Overhaulin'

how do I sell my car w/ a lien ?

Payment for my loan cannot be made at the bank; has to be mailed. What is the process for transferring ownership while you wait for the bank to process payment and signoff on the title? do i maintain possession of the car until the bank approves? will someone actually give me a check for the car if they can't take possession of it that day? Is this standard procedure?

Public Comments

1. You cant unfortunately or you should not it can cause you bigger problems wait till the bank approves
2. get ahold of the company that put a lien on your car...ask them what you can do..all they're interested in..is getting their money..the sooner the better.
3. Once you have sold the car and received payment and are delivering the car you should both (buyer and seller) sign a sales agreement that states that you will be getting them the title by a certain date. In order to facilitate this call the lender and ask how long it takes to process a lien pay off and receive a title and ask them how to do this the fastest. You don't have to keep the car but you will need to keep the insurance on it until you are sure that it is transferred completely. Don't take a check for the car unless you can go to the bank with them and make sure that you can cash it- there are too many fraudulent buyers out there! Good luck!
4. You have more than 1 question here. I'm not really sure what you mean by "until the bank approves", I'll try.You can only transfer ownership with the use of a clear and marketable title. You may deliver, to a new owner, a car with a lien by issuing a "Letter too Guarantee Title" if it's acceptable to the buyer. Allowing someone to take possession of the car is totally the sellers call. Standard procedure would be for both the buyer and seller to beware and learn a little of who your doing business with. But best to check with an Attorney for legal advise, which known of the above is meant nor warranted to be.