Cars with Liens on title

[Adltdrvn]

Has anybody here been in a transaction where the car they were buying or selling still had a lien on it? How did it go?

I remember seeing a couple of ads where people mentioned how much they still owed on the car...

 

[Johnny_Blaze]

Buying a car with a lien means you have to pay the person, who will then pay the lien holder. Once this is done the title is clean and can transfer.

Selling a car with a lien means you will receive payment from the buyer, and then you will need to pay the lien holder to release the title.

 

[TransAxle]

basically you need a power of attroney by the bank, that way the bank can deal with it all! at least thats what i did when i sold my last car, made things much easier!

 

[Adltdrvn]

Thanks guys.

I'm weighing my options on what to do with my car. I love it, but ever since my son was born, I never drive it.

I have an 03 Oxford White that I owe money on and would rather not use my home equity to clear the title just to sell the car.

 

[thomas91169]

if the buyer goes through his bank its the easiest process in the world (if the banks arent inept). Most will have to go through their bank or a lender anyways, as im sure not many have the ability to pay for a terminator cash.

Basically bank A buys car from bank B who is the lein/title holder. its pretty easy, ive done it numerous times and will likely do it again in the future. I use Golden One CU for my auto loans and they are pretty awesome and easy to deal with.

 

[warmouth]

You can also pay the lienholder directly referencing the account. This will pay off the car, give the buyer any cash back and the bank will send the title to the original seller. I have done this several times.

 

[Jomo1994z71]

Once the lien is lifted...the bank will release the title...takes a week or two in my experience

 

[BelvedereGTX]

+1 when i sold my 03 cobra i still owed 10k on it. the guy who purchased it here from svtp wired me the sale price to my bank account, then i payed the car off. he still sent a transport up to get the car even before he got the the title. title didnt come for another week and a half

 

[Adltdrvn]

Good info here. Thanks again.

+1 when i sold my 03 cobra i still owed 10k on it. the guy who purchased it here from svtp wired me the sale price to my bank account, then i payed the car off. he still sent a transport up to get the car even before he got the the title. title didnt come for another week and a half

Wow! He's a trusting person. Was anything signed before he wired the money?

 

[slednex11]

ok maybe you guys can help me out a lil bit too im from canada and wanting to buy a term and i need the title and registration but why would i need your registration see up here i can buy any vehicle with a lein no problem cuz when buying a car here and their is a lein on it you just make the cheque/money order to the bank and seller then the bank pays the remaining loan and gives the left over to the seller and our registration is our title cuz our insurance is goverment insurance so when i plate my car to drive it its also my insurance so wht would i need your registration cuz to you guys its just your insurance???? i dont understand