Overhaulin'

If I am selling a car that I have a lien on and the buyer is taking out a loan as well.?

I dont have the $ to pay off the loan and get the title. Is there a way for the buyers loan company to pay off remainder and get title. So the car can be registered and insured right away. Oh.. Also the buyer has agreed to pay more than I owe. If the lienholder gets the $ what happens to the difference?

Public Comments

1. Yes, people do it all the time. They will take their loan and pay off your bank. You will not get the $, the bank will and the original leinholders name will change to their banks name.
2. if the buyer is willing, take his money, pay off your lien and get him title.
3. Whoever has the lien on your car gets any funds that are generated by the sale of your car. I think you will find that you will not be able to sell it because the title isn't free and clear anyway. I suppose your "buyer" could get a loan of some sort for the full amount of the car, including pay off...he would then send the money to the company that has the lien and pcket the rest. I can't imagine why he would. I wouldn't.