Selling a car without having title in hand. (Bank is lien holder)

[Darius11 12]

After being on hold for more then an hour and going to the RI DMV web site to find out the section I need to research is under construction I figured I should have just made a post here.


How do you go about selling a car that has a lien on it?
The bank will not release the title until they get paid but you can’t sell a car without a title anyone knows how?

I'd rather be hated for who I am, than loved for who I am not." - Kurt Cobain

[Broke 0]

And yet Illeagle aliens can get liscences and register their cars in RI

Divot your source for all things Hillbilly.
Anvil Brother 84
SCR 14192

[sharimcm 0]

Tell the person you're selling the car to that it has a lien on it. Once the loan is paid for, they'll release the title. Piece of cake...

"I had a dude tip his black cowboy hat to me after I provided him with a condom outside my hotel room at 3-something in the morning." -myself

[Darius11 12]

ok cool i just didn't know if that was normal and the buyer would be cool with that.

Thank you.

I'd rather be hated for who I am, than loved for who I am not." - Kurt Cobain

[sharimcm 0]

I sold my 2006 Honda Civic last July without a title in hand. I told the girl it was financed and she'd have to wait a few days for the title. I offered to take her to the bank with me and I would go pay the loan off and pick up the title (some banks won't allow you to pick it up), but she was cool with it. If the person you're selling it to is a shady character, he/she may not want to wait for the title. Good luck!!

"I had a dude tip his black cowboy hat to me after I provided him with a condom outside my hotel room at 3-something in the morning." -myself

[Darius11 12]

thank you

I'd rather be hated for who I am, than loved for who I am not." - Kurt Cobain

[normiss 867]

GOOGLE!!!

[tetra316 0]

I also sold a car last year with a lien on it. The buyer knew that and she got the money through her credit union. So her credit union ended up paying mine and then they released the title. Piece of cake.

[Gawain 0]

Quote

ok cool i just didn't know if that was normal and the buyer would be cool with that.

Thank you.

It's not quite that simple.

Go online, and get a vehicle "Bill of Sale" form. It'll cost a few dollars. On that form, should a part where you note that the title-holder is a third party/bank, etc.

The buyer will need a copy of that, along with your vehicle's registration, as they will not be able to register the car until the title is released.

Plain example:

The buyer pays you, everyone signs the bill of sale, you give the buyer a copy of the bill of sale, current registration, and keys.

You send the payoff to the bank.

Once you receive the title, you sign off on the title to the buyer, and send it to the buyer.

You're done.

Normally, I would cancel the insurance once I know the check has cleared, because then the bank cannot claim that they need to overbill for insurance coverage.

Every state has little differences in the process. But overall, that's what's involved.

So I try and I scream and I beg and I sigh
Just to prove I'm alive, and it's alright
'Cause tonight there's a way I'll make light of my treacherous life
Make light!

[tetra316 0]

Quote

It's not quite that simple.

Go online, and get a vehicle "Bill of Sale" form. It'll cost a few dollars. On that form, should a part where you note that the title-holder is a third party/bank, etc.

In Oregon at least it was simple. The forms are free online or at your local DMV. You have a few weeks to actually register the car after you buy it, I think it was 30 days and with my insurance you still have a couple days grace period. Once your lienholder receives the money they should be able to release the title the same day or at least mail it the same day.

It also helped that I used to work at a car dealership and knew which forms were required and who to contact