How to sell a car with a lein on it?

[ARCHIVED THREAD] - How to sell a car with a lein on it?

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

Posted: 4/12/2006 11:17:14 AM EDT

[#1]

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.

Posted: 4/12/2006 11:19:56 AM EDT

[#2]

pay it off first

Posted: 4/12/2006 11:20:09 AM EDT

[#3]

Quoted:
you had better wait.

Yeah! Wait til it's paid off. Then sell it!

Posted: 4/12/2006 11:21:13 AM EDT

[#4]

Is the buyer paying cash?

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

Posted: 4/12/2006 11:21:50 AM EDT

[#5]

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.

Posted: 4/12/2006 11:22:56 AM EDT

[#6]

Quoted:
pay it off first

Because I have $20k just sitting around.

Posted: 4/12/2006 11:24:26 AM EDT

[#7]

Quoted:
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?

Posted: 4/12/2006 11:25:42 AM EDT

[#8]

Quoted:
Quoted:
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.

Posted: 4/12/2006 11:27:59 AM EDT

[#9]

Quoted:
Quoted:
Quoted:
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

Posted: 4/12/2006 11:34:07 AM EDT

[#10]

Quoted:
Is the buyer paying cash?

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

Posted: 4/12/2006 11:38:06 AM EDT

[#11]

Quoted:
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.

Posted: 4/12/2006 11:47:32 AM EDT

[#12]

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

Posted: 4/12/2006 11:49:45 AM EDT

[#13]

Best advice I've read on Arfcom yet...

kudos to you.

Posted: 4/12/2006 12:00:56 PM EDT

[#14]

What's your next car?

Posted: 4/12/2006 12:07:02 PM EDT

[#15]

Quoted:
What's your next car?

Equinox

[ARCHIVED THREAD] - How to sell a car with a lein on it?

General » General Discussion

Win a FREE Membership!

Sign up for the ARFCOM weekly newsletter and be entered to win a free ARFCOM membership. One new winner* is announced every week!

You will receive an email every Friday morning featuring the latest chatter from the hottest topics, breaking news surrounding legislation, as well as exclusive deals only available to ARFCOM email subscribers.

Warning

Confirm Action

About AR15.COM

Stay Connected

Newsletter

Contact Us