Selling vehicle with lien?

[Tispho]

Due to the economy, my father took a pay cut and can no longer afford to make payments on his truck, the payoff amount is ~$17,000.

It would be difficult to payoff that amount in full to receive the title and sell it.

How can he sell his truck?

Not many people are willing to purchase a car without a title in hand.

Would a dealership or broker be able to pay off that amount in return for the truck, and leave him debt free?

 

[Common]

IF he finds the buyer, buyer will communicate with the bank that holds the lien directly. He pays off the lien and the remaining money goes to your father(if there is any). Lien holder sends the new buyer the title directly. This is how my friend did it, it went without a hiccup.

 

[Tispho]

IF he finds the buyer, buyer will communicate with the bank that holds the lien directly. He pays off the lien and the remaining money goes to your father(if there is any). Lien holder sends the new buyer the title directly. This is how my friend did it, it went without a hiccup.

The truck is financed through Ford Credit, do you think if he found a buyer, that he and the buyer can just go to a Ford dealership and have everything done there?

 

[boatcop1]

This is a non issue bro. Most buyers are needing a loan anyhow. The banks will do all the communication while you sit back and wait.

Common is pretty much dead on! If you find a cash buyer that wants the truck he will be willing to wait the 3-5 days to finalize. I have learned that when selling out from underneath a loan always ask a fair and marketable price, afterall the potential buyer is typically squared away and your the one who has to do a little leg work if at all but a fair price shows that your serious and willing to sacrifice a bit to get out from under it. A little inconvienence on both your part maybe? But these days it seems everything has a note on it! Good luck.

 

[boatcop1]

The truck is financed through Ford Credit, do you think if he found a buyer, that he and the buyer can just go to a Ford dealership and have everything done there?

No is the answer to this

 

[2KBlackGT]

When I sold my Yukon the buyer brought me a check from his credit union made out to my lien holder. I mailed the check in and when the title came I signed it and gave it to the buyer.

 

[boatcop1]

When I sold my Yukon the buyer brought me a check from his credit union made out to my lien holder. I mailed the check in and when the title came I signed it and gave it to the buyer.

This!

3-5 days!

 

[FordSVTFan]

This is done probably every few minutes somewhere in the US, daily. For a dealer, you can negotiate a purchase price with them and they accept the vehicle and pay off the loan, if the agreed purchase price covers the amount owed, otherwise you to pony up $ too.

If you sell it for over the amount owed, you need to speak to the lien holder once you have a bonafide purchaser and they will tell you their procedure for getting the title cleared and to you. You just need a purchaser who is willing to accept the procedure and time it takes.

 

[JasonSnake]

Not saying it's impossible but it would be pretty tough to do if the bank that has your title does not have a local branch near you.

 

[Jaysin]

FWIW I just sold my car about 2 months ago and had a loan on it. The guy came and looked over/drove the car on a wednesday night, contacted me the next morning and paid my asking price in cash. I took the cash and wired it to my finance company, called shortly after and verified it went through. They sent the title out, came in a week or so later, then signed it over to the new owner. The new owner got the car the same day he paid me, I took it off my insurance, wrote a bill of sale, and took my tag off of it. Fairly simple process. He should have no worries/issues.

 

[Sapperstang]

Sold my 04 mach to a guy from FL. It was financed through a local bank. We went to the bank together and guy brought his check. Did it all right there. Very easy and no issues.

You should call Ford credit and ask them the exact process.

 

[ff500]

I sold both my 03 Cobra and my 07 GT500 to members of this site, I had loans on both, they paid me for the cars I paid off my lien holder. I would recieve title in mail and I would then fedex title to them, never any issues, fairly easy and common.

 

[SLVRBLT]

I sold both my 03 Cobra and my 07 GT500 to members of this site, I had loans on both, they paid me for the cars I paid off my lien holder. I would recieve title in mail and I would then fedex title to them, never any issues, fairly easy and common.

Have the titles came back with your name or theirs?

 

[JasonSnake]

FWIW I just sold my car about 2 months ago and had a loan on it. The guy came and looked over/drove the car on a wednesday night, contacted me the next morning and paid my asking price in cash. I took the cash and wired it to my finance company, called shortly after and verified it went through. They sent the title out, came in a week or so later, then signed it over to the new owner. The new owner got the car the same day he paid me, I took it off my insurance, wrote a bill of sale, and took my tag off of it. Fairly simple process. He should have no worries/issues.

But not a lot of people are going to hand over cash if there's no title in sight...

 

[SLVRBLT]

But not a lot of people are going to hand over cash if there's no title in sight...

But as long as their is communication with the banks, it shouldnt be a problem.

 

[65x2]

But not a lot of people are going to hand over cash if there's no title in sight...

Checks should be made out to the lien holder. If its cash, I'd be going to the branch myself.

 

[ff500]

Have the titles came back with your name or theirs?

The titles came back in my name, I signed it over to them and then fedexed.