Selling a car with a lien

[PSPstang]

Have someone semi local wanting to buy my gt500.
I still owe a little money on it and the bank does not have any local branches so payoff would need to be mailed, then title sent to me etc.

I have never sold a car outright without title in hand so figured I would ask what is the best way to proceed? Buyer offered to pay the loan off himself, but I am uncomfortable doing that and would rather pay it myself, get the title, then sign it over.

[mustang50lx]

Have someone semi local wanting to buy my gt500.
I still owe a little money on it and the bank does not have any local branches so payoff would need to be mailed, then title sent to me etc.

I have never sold a car outright without title in hand so figured I would ask what is the best way to proceed? Buyer offered to pay the loan off himself, but I am uncomfortable doing that and would rather pay it myself, get the title, then sign it over.

I would go with what you said. That's the right way. If you tell the bank you need the title ASAP you may be able to pay it off on line or on the phone and have the title shipped out quick. I sold a Fox like that and the bank put a rush on the paperwork for me.

[somethingclever]

I would call the lien holder and ask them how you are to proceed.

[Maxpowers]

Bought my car off a guy who was friends with a car dealer. They did what they do with used cars/trade ins.

See if you can find anyone interested for a small fee.

[SonofaBish]

This can be a total PITA or a total breeze, depending on the institution...

I sold a car with a lien once, which i had financed through a local credit union, and it was easy... they just required the payoff to clear - so if it was a cashier's check, the guy could send payment the day before and they bank would hold the title until he got there the next day....

HOWEVER, i bought a car once wiht a lien, where it was a total nightmare... the guy had financed with a national bank that didnt hold the titles locally... the state of PA allows the bank to hold the title for 20 days (or somethign like that) after the payoff... he didnt have the money to pay it off, so i had to send in the payoff to his bank.... THEN, they release the lien and send the title back to HIM! at which time he has to notarize and sign the title and mail it to me.... it was quite nerving to say the least.......

definitely call the bank and find out what their policies and procedures are.

[wick]

I would call the lien holder and ask them how you are to proceed.

Took the words right out of my fingers.

[PSPstang]

Yeah sounds like a pita. I have the funds to pay the car off in full sitting in the bank but don't want to withdrawal them unless I know the cars 100 percent sold. I may end up doing that now anyways just to make things easier.

[SonofaBish]

Yeah sounds like a pita. I have the funds to pay the car off in full sitting in the bank but don't want to withdrawal them unless I know the cars 100 percent sold. I may end up doing that now anyways just to make things easier.

check with your bank and see how long they'll hold the title... and then make sure the buyer is willing to wait that long....

I paid off my Lexus 1 year after buying it (cash), and i think they held the title for quite a while... it definitely took 3 weeks or more to get it in the mail....

[ccoyle0103]

Bank has to electronicly apply for the title from the state upon pay off. The state has 10 business days to get the bank the title. Once the bank has the title the lien has to be varified as being paid off and the title has to be signed by a loan officer at the bank. Then the title can be sent out....I have seen this take as many as 20+ days to get the title to you....I've seen this alot as a Notary and DMV agent...