4pumpedCL

Anyone have any suggestions as to the best way to sell a call that you still owe money on? I have a friend selling a car, the finance company is an out of state company. I know he has to pay off the loan amount and he will get a lein release, but I can't see a potential buyer giving him a check, then waiting for the bank to release the lein before they can get a clean title. Is there a good way to go about doing this? Thanks in adavance.

-Aaron

jupitersolo

There's a thread about this in car talk. Might be some help..

https://acurazine.com/forums/car-talk-5/can-you-sell-car-hasnt-been-paid-off-yet-364403/

Bilybobjef

I just went through this and here is what I did

Buyer decided they wanted the car after an inspection
Dropped the car off at their place with a bill of sale filled out, they gave me a check for the agreed upon amount
I deposited the check and will be paying off the car tomorrow at the bank (who also holds titles out of state)
When the title comes I will sign it and send it to them overnight.

Both of us were fine with this process, just took me a while to find the buyer.

Shadzilla

I just did the same thing last week as well. Fill out a bill of sale, get the check (my buyer actually came to the bank with me to pay off the loan), drive the car to the buyers house, and remove the plates. Once you get the title, hand it over.

I told the bank it was an emergency and that I needed the title as soon as possible, so they sent a lein release electronically to the DMV, and I had a clean replacement title in my hands 24 hours later.

04acura tl

my buyer sent the check right to the bank and gave me a check for the difference. The title came to my house and then I sent it to him.

Eggplant-EX

I bought a motorbike with a lien from a Bank. I went with the seller to his Bank, paid off his bike and gave him cash for the difference. I would not risk buying with Seller giving me a Bill of sale. Just not worth it having problems once the money has been handed over.

3.2CLS

Just went through this a few months ago. Offer to drop the car off at the buyer's house with keys/bill of sale/etc, then have them give you the check for the lein amount (basically the same as a deposit), clear it, get the title, then have them pay the rest of it. I bought a car this way and it was no problem at all.