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Re: Advice - How to sell car with an existing loan (lien)
Posted by Greg W (more from Greg W) on Wed, 14 Apr 2004 12:06:32
In Reply to: Advice - How to sell car with an existing loan (lien), Razl, Wed, 14 Apr 2004 11:35:09
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Only time I did this the buyer was taking out a loan, so I just worked with his credit union to have funds wired to my lender, with me getting a check from his credit union for the difference. It was quite easy. I too feared a buyer would be hesitant to pay good money ($25k in my case) to buy a car when they wouldn't get unencumbered title for 14 days, but that proved not an issue with my buyer. I suggest that you disclose upfront wherever you list it for sale (i.e. eBay, Cars.com, etc) that you have to settle an existing loan as part of the transaction.
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