Overhaulin'

how to sell car with lien?

Car value is listed at $9,200.00. I owe financing company $3,200.00. I can not pay off car loan without money from car sale, but I can not get or transfer title until I pay off. Is this a catch 22, or is there a way around it?

Public Comments

1. you can try going to the lender with your buyer and process the title transfer paper work there at the same time paying the lien off. most lenders have the necessary paperwork to do that. note on Norm's comment: yes you could just trade it in and it's much easier. problem with that is you are nto going to earn what your car is worth. the dealer will never pay you what you want for the car. in fact in my experience, they'll offer you a laughable amount for your car. i was gonna trade my car in which was worth $17500 according to kelly blue book, the dealer wanted to give me $13000 for it. a previous experience i was selling an $11k car according to kelly blue book and the dealer offered $7900. if all else fails and you just want the easier way out, go see a dealer.
2. Are you going to replace it? If so, trade it in and the dealer will pay off your lien.. Norm
3. Most lenders have the necessary paperwork to do that.If so, trade it in and the dealer will pay off your lien. -------------------------------------------------------------------------------------- www.taradnews.com
4. Here's how it works. You find a buyer for your car. Let's say the buyer agrees to pay $9200. Both you and the buyer go to your bank. The buyer writes two checks, one to the bank for $3200 and another to you for $6000. The bank gives you the title with the lien removed. You sign over the title to the buyer. The buyer then goes to the DMV and has a new title issued and a new registration. Done.