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You (the person who still owes on the car) needs to get a payoff from your lienholder (company you are making payments to). The loan needs to be paid off (paid in full) before the lienholder will release the loan and title. If you are selling the vehicle for less than what you owe, you will need to come up with the difference. If you are selling it for more than what you owe, the lienholder will send the profit to you once the loan is paid in full. Your buyer(s) should make their payment out directly to your finance company for the full agreed dollar amount you are selling the vehicle for. The finance company will then release the title back to you (with any overage of payment) and you will need to sign off on it and present to the buyer(s). The buyer(s) then take that "clear" title to their Department of Motor Vehicles and get a title issued in their name. Be sure to get a bill of sale that both parties sign. Also, make copies of EVERYTHING just in case there is a discrepency between you (the seller) and the buyer(s). It is a slightly longer process when there is a lien involved, with with all the T's crossed and I's dotted, it can be done.
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How do i sell a wrecked car i still owe money on?
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.
How can I sell a vehicle in Texas that has a mechanic's lien?
Either pay off the lien and then sell the vehicle, or sell the vehicle and use the money to pay off the lien.
How much can a vehicle be sold for once a lien has been secured?
If you have a lien on your vehicle, you can sell it for any amount. The vehicle is still subject to the lien which means that the purchaser can lose the vehicle if the lien holder collects on it.
Who owns the vehicle you or the lien holder?
Well, you own the vehicle subject to the lien. You cannot sell or refinance the vehicle until the lien holder is paid. If you don't pay the lien, the lien holder can repossess the vehicle. So you own it subject to your paying the loan.
Can you sell a vehicle with a lien on the title?
Legally No. How can you sell something you do not own. As long as there is a lien, you do not own the vehicle outright. Go see the lender and get a lien release, if you no longer have a loan on the vehicle. Remember the lender is part owner of the vehicle until you make that last payment. If you clear the lien buy using the proceeds from the sale, you can guarantee a title within 30 days (required by law) to the new buyer. The lien holder will then release the title.
How long after repossession of your vehicle does the lien-holder have to sell the vehicle?
Forever Adding: I believe the questioner may actually mean to say - does the lien holder have to wait to sell it. Perhaps he doesn't understand that after repossession, it is then "their", that is the lenders, vehicle.
Does this vehicle have a Lien on it?
Does this vehicle have a Lien on it?
Can shop put lien on car if im still payin on it?
In most states a shop can put a mechanic's lien on the vehicle whether you are still paying the note or not. This means that you cannot sell the vehicle until you clear the lien.
Can a tow company sell a vehicle without a pink slip?
In most states, a towing company can sell a vehicle without a pink slip or its title. However, the towing company, in most states, has to first file a lien on the vehicle for the fees of towing and storage. After the term of the lien expires, the towing company can get a title for the vehicle and sell it legally.
How do you file a mechanic's lien for unpaid auto repairs in SC?
You would not usually "file" the mechanic's lien, which arises by law when you repair a vehicle. You can sue the vehicle owner and take and sell the vehicle in the legal process.
How do you put a lien on an auto in the province of BC?
I need to know how to put a lien on a vehicle in the province of BC
How long is a mechanic's lien good in North Dakota?
Until you pay it off. If you try to sell the vehicle, the mechanics lien will prevent you from doing so.
