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I'm going to sell my car to CARMAX, but I have a loan on my car...?

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Old 06-08-2008, 08:24 PM   #1
Junior Member
 
Join Date: Jun 2008
Posts: 2

I'm gonna sell my car to CARMAX, they said they would give me $20,000 for it but I owe $24,000 to the bank. They told me to give them $4,000 cash and my car and I will be done with it so they can get the title.

My question:
Does anyone have any experience with this kind of transaction? I mean do I need any documentation or paperwork to prove that I have paid off my loan so the bank can't come after me anymore?
thanks!
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