How does selling a car with a lien work?
#3
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Just make sure you get enough to pay off the loan. The bank where you have the loan will get a check cut specifically for them, then another check for the remainder will be cut for you. Example...
I sold my TA for $9500. I owed around $2000 for it. The buyers bank got the payoff amount from my bank and sent them a check for the $2000 to pay it off. The buyers bank cut me a check for the remainder, which was $7500. It was very simple. It worked the same way when I got the Cobra. Your bank will pretty much do the dirty work for you once you find a buyer.
Hope that helps.
I sold my TA for $9500. I owed around $2000 for it. The buyers bank got the payoff amount from my bank and sent them a check for the $2000 to pay it off. The buyers bank cut me a check for the remainder, which was $7500. It was very simple. It worked the same way when I got the Cobra. Your bank will pretty much do the dirty work for you once you find a buyer.
Hope that helps.
Last edited by hepcatws6; 03-06-2008 at 10:01 PM. Reason: Add more details
#4
My understanding is the bank is holding the title until the loan/lien is paid off. Due to this the buyer could have a bill of sale for what they paid for the car but couldn't recieve the title and or be able to register the car until the lien was paid off.
Take it easy
Brewski
Take it easy
Brewski
#5
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My understanding is the bank is holding the title until the loan/lien is paid off. Due to this the buyer could have a bill of sale for what they paid for the car but couldn't recieve the title and or be able to register the car until the lien was paid off.
Take it easy
Brewski
Take it easy
Brewski
#6
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Depends how the buyer is going to pay for it.
Anyway... Here's how I did it with a buyer from this board a little while ago:
1. Buyer checked the car and we agreed on a price.
2. I obtained payoff info (amount, payoff address etc.) from my bank.
3. His bank sent the payment to my bank.
4. My bank sent the title to him/his bank.
5. We met again and I handed him the keys.
This happened because both of us were in it with honest intentions, of course.
Anyway... Call your bank and get the instructions from there. Different banks might have different procedures. That's the best way for you to find it out.
Anyway... Here's how I did it with a buyer from this board a little while ago:
1. Buyer checked the car and we agreed on a price.
2. I obtained payoff info (amount, payoff address etc.) from my bank.
3. His bank sent the payment to my bank.
4. My bank sent the title to him/his bank.
5. We met again and I handed him the keys.
This happened because both of us were in it with honest intentions, of course.
Anyway... Call your bank and get the instructions from there. Different banks might have different procedures. That's the best way for you to find it out.
#7
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Depends how the buyer is going to pay for it.
Anyway... Here's how I did it with a buyer from this board a little while ago:
1. Buyer checked the car and we agreed on a price.
2. I obtained payoff info (amount, payoff address etc.) from my bank.
3. His bank sent the payment to my bank.
4. My bank sent the title to him/his bank.
5. We met again and I handed him the keys.
This happened because both of us were in it with honest intentions, of course.
Anyway... Call your bank and get the instructions from there. Different banks might have different procedures. That's the best way for you to find it out.
Anyway... Here's how I did it with a buyer from this board a little while ago:
1. Buyer checked the car and we agreed on a price.
2. I obtained payoff info (amount, payoff address etc.) from my bank.
3. His bank sent the payment to my bank.
4. My bank sent the title to him/his bank.
5. We met again and I handed him the keys.
This happened because both of us were in it with honest intentions, of course.
Anyway... Call your bank and get the instructions from there. Different banks might have different procedures. That's the best way for you to find it out.
Bank procedures won't differ that significantly.
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#9
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Thats true, but I think we can all agree that overall it was a pretty painless experience.
Last edited by hepcatws6; 03-06-2008 at 10:31 PM. Reason: Corrections