I am selling a vehicle my husband and I purchased a while back. When we had bought it, we had a loan. So, naturally, the title says there is a lien. The car is paid off and we never recieved a new title. Can I still sell the car? As some of you may know, this is not my expertise.
2007-06-06 17:53:05 · 4 answers · asked by amandaberry26 2 in Cars & Transportation ➔ Buying & Selling
If the car is paid off, you need to get a release of lien statement from the bank. That with the title should be enough to transfer the title to a different owner.
2007-06-07 04:22:44 · answer #1 · answered by Jay P 7 · 0⤊ 0⤋
Without a written contract stating something to the contrary, the ownership of the vehicle is with the current lien and title holder. From your statements, they agreed to give you the vehicle for a price, which you could pay in installments. This is the same as going to buy a vehicle off the lot, if you think about it. You cannot take the vehicle off a commercial lot until the value is paid in full (either by you, or through a third party who loans you the money and thereby pays the lot owner). The owners of the RV are completely within their rights to withhold title as long as there is money owed them. To obtain use of the vehicle earlier, consider obtaining a small bank loan to complete the payment ... then you'll owe the bank instead. You may have to put up something for collateral, depending on your credit rating ... and it cannot be the vehicle you are trying to obtain.
2016-05-18 21:31:14 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Where ever you paid off the loan they should have given you a piece of paper that says on it release of lien. That alone with the title is enough to fix the issue. Give them both to the buyer after you photo copy them for your records. Remember to copy the front and the back of the title showing the transfer inormation, mileage and date. If there is an issue later you can prove you sold it and to whom. You were supposed to take this release paper and your title to dmv and have them issue you a new "clear" title. If you do not have such form call the finance company and they will send you another. The only thing they should need is your account number and or the 17-digit vehicle id number of your car.
2007-06-06 17:58:17 · answer #3 · answered by asccaracer 5 · 0⤊ 0⤋
Check with the DMV. They will collect any unpaid fees. You may need to get in touch with the lender, to give a payoff letter; the DMV will tell you what they need.
2007-06-06 17:56:59 · answer #4 · answered by Anonymous · 0⤊ 0⤋