Posted: 4/27/2016 9:16:26 PM EDT
| I'm trying to sell my truck which has a lien on it. It isn't financed through my bank but rather Nissan Finance. If someone buys it and pays with a cashiers check will they make the check out to the finance company or to me and then I pay it off? The truck is on ebay so the buyer does have some protection but I feel like it might be odd for someone to send me a large amount of money and trust me to pay the truck off. |
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Normally they pay you, you send it to whoever has the lien, they then release it to you.
Also make sure you call them and ask for a 5 day payoff number or however many days it will take you to get them the check. Most of the time I go 15 days. Other wise you call and they say well today the payoff is $75,000. You mail them the check. They don't issue title because in those 5 days $9 in interest accumulated that wasn't figured in the payoff number you asked for. One problem is some states require them to have the title to register the truck. They will have to wait until they have the title in hand to get registration. Good luck. You may end up taking it to a dealership and losing a few thousand by selling it to them, just because they understand the whole lien thing. |
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Most individuals with any financial savvy at all aren't going to purchase a vehicle unless they receive a clean title when the money changes hands.
If you thought you could move the truck fast enough, you could pay off the remaining debt with a credit card in order to get the title and then pay it off once you sell the vehicle. You could also get a loan from a bank and offer a different vehicle as collateral and then do the same thing. |
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Quoted: I'm trying to sell my truck which has a lien on it. It isn't financed through my bank but rather Nissan Finance. If someone buys it and pays with a cashiers check will they make the check out to the finance company or to me and then I pay it off? The truck is on ebay so the buyer does have some protection but I feel like it might be odd for someone to send me a large amount of money and trust me to pay the truck off. To be above board, they need to make a check out to the lienholder for the amount of the lien and a check to you for the balance of the price. Until the lien is satisfied - and you have a release in hand - you can't get a clear title. You could pay the lien off yourself but cashing the buyers check and then sending payment might delay getting the release so that you can convey clear title. If you financed the truck new you wont have a title anyway. If you have a title with the lien noted on the back then the buyer can buy it with the outstanding lien and satisfy the lien himself, but I wouldn't turn loose of a vehicle until my name was off of it. If he never satisfies the lien and goes out and totals the truck...your still on the hook for the lien. Personally, I wouldn't buy a vehicle without a clear title.  |
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Quoted: Done all the time. Notarized bill of sale, buyer pays you you pay bank off. I have done it 3 times in the past 2 yrs and nobody bitched, whined or walked away because I had a lein. |
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Quoted:
Most individuals with any financial savvy at all aren't going to purchase a vehicle unless they receive a clean title when the money changes hands. If you thought you could move the truck fast enough, you could pay off the remaining debt with a credit card in order to get the title and then pay it off once you sell the vehicle. You could also get a loan from a bank and offer a different vehicle as collateral and then do the same thing. Well I don't have a credit card with a $29,000 limit so there's that. |
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Quoted:
Most individuals with any financial savvy at all aren't going to purchase a vehicle unless they receive a clean title when the money changes hands. If you thought you could move the truck fast enough, you could pay off the remaining debt with a credit card in order to get the title and then pay it off once you sell the vehicle. You could also get a loan from a bank and offer a different vehicle as collateral and then do the same thing. That's why I figured they'd pay the title holder so they know it was cashed by them but then. |
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Quoted:
Well I don't have a credit card with a $29,000 limit so there's that. Quoted:
Quoted:
Most individuals with any financial savvy at all aren't going to purchase a vehicle unless they receive a clean title when the money changes hands. If you thought you could move the truck fast enough, you could pay off the remaining debt with a credit card in order to get the title and then pay it off once you sell the vehicle. You could also get a loan from a bank and offer a different vehicle as collateral and then do the same thing. Well I don't have a credit card with a $29,000 limit so there's that. If you really need to get rid of the truck, perhaps a second mortgage or home equity line of credit is in order. |
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Quoted:
If you really need to get rid of the truck, perhaps a second mortgage or home equity line of credit is in order. I don't have to get rid of the truck, I just want something different. No big deal if it doesn't sell. Quoted:
Quoted:
Quoted:
Most individuals with any financial savvy at all aren't going to purchase a vehicle unless they receive a clean title when the money changes hands. If you thought you could move the truck fast enough, you could pay off the remaining debt with a credit card in order to get the title and then pay it off once you sell the vehicle. You could also get a loan from a bank and offer a different vehicle as collateral and then do the same thing. Well I don't have a credit card with a $29,000 limit so there's that. If you really need to get rid of the truck, perhaps a second mortgage or home equity line of credit is in order. I don't have to get rid of the truck, I just want something different. No big deal if it doesn't sell. |
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Quoted:
That's why I figured they'd pay the title holder so they know it was cashed by them but then. I suppose if you found the right buyer you could make it work. The problem you run into is that given the same asking price on similar vehicles, for most people it's just not worth the hassle and risk to purchase a vehicle without a clear title in hand. |
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Quoted: Done all the time. Notarized bill of sale, buyer pays you you pay bank off. I have done it 3 times in the past 2 yrs and nobody bitched, whined or walked away because I had a lein. This is not rocket science , and there are some fucking retarded posts in this thread |
| VA has an electronic title release. As soon as the lein is released the title is transferred to DMV location of choice in 3 hours. Sign title and hand it over with the truck. It's easy as pie and done all the time. I've bought a few vehicles with leins but they were mostly local. |