does a car needs to be fully paid before i can transfer ownership to somebody else??
2007-03-02 03:31:23 · 9 answers · asked by Benjaime O 2 in Cars & Transportation ➔ Buying & Selling
yes if your selling it the title needs to be free,and clear of any liens against it other wise you,ll have to go to the lien holder on it,and get them to release the lien on it,before you can sell it,but it can be sold,but make sure you get it cleared or they wont accept it at any and the wont be able to get plates for it,good luck.
2007-03-02 03:39:42 · answer #1 · answered by dodge man 7 · 0⤊ 0⤋
Yes, the lending institution that you have your car loan through has a lein on the title of the car. You have to pay off the loan and have the lein released before you can transfer ownership. Unless the new owner is willing to take over the loan as well. That takes approval from the lending institution. Some lending institutions will not let you do that either.
2007-03-02 03:44:11 · answer #2 · answered by holdemfoldem911 3 · 0⤊ 0⤋
The lein on the vehicle will need to be paid off before the title can be transfered in most states. However, call your loan company and see what they offer for people who want to sell the car. I had done this, and was told that I had to either pay it off OR the person who I was selling it to had to complete the rest of the loan. In my case the person who bought the car gave me the cash and I paid off the bill and handed over the title (because it was my boyfriend) however my loan company did tell me that if the buyer wanted it they woud run a credit check on them and I would need to fill out paperwork for the transfer. It is easier to pay it off first but it can be done.
2007-03-02 03:48:09 · answer #3 · answered by shadowsthathunt 6 · 0⤊ 0⤋
As a former car salesperson, the answer to your question is, yes the car note or loan has to be paid in full because of the lein on the car. The only way you can get around this is if the bank is willing and the prospective buyer is willing to assume the rest of the loan.
2007-03-02 03:38:06 · answer #4 · answered by smartwomen 2 · 1⤊ 0⤋
I'm assuming that you are talking about a leinholder such as a bank or GMAC,etc.If so,the answer is....not really. The bank or Finance co. can release their lein for less than a total payoff but don't bet the farm on it! 99% of the time they will insist on being paid off before releasing the lein on the vehicle.Good luck!
2007-03-02 05:18:26 · answer #5 · answered by Coffeeman 4 · 0⤊ 0⤋
If your bank has the title, yes, it has to be paid off before you can transfer ownership.
2007-03-02 03:38:58 · answer #6 · answered by Anonymous · 0⤊ 0⤋
no the new owner can take over the payments but there is guide lines to that is like your giving the remainder of your loan to the new owner if the bank or where ever you paying off the car sees the new owner isent right to finish paying off the car then your stuck paying it off to make a long story short pay off the car then sell it its more of a headache than what its really worth
2007-03-02 03:41:19 · answer #7 · answered by tom j 2 · 0⤊ 0⤋
yes, unless you want to get ripped off for the money owed never sign the ownership over until you get all of the money ! if you do they now own that vehicle regardless of the money they havn't paid you . i have sold many cars and i have never gave them the ownership until i see all the money ::::::::show me the money! ::::::::
2007-03-02 04:24:47 · answer #8 · answered by Rhonda C 1 · 0⤊ 0⤋
Generally, yes. You cant pass clear title on a car until the lender's lien is satisfied.
2007-03-02 03:37:45 · answer #9 · answered by Anonymous · 0⤊ 0⤋