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View Full Version : Anyone here sold or bought a car/truck from private owner /w a leinholder


ATL Lawn
07-08-2007, 08:08 PM
Anyone here sold or bought a car/truck from private owner who still had a lineholer to pay off?


How you guys handle that?

Would that scare you off from buying a car?


I'm thinking of selling my truck (and getting a bigger one)
i have a lienholer, but wanted to know would that scare off buyers?

Thanks

grassmanak
07-08-2007, 08:27 PM
no, its easy, just depends if the buyer is paying cash or financing and things like that the buyer will want to contact the lienholder

SiteSolutions
07-08-2007, 11:37 PM
I sold a car while I still owed money on it. A properly written bill of sale is important, of course, but it's a common enough practice.

LindblomRJ
07-08-2007, 11:47 PM
Usually there is some form a lein release. The finance company should be able to provide all the details.

ATL Lawn
07-09-2007, 01:10 AM
I sold a car while I still owed money on it. A properly written bill of sale is important, of course, but it's a common enough practice.

I guess what i really wanted to know was. did the person just hand you the entire amount in CASH? (or check), or did they write the check to the lienholder(bank) and the other half to you? ect...

capelawncare.com
07-09-2007, 02:02 AM
WHen you reach an agreement for the sale of your vehicle, You need to contact your bank and request an exact payoff amount.

Make sure you find out long the payoff is good for. and find out what the per diem is.

I would have the buyer send certified funds to the bank for the pay off, and pay you with certified funds as well.

SiteSolutions
07-09-2007, 09:24 AM
I guess what i really wanted to know was. did the person just hand you the entire amount in CASH? (or check), or did they write the check to the lienholder(bank) and the other half to you? ect...

Yeah, that made me nervous. They wrote me the check, and I carried my butt straight to the bank and paid off the car. I guess if you don't know the person, it would be wise to meet at the bank (if it's a bank that has financed the car) so you can watch them pay it off.

So, the buyer had to trust me that I would take his check to the bank and pay off the car; I had to trust him that his check was good.