0
Of course you would give notice to the buyer that there is a default of the car loan in effect. To not give notice to the buyer would constitute fraud. You must be able to pass clear title to the buyer. If there is a car loan in effect the lender must have possession of the title. The buyer should contact the lender for a payoff figure and to arrange to have the loan paid off in order to receive CLEAR TITLE on the vehicle. You may not receive any of the proceeds of the sale if you owe the bank as much as the price the buyer is willing to pay.
What else can I help you with?
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.
What to do when you sell a car with the title being in pawn?
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.
Where can sell a used car when it's financed?
You cannot sell a car with a lien against it without getting a lien release from the lender. To do otherwise is illegal.
Can you legally repo a car that is not in your name if you have a contract?
yes If you are on the title as lien holder. If not, you will need to go to court and show that the person with the car has defaulted on the contract.
How can you get your car back you leased to a former friend that defaulted on the payment?
Hopefully, you had the good sense to put a lien on that vehicle. You can have a recovery agent repossess the car.
Can a dealership sell you a car with a lien on it?
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 do you sell your car with you being the leinholder?
How can you be the lien-holder of your own car.
How can i sell my car if a lien on it and the dealership is out of business?
To sell your car with a lien, first, contact the lienholder to understand the payoff amount and process for releasing the lien. You can sell the car privately, but ensure the buyer is aware of the lien; they may need to pay the lienholder directly to clear the title. Alternatively, you can pay off the lien yourself to obtain a clean title before selling the car. If the dealership is out of business, check if they filed for bankruptcy, as this could affect the lien status.
Can you junk a car without the key or a tittle loan?
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.
Can you sell your car if there is a tax lien on it?
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.
Do I inherit a debt if the car I bought had a lien on it?
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.
What happens to a lien on a house after it expires?
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
