Re: How does one sell a car that one does not own? - Saab General Bulletin Board - Saabnet.com
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Re: How does one sell a car that one does not own?
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Posted by Rob Catron (more from Rob Catron) on Mon, 6 Aug 2001 20:07:54 Share Post by Email
In Reply to: How does one sell a car that one does not own?, Han, Mon, 6 Aug 2001 16:12:16
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The bank should NOT have your title. You should have been mailed the title within 4-6 weeks after you purchased the vehicle. Why a bank would have it, I don't know. That's the way it is in Kentucky, anyway. Since the title has not arrived, I would suspect trouble somewhere.

The title will have a lean against it (stated on the title itself). If you wish to sell the car, you must get them money from the buyer, payoff the loan, have the lienholder send a "lien release" form to either you or your county clerk's office (preferrably). The county clerk will stamp the title signifying that the title is free from the lien, then you can transfer the title.

In Kentucky, at least, you CAN NOT transfer the title with a lean against it. Our county clerk's office is adamant about that. The lien release is something that is often overlooked. I had a 1994 Protege that I paid off. Within about two years, I wanted to sell the car, but when me and the buyer went to the county clerk's office, they saw where the title had never been stamped that the lien was over. I had to contact the bank and have them fax over a lien release statement.

I have sold several cars to private parties, and have a little experience with it.

Rob Catron
'00 9-5 SE
'89 900S


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