When does the buyer take possession of the vehicle in a private sale where a lien is involved.

Asked by Traverse_2331 Oct 19, 2018 at 01:03 PM

Question type: Car Selling & Trading In

I am selling my truck and the lien is held by a bank that is out of state. When
does the purchaser take possession of the vehicle? Is it once I have verified the
lien has been paid off or when I receive the title and can sign it over?

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KenF answered 5 years ago

Check with the lien holder, I believe they should issue you a "certificate of title" the buyer can use to obtain plates or temporary tags (depending on what state you are in) while waiting on the official title to arrive. Once you've received payment from the buyer you have to pay off the balance and expedite getting the title from the lien holder which can take 30 to 60 days.

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