80LS1T Posted September 19, 2003 Share Posted September 19, 2003 I was thinking about selling my truck because I am sick of making payments on it. I still owe the bank some money on it though. So how do I sell it? Can I just sell it and then pay the bank loan off? I was just wondering because the title says theres a lean on it. Just wondering if that makes a differnece? By the way its a 1996 Dodge Dakota 3.9L V6 SLT Trim 4X4 (just incase you were wondering) Guy Quote Link to comment Share on other sites More sharing options...
SleeperZ Posted September 19, 2003 Share Posted September 19, 2003 Yes, you can sell it , but you must pay off the "lien" holder at closing. That means you have to go to the bank with the buyer, and the buyer pays the lien - you get what's left over. Quote Link to comment Share on other sites More sharing options...
80LS1T Posted September 19, 2003 Author Share Posted September 19, 2003 So I cant just sell it and then go pay the bank? Guy Quote Link to comment Share on other sites More sharing options...
jaime240z Posted September 19, 2003 Share Posted September 19, 2003 It depends on who's buying and how they're paying. If someone is getting a loan to buy it, they're going to want a copy of the title before they fork over the cash. Also your lein holder will want to see the cash before they fork over the title. In that case, you're probably going to have to make a trip to a bank or CU with the buyer. If it's just a private party with cash you can usually just write up a bill of sale and give it to them along with the keys. Then you will have to pay off the truck and the lein holder will mail the buyer the paperwork. You should probably check with your lein holder just to be sure, plus you'll probably want to know your payoff $ amount before the sale. And with interest this amount can change rapidly. Quote Link to comment Share on other sites More sharing options...
jonzer12 Posted September 19, 2003 Share Posted September 19, 2003 Liens are attached to the vehicle not the owner, thus if you sold the truck as is right now and stopped making your payments they would repo the new owner's truck. That is why people won't buy them. When I bought my car (had a lien) I went down to the bank with the owner, I gave her the money to pay off the rest of the loan and she kept the rest. I then got a letter from the bank saying that the lean was paid signed by both her and the bank. Then I got the title to the car. Quote Link to comment Share on other sites More sharing options...
Mike kZ Posted September 19, 2003 Share Posted September 19, 2003 Just make sure you're not upside down in the loan! (you owe more than truck is worth) or you will have to pay the difference. Quote Link to comment Share on other sites More sharing options...
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