Selling a car with a lien on it

10

Asked by Oct 08, 2016 at 09:38 AM about the 2010 Ford Mustang GT Premium

Question type: General

I am in the position of needing to sell my car but I have a lein on it and need
the purchase to close the lien.  How can I do this?

3 Answers

35

You have to pay the lien off first to get the title as you know. I sold a car like that and the buyer wrote me 2 checks, one to pay the lien off made out to the lien holder and the balance to me. I paid the car off then and had to wait a few weeks for the title, or if their local just go there directly to pay it off.

3 out of 3 people think this is helpful.
10

Thank you for your answer it was very helpful

1 out of 1 people think this is helpful.
59,205

To make a prospective buyer more comfortable you can also draw up a simple agreement stating that you will immediately pay off the loan balance and upon receipt of the title immediately surrender the title to the buyer signed and ready for them to transfer into their name. Make two copies, one for you and one for the buyer. You'll both sign both copies. Good luck with the sale! HTH. -Jim

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