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Selling a car with a lien private party

 
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eedna
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Joined: 23 Jun 2009
Posts: 104

PostPosted: Mon Mar 23, 2015 10:08 am    Post subject: Selling a car with a lien private party Reply with quote

I'm looking into selling one of my cars (never done this before) and have hit a bit of a roadblock, was hoping maybe somebody could help me out.

I owe more on the car than it is worth, however I have cash to make up difference between the lien amount and the sale price but not to pay it off. According to the bank, it could take up to 2 weeks for me to get the title to sign it over after it's paid off. So essentially I have to convince someone to write me a 6 figure check and then wait 2 weeks while the bank sends me the title. I have a difficult time believing that will be possible let alone easy, even if I let them take possession of the car between sending the money and getting the title.

Have any of you had any experience with this kind of situation before? What's the best way to deal with it?
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bond007
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Joined: 27 Oct 2011
Posts: 110
Location: Chapel Hill

PostPosted: Mon Mar 23, 2015 5:12 pm    Post subject: Reply with quote

Notarized bill of sale / purchase agreement. You hand over car keys and possession of the car when he hands over the money at the bank and have the bill of sale/agreement notarized there. I would also get proof of insurance and have them get temp tags if at all possible.

This came up from google:
http://www.carsdirect.com/sell-cars/how-to-sell-a-car-when-the-bank-has-the-title
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fanta4
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Joined: 27 Oct 2004
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PostPosted: Mon Mar 23, 2015 5:55 pm    Post subject: Reply with quote

Exactly what bond007 said. I sold a car last year with a lien from Carmax. We met at Carmax, had the bill of sale notarized, owner paid me cash which I used to pay off my loan. New owner drove off and used my plates until the title arrived. Title took 2 weeks to arrive in my possession at which time I arranged to meet the owner at DMV to sign everything over to him. It took a lot of trust on both sides, but fortunately it worked out. Good luck.
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