Hey guys, I'm wandering if anyone on here has previously sold a car that had a lien on it? I'm considering selling the Z and I have a loan on it.

If anyone has done this, please let me know what steps you went through? I dont understand how a buyer would trust you to take their money and then wait around for the title to be handed to them a week or two later.

Any info/advice is appreciated!

 

I am a car salesman, so pm me and I'll square you away.

 

I would not buy a vehicle with a lien but...

...the buyer purchases the car from the lien holder.

 

call up a local dealership, talk to a used car manager, ask if they can do an "IN and OUT" for you and how much they charge...then you take the car in, they buy it from you, and get the other person signed up, financed or whatever...then they will cut you a check after everything clears...and they'll handle all titling paperwork...

 

I just took the purchaser with me to the lien holder (in my case a credit union). The purchaser paid off my lien, and I pocketed the difference. It took about an hour to get everything squared away.

 

+1, go to the bank with the buyer or let the dealer take care of it. I would opt for option #1 as the dealer will rape your a$$ on a trade!

 

that's what banks are for.

 

+1

 

yeah selling it outright is the only way I'm doing this, so trade in is not an option ...

my *** still hurts from the last few trades-in's i've done in the past

 

Wow Ztalker, thanks for the info! So informative!

 

dealer is not gonna rape your a$$ on the trade because you've set the selling price with the guy already...for paperwork purposes, they will buy the car in at the price agreed between the 2 parties, and they will charge a fee, usually $300-$500, to do the loan and paperwork...you're not trading in a car, you're just paying them to do your legalities...

 

OUch!? So I'm thinking about trading in the Z for a brand new G coupe late next year. Some tell me to sell it, but I don't want to deal with calls if someone starts b!tching about every lil problem that creeps up (we all know this as owners). I'd rather trade it in for some value (KBB $17k at best right now) and not deal with buyer problems. Eh?

 

1) Find a buyer

2) Agree on a price

3) When your buyer gets his loan, his bank pays your bank, your bank releases the title and cancels teh lien, and you keep the difference.

Really, nothing to it. Its done all the time.

bill

 

1) I had the new owner cut a check to the lien holder for the balance of the loan and another one to me for the difference.
2) Had the new owner send the check to the bank to get his owner cert (pink slip) He was a cash buyer.

Another time:
1) Had the new owners bank cut a check to the previous bank for the cert.
2) Had the new owners bank cut me a check for the balance. Done Deal.

It's not the previous owner that you need to trust when buying or selling a car. It's the bank. If you can't trust the bank for the title your in real trouble.

It's nothing but a thing .....

Good luck.