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Posted: 4/12/2006 11:06:51 AM EDT
Well, I need to get rid of my GTO. Dealerships aren't going to give me anywhere near what it's worth and that won't pay it off. I can sell it outright and get more that what I need for it. The only problem is, GMAC still has a lein on the title. It will take about a week after they receive the payoff to get them to sign off on it. When some one buys it, will they be willing to wait that long to get a clear title? Will thier bank be willing to wait? Any advice is appreciated.

Thanks,
Kris
Link Posted: 4/12/2006 11:17:14 AM EDT
you had better wait.

unless the buyer is completely gullable, an idiot, or a trusting friend they're not going to buy a vehicle without a clear title.

at least I wouldn't unless you had some pretty rock-hard supporting evidence.


Link Posted: 4/12/2006 11:19:56 AM EDT
pay it off first
Link Posted: 4/12/2006 11:20:09 AM EDT

Originally Posted By rob78:
you had better wait.




Yeah! Wait til it's paid off. Then sell it!
Link Posted: 4/12/2006 11:21:13 AM EDT
Is the buyer paying cash?

If he is financing, just let his bank handle everything.
Link Posted: 4/12/2006 11:21:50 AM EDT
Can't you just take the buyer to the nearest GMAC office to pay it off? GMAC will just sell it to the buyer that way. Well, I assume that'll work. It wasn't GMAC but I've bought cars that way twice. Call GMAC and ask how to do it.
Link Posted: 4/12/2006 11:22:56 AM EDT

Originally Posted By 3rdStreet:
pay it off first



Because I have $20k just sitting around.
Link Posted: 4/12/2006 11:24:26 AM EDT

Originally Posted By rob78:
you had better wait.

unless the buyer is completely gullable, an idiot, or a trusting friend they're not going to buy a vehicle without a clear title.

at least I wouldn't unless you had some pretty rock-hard supporting evidence.





I spoke with GMAC. They said to have the buyer send the check from the bank directly to GMAC with the title. GMAC will send them the title back signed off. Anything over the amount owed, GMAC will send back to me. Sounds simple enough?
Link Posted: 4/12/2006 11:25:42 AM EDT

Originally Posted By shop_rat45:

Originally Posted By 3rdStreet:
pay it off first



Because I have $20k just sitting around.



Banks do this everyday....no reason to pay it off, then sell. Let his bank take care of everything.

GMAC will draft his bank for the money and the new lein holder will do the title work.
Link Posted: 4/12/2006 11:27:59 AM EDT

Originally Posted By krpind:

Originally Posted By shop_rat45:

Originally Posted By 3rdStreet:
pay it off first



Because I have $20k just sitting around.



Banks do this everyday....no reason to pay it off, then sell. Let his bank take care of everything.

GMAC will draft his bank for the money and the new lein holder will do the title work.



So just pass the work onto the buyer? Sounds good to me. Thanks
Link Posted: 4/12/2006 11:34:07 AM EDT

Originally Posted By krpind:
Is the buyer paying cash?

If he is financing, just let his bank handle everything.


+1
Link Posted: 4/12/2006 11:38:06 AM EDT

Originally Posted By shop_rat45:
So just pass the work onto the buyer? Sounds good to me. Thanks



Yup! But you don't get the money, Jethro! You get anything over the outstanding balance on your loan. GMAC won't lean release until the balance is satisfied.

Link Posted: 4/12/2006 11:47:32 AM EDT
I thought this was going to be a question about how to sale it if the lien holder wouldn't agree to release the lien. I have a couple of 18 year-old work trucks that have that problem.z
Link Posted: 4/12/2006 11:49:45 AM EDT
Best advice I've read on Arfcom yet...

kudos to you.

Link Posted: 4/12/2006 12:00:56 PM EDT
[Last Edit: 4/12/2006 12:02:47 PM EDT by tripledouble]
What's your next car?
Link Posted: 4/12/2006 12:07:02 PM EDT

Originally Posted By tripledouble:
What's your next car?



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