If you sell it for the amount owed, it's little trouble. Just send in the payoff amount and a letter requesting release of lien status and the title. Once the financial intitution has finished it's paperwork, you'll get title in the mail (you can request it be sent express, but you'll have to pay for shipping). Then just sign it over to the new owner. If you sell it for LESS than you owe, you'll have to pay off the difference. The buyer doesn't want a car with a lien on it. It doesn't mean you have to pay it off out of pocket; you could use another form of credit (credit card, personal loan from the same bank, home equity loan, etc.). The bottom line is you have to pay off the loan to get the title, and you have to have the title to complete the sale.
You cannot sell a car you have a loan on if the lender has a lien on the vehicle. You will need permission from the lien holder to sell the car. If the lender has no lien on the vehicle then you can sell it if you wish. The title will list any lien holder.
If you sell a car with a lien on it, which is a title pawn. You must pay the lien off before the car is clear and you can get the title back.
You cannot sell a car with a lien against it without getting a lien release from the lender. To do otherwise is illegal.
The question should be. Should you ever buy a car with a lien on it. The answer is absolutely not, no, not if you are smart.
How can you be the lien-holder of your own car.
You cannot sell a car for salvage unless you have the title with you listed as the owner with no lean on the car. If there is a lien on the car you cannot sell it without having the lien removed.
In order to sell your car, you must pay off the lien to the IRS first, or find a buyer who is willing to pay off the lien. Only when the IRS has accepted payment can you or someone else receive Title to the car.
It is illegal to sell a car with a lien on it. If it has a lien you will not be able to register the car in your name. The loan must be paid off and the lien released before you can actually own the car. You may have just got scammed.
well if you have a clean title with no lien on it, then i say sell the car with that title there should be no problem what so ever. i need to know what happens if i sell a car with a lien on the title (auction car) but the lien does not pertain to me, can the car be successfully transferred to another person ? or what do i have to do to remove this lien ? email me - firstname.lastname@example.org
The lain stays with the mortgage. And if the owner of the mortgage does not settle up with the lien holder that person cannot sell their house, car, boat or whatever the lien is on. They have to pay lien first or sell and before they get the money the amount of the lien will be deducted from total sell
No. As long as your car has a lien on it, no deal can be made. The lien in this case is what you owe the impound lot, funds that must be paid to release your car.
At minimum, you must satisfy (pay off) the lien. Talk to a dealership---NOT the one you plan to do business with, but call a different one---they can give you information. When you go to sell the car, keep in mind the lien amount in your overall price you want for the car. Make sure you get paperwork when you pay off the lien.
The repair shop can lien the car and sell it.
Most likely they will take the car and want to sell it to get their money
No, the car has a lien on it. You cannot legally sell without a lien release from the lender. Be careful, you will get into serious trouble trying this. You can sell the car if the lender agrees but if they are trying to repo it i doubt they would agree to a sale at this point.
Because its not your car really its the person/company's car that holds the lien.
does my car have a lien?
Yes, a person can sell a car and remain a lien holder until all the payments are made. This is done once in awhile and works well if you don't have to repossess your car.
In most states a vehicle can be sold if it has a lien on it. However, if the vehicle is sold and the lien is not paid, it is a criminal offense. It is actually theft.
Not unless the title has been cleared by the lien holder.
No, it has a lien on it. You cannot sell it without permission from the lender.
A lien means that someone can seize your property if you do not pay them what you agreed to pay. When banks lend money to buy cars, for instance, they get a "lien" on the car so that the owner cannot sell the car without paying them back.
Yes. The note creates a lien, regardless of whether it is officially recorded on the title. If the lien is not on the title, this will merely create some extra work for the repossessor when they try to sell the car.
The car can be registered in her name with you being the lien holder. After the car is paid for, you can sign the release of lien and the car can then be registered solely in her name.
yep, you should've paid. have fun trying to sell your car.