Overhaulin'

I want to sell my car, which has a lien on it...how?

I have a car which was used against a loan I co-signed for. The car is a 1987 Mazda RX7 and is not in great shape, but would still be valuable enough to an RX7 enthusiast, seeing as the engine was rebuilt and the tranny is still good. The loan the car was used as collateral again has about $1800 remaining on it, but I know if I sold the car I could not fetch that amount of money. I figure I would be able to realistically receive around $1000 for the car. So, my question is: How do I sell this car? Do I have to pay off the $1800 first, or will the proceeds from the sale of this car have to go directly to the finance company that holds the lien? Will I have to contact them directly before the sale of the car or will the D&V office automaticall collect on their behalf? Any information would be greatly appreciated. I live in Ontario if that helps break down the question a bit further.

Public Comments

1. unfortunately you can't sell anything that has a lien attached. legally the title to your car isn't yours. There is no way to get around this until you payoff the loan. You can be sued for selling a car that has a lien on it. What happens is the buyer pays for the car and then finds out about the lien and then knows the car doesn't belong to him or you. That makes a buyer pretty angry,because it is deceptive. I hope I have helped you
2. You need to pay the car off first. Then sell it... or if you can find someone to sell it to thats kinda close for 1000 bucks, then you cough up the 800 dollars and go pay it to the lender you owe the money too. They will send you a new clear title in two weeks, then sign the title over to the guy who gave you 1000 bucks. Thats the best you can do but most people wont try to pay for a vehicle that isn't paid off. They dont want you to take thier money and run. However, you can take them with you to the bank or lending office and pay it off in front of him ...with his 1000 and your 800 and sign a reciept that you are selling him the car for 1000 dollars that he has already paid. Then have it notorized by your lender or bank employee.
3. You will have to pay off the lien from the proceeds of the sale,in your case you will still owe 800 to the loan company.No way out that is why it is called a lien,you do not have a clear title to the car.
4. get full coverage..then pay a crackhead 20 bucks to total it for you
5. To start with, I don't know why there is a lien on your car if you were only the co-signer. But it indeed there is, go talk to the primary of the loan, the person you co-signed for, and tell them it's time they paid off their loan because you want to sell your car. Hopefully they will, the lien will be released, and you can then sell your car.