Selling car with Lien on it

Asked by zfahim Jul 03, 2018 at 09:38 AM about the 2010 BMW 3 Series 328i Coupe RWD

Question type: Car Selling & Trading In

There is a lien on my car that I am selling. How do Car Gurus handle this kind of transactions? The payment has to be satisfied first in order for my bank to send the lien release letter to DMV, at that point I will be getting the title under my name. So if Car Gurus holds my payment how would I satisfy the lien and how do I hand over the title to the prospective buyer in this kind of scenario?  

3 Answers
4,980

Title_Reguru answered 5 years ago

Hello, have the purchaser send the payment directly to the lender. The title should already be in your name with the lien, that's why you only get a lien release letter with title. Then you would just simply sign off and add purchaser on the title with the bill of sale and lien release letter. I would also make copies of everything just incase. If you need anything else don't hesitate to send an email to vehicletitleadvisor@gmail.com. Hope this helps.

3 people found this helpful.
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GuruTGP14 answered 5 years ago

I have a follow on question. I am also selling my car which I financed and still owe money on. I am hoping to sell it for more than I owe. How do I make sure that the buyer pays the bank but also pays me? Do I have him send a check for the purchase price to the bank and then the bank will give me the difference after they take what I still owe on the car? First time seller - thanks for any help you can offer. .

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