which can fluctuate daily due to accruing interest. They must also navigate potential prepayment penalties and the complexities of lien releases. Buyers, on the other hand, must grapple with the uncertainty of purchasing a vehicle that still has a lien, often requiring them to meet at the lender's location or trust the seller to transfer the title after receiving payment. With PrivateAuto, buyers and sellers have the confidence to navigate all of these issues without exhaustive intermediaries.
"We're not just simplifying the process; we're fundamentally changing how private-party vehicle sales occur," Parker added. "This feature empowers sellers to maximize their returns and gives buyers confidence in purchasing vehicles with existing loans."
The loan payoff feature is now live and available on PrivateAuto.com.
About PrivateAuto
PrivateAuto is the first transactional marketplace that simplifies and secures the private vehicle sale process. Founded in 2020, the company provides a self-service platform that enables a safe, simple, and speedy experience for vehicle buyers and sellers. With identity verification, an e-bill of sale, and instant transfer of funds, PrivateAuto sets the standard for peer-to-peer car sales. For more information, visit privateauto.com or follow ( @ ) privateauto on Instagram, YouTube, or LinkedIn.
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