How to sell a vehicle with a lean on it? - Ford Truck Enthusiasts Forums



General Automotive Discussion

How to sell a vehicle with a lean on it?

Reply
 
 
 
LinkBack Thread Tools Search this Thread
  #1  
Old 05-15-2010, 08:36 AM
fireball 440's Avatar
fireball 440 fireball 440 is offline
Elder User
Thread Starter
 
Join Date: Apr 2008
Location: north shore
Posts: 706
fireball 440 is gaining momentum as a positive member of FTE.fireball 440 is gaining momentum as a positive member of FTE.
How to sell a vehicle with a lean on it?

Like the title says. I want to sell my truck, I can't afford the payment anymore. I owe under $10,000 on it and want to list it for $12,500. Now when I get a buyer, how does the title transfer happen since there is a bank lean on my truck? Do I give them the title with the lean on it, then call the bank and pay off the loan over the phone? How does this work?
Reply With Quote
  #2  
Old 05-15-2010, 09:38 AM
dchamberlain's Avatar
dchamberlain dchamberlain is offline
Post Fiend
 
Join Date: Sep 2007
Location: Scio, OR
Posts: 6,026
dchamberlain has a superb reputationdchamberlain has a superb reputationdchamberlain has a superb reputationdchamberlain has a superb reputationdchamberlain has a superb reputationdchamberlain has a superb reputationdchamberlain has a superb reputationdchamberlain has a superb reputationdchamberlain has a superb reputationdchamberlain has a superb reputationdchamberlain has a superb reputation
Do you have the title? Your state may be different, but here, the leinholder gets the title and the owner gets just the registration until the lein is paid.

But regardless, I doubt any buyer would trust anyone enough to take a title with a lein listed and trust that the seller would take his money and pay off the lein.

I've never done this before but I would call the bank that holds the lein. Ask them what you need to do.

I suspect they will want the buyer to pay them directly, they'll release the title to the buyer and the remaining funds to you.
Reply With Quote
  #3  
Old 05-15-2010, 09:46 AM
Nitramjr's Avatar
Nitramjr Nitramjr is offline
Postmaster
 
Join Date: Aug 2004
Location: North of Boston MA
Posts: 3,992
Nitramjr has a brilliant futureNitramjr has a brilliant futureNitramjr has a brilliant futureNitramjr has a brilliant futureNitramjr has a brilliant futureNitramjr has a brilliant futureNitramjr has a brilliant futureNitramjr has a brilliant futureNitramjr has a brilliant futureNitramjr has a brilliant futureNitramjr has a brilliant future
The last vehicle I sold with a lien on it, I had the guy make out a cashier's check for the exact amount to Ford Credit, and gave me the difference in cash. We then signed a detailed bill of sale and off he went with the truck. The title was mailed to me and once it came, I signed it over to him. It's a bit of work and takes a bit of trust on both sides but it isn't hard to do.

In MA the buyer can't register it until he gets the title in hand but I believe if you ask the finance company to expedite they will overnight it for a fee.

Also, this was 15 years ago before electronic banking was so common. You could probably wire the funds over and get your title even quicker. And if your bank is local, you may even be able to go right to their finance office and pick up the title (or get them to stamp it as released). Worth a phone call.
Reply With Quote
  #4  
Old 05-15-2010, 10:34 AM
cjben cjben is offline
Post Fiend
 
Join Date: Apr 2001
Location: Midwest
Posts: 6,284
cjben has a spectacular reputation.cjben has a spectacular reputation.cjben has a spectacular reputation.cjben has a spectacular reputation.cjben has a spectacular reputation.cjben has a spectacular reputation.cjben has a spectacular reputation.cjben has a spectacular reputation.cjben has a spectacular reputation.cjben has a spectacular reputation.cjben has a spectacular reputation.
I did this once several years ago. The person that bought the car met me at the bank,wrote the check out to the bank,paid me the difference in cash,he got the title,went to DMV and got it transferred to his name all in one day. well,it took more than one day to get the title back from the state of course,but the whole process was done in a matter of hours.
Reply With Quote
  #5  
Old 05-15-2010, 11:31 AM
Ford_Six's Avatar
Ford_Six Ford_Six is offline
Super Moderator
 
Join Date: Oct 2002
Location: The Big, Oregon
Posts: 18,022
Ford_Six has a superb reputationFord_Six has a superb reputationFord_Six has a superb reputationFord_Six has a superb reputationFord_Six has a superb reputationFord_Six has a superb reputationFord_Six has a superb reputationFord_Six has a superb reputationFord_Six has a superb reputationFord_Six has a superb reputationFord_Six has a superb reputation
If it's at a local bank, or even if you made the loan at a local branch of a national bank, chances are they have the title filed right there. I'm not sure how auto finance companies do it.
The first thing I would do is get a hold of the leinholder, find out where the title is, and see if you can get someone to physically put their hands on it. Titles do get lost, and it takes time to get one replaced.
Reply With Quote
  #6  
Old 05-15-2010, 11:34 AM
zhilton's Avatar
zhilton zhilton is offline
Postmaster
 
Join Date: Mar 2007
Location: Ft. Smith, AR
Posts: 4,595
zhilton is a name known to allzhilton is a name known to allzhilton is a name known to allzhilton is a name known to allzhilton is a name known to allzhilton is a name known to all
When I bought my scooter a couple of years ago; I went to my local bank to get a loan for it. I told the loan officer that there was a lien on the scooter currently. As I understand from the officer..my bank sent a "wire transfer" to the other bank. The other guy was "liberated" from his payments and I got a payment book from my back a couple of days later. When I went to the DVM the registration shows my bank as the lien holder.
Reply With Quote
  #7  
Old 05-15-2010, 01:48 PM
BIGKEN's Avatar
BIGKEN BIGKEN is online now
So Little To Say!!!
 
Join Date: May 2007
Location: Greenfield, MA
Posts: 80,201
BIGKEN has a superb reputationBIGKEN has a superb reputationBIGKEN has a superb reputationBIGKEN has a superb reputationBIGKEN has a superb reputationBIGKEN has a superb reputationBIGKEN has a superb reputationBIGKEN has a superb reputationBIGKEN has a superb reputationBIGKEN has a superb reputationBIGKEN has a superb reputation
As you can tell by the responses...things are different in each state. It sounds like you have the title in your posession...with a lien attachment. Perhaps you should contact your states DMV and ask them...they're probably the definitive authority!!! Everyone else is just guessing.
Reply With Quote
  #8  
Old 05-15-2010, 03:31 PM
horsepuller's Avatar
horsepuller horsepuller is offline
Post Fiend
 
Join Date: Sep 2000
Location: Southern California
Posts: 7,298
horsepuller has a superb reputationhorsepuller has a superb reputationhorsepuller has a superb reputationhorsepuller has a superb reputationhorsepuller has a superb reputationhorsepuller has a superb reputationhorsepuller has a superb reputationhorsepuller has a superb reputationhorsepuller has a superb reputationhorsepuller has a superb reputationhorsepuller has a superb reputation
Moved from GNAC.
Reply With Quote
  #9  
Old 05-15-2010, 03:48 PM
2002sport 2002sport is offline
Senior User
 
Join Date: Apr 2003
Location: Jerseyville,IL
Posts: 409
2002sport is starting off with a positive reputation.
I just bought my truck with a lien on it. My bank contacted the sellers bank. My bank got the title, he got a check that was left over from his payoff. His loan was paid off and my loan started.
Reply With Quote
  #10  
Old 05-15-2010, 05:46 PM
fireball 440's Avatar
fireball 440 fireball 440 is offline
Elder User
Thread Starter
 
Join Date: Apr 2008
Location: north shore
Posts: 706
fireball 440 is gaining momentum as a positive member of FTE.fireball 440 is gaining momentum as a positive member of FTE.
Quote:
Originally Posted by BIGKEN View Post
As you can tell by the responses...things are different in each state. It sounds like you have the title in your posession...with a lien attachment. Perhaps you should contact your states DMV and ask them...they're probably the definitive authority!!! Everyone else is just guessing.
OK I see that each state is different. I'm going to call my auto lender on Monday and find out exactly what needs to be done, and also the dmv. I want to get it listed as soon as possible. I have the title, with a lean attachment.
Quote:
Originally Posted by horsepuller View Post
Moved from GNAC.
I see that thank you.
Reply With Quote
  #11  
Old 05-16-2010, 10:36 PM
fireball 440's Avatar
fireball 440 fireball 440 is offline
Elder User
Thread Starter
 
Join Date: Apr 2008
Location: north shore
Posts: 706
fireball 440 is gaining momentum as a positive member of FTE.fireball 440 is gaining momentum as a positive member of FTE.
I shouldn't mention this but the truck I'm replacing it with is a Silverado ext cab 350, only because all the pre-97 Fords are junk. Sorry guys after 16 years of owning Fords I'm switching sides. Only temporarly though I'll be back. On a lighter note I'm sending my grand am to the junk yard tomorrow, its got a stuck valve at only 82K miles.
Reply With Quote
  #12  
Old 05-16-2010, 10:50 PM
Nitramjr's Avatar
Nitramjr Nitramjr is offline
Postmaster
 
Join Date: Aug 2004
Location: North of Boston MA
Posts: 3,992
Nitramjr has a brilliant futureNitramjr has a brilliant futureNitramjr has a brilliant futureNitramjr has a brilliant futureNitramjr has a brilliant futureNitramjr has a brilliant futureNitramjr has a brilliant futureNitramjr has a brilliant futureNitramjr has a brilliant futureNitramjr has a brilliant futureNitramjr has a brilliant future
Quote:
Originally Posted by BIGKEN View Post
Perhaps you should contact your states DMV and ask them...they're probably the definitive authority!!! Everyone else is just guessing.
Hahahahahahahahahahahaha.......you crack me up Ken.

Have you ever contacted the Massachusetts RMV and

a) actually gotten a human person on the line....
b) without waiting on hold multiple hours....
c) and gotten them to give you an answer....
d) that was correct?

If you have then you should call back and try again. Almost guaranteed you will get an entirely different answer.
Reply With Quote
  #13  
Old 05-17-2010, 03:52 PM
jimbo beam's Avatar
jimbo beam jimbo beam is offline
Posting Guru
 
Join Date: Apr 2005
Location: Hawkeye Country
Posts: 2,245
jimbo beam is a splendid one to beholdjimbo beam is a splendid one to beholdjimbo beam is a splendid one to beholdjimbo beam is a splendid one to beholdjimbo beam is a splendid one to beholdjimbo beam is a splendid one to behold
Quote:
Originally Posted by fireball 440 View Post
only because all the pre-97 Fords are junk.
Some would argue you got that the wrong way around

I bought my Escort from a fella who had a loan on it. Basically walked into his back with him, paid them what was owed and give him the rest, left with the title which he signed over in the parking lot. Although in Iowa the lending institution holds the title until the vehicle is paid off.
Reply With Quote
  #14  
Old 05-18-2010, 01:20 AM
fireball 440's Avatar
fireball 440 fireball 440 is offline
Elder User
Thread Starter
 
Join Date: Apr 2008
Location: north shore
Posts: 706
fireball 440 is gaining momentum as a positive member of FTE.fireball 440 is gaining momentum as a positive member of FTE.
Well good news. I sold my 4 wheeler today and after taking another look at my finances I decided to keep the F-150. I did call my lender and they said to talk to the dmv.
Reply With Quote
 
 
Reply

Related Topics
Thread Thread Starter Forum Replies Last Post
title? hillbillydaddy87 1967 - 1972 F-100 & Larger F-Series Trucks 19 01-30-2015 02:03 PM
left and right bank lean codes? caprisecca 1999 to 2016 Super Duty 5 07-02-2014 06:37 AM
where can I find a truck title only? punkrockpilot 1973 - 1979 F-100 & Larger F-Series Trucks 31 10-15-2011 03:13 PM
Lean Codes? FordMan10 1997 - 2003 F150 7 08-30-2010 01:22 AM
whats a Branded Title? hatchet Car/truck Buying Advice 3 10-07-2009 07:41 PM


Go Back   Ford Truck Enthusiasts Forums >

Tags
bank, cars, finance, ford, hold, holder, lean, lein, lien, owned, payoff, sell, truck, vehicle, wheeler

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

Forum Jump


All times are GMT -5. The time now is 12:31 PM.


This forum is owned and operated by Internet Brands, Inc., a Delaware corporation. It is not authorized or endorsed by the Ford Motor Company and is not affiliated with the Ford Motor Company or its related companies in any way. FordŽ is a registered trademark of the Ford Motor Company.