Anyone here sold or bought a car/truck from private owner /w a leinholder

Discussion in 'Trucks and Trailers' started by ATL Lawn, Jul 8, 2007.

  1. ATL Lawn

    ATL Lawn LawnSite Senior Member
    Posts: 318

    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
     
  2. grassmanak

    grassmanak LawnSite Senior Member
    Posts: 792

    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
     
  3. SiteSolutions

    SiteSolutions LawnSite Bronze Member
    Posts: 1,114

    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.
     
  4. LindblomRJ

    LindblomRJ LawnSite Silver Member
    Posts: 2,570

    Usually there is some form a lein release. The finance company should be able to provide all the details.
     
  5. ATL Lawn

    ATL Lawn LawnSite Senior Member
    Posts: 318

    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...
     
  6. capelawncare.com

    capelawncare.com LawnSite Fanatic
    Posts: 8,136

    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.
     
  7. SiteSolutions

    SiteSolutions LawnSite Bronze Member
    Posts: 1,114

    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.
     

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