You can still sell your car, even if you haven’t paid off your car loan. Here’s how to sell a car with a lien.
Visit your local Department of Motor Vehicles (DMV). Ask the DMV to do a search on the vehicle. This report will provide a variety of helpful information, such as if the vehicle has a current lien holder and if the vehicle has every been in an accident. Use online resources. Another op...
When a state's DMV deems a car to be a total loss, it typically has sustained severe damage. When someone is unaware of its brand history, they may pay more than its true value or buy a vehicle that is not roadworthy. Knowing whether a vehicle has been declared a total loss helps b...
Liens are satisfied based on the order they were filed. If you have an auto loan that you used to buy the car, that lender's interest takes precedence over any other lien. As a result, the secondary lienholder doesn't have a great incentive to seek repossession of the vehicle. It also...
We walk you through the steps a smart car buyer should take to remove intimidation from the process and end up with the best deal on the right used car.
You should also check to see if the vehicle has been in any reported accidents through a vehicle history report. Next, you should ask to meet in a public location for a vehicle test drive and inspection. Take your time examining the vehicle. For obvious reasons, private sellers may not ...
Figure out how much you are owed for storage and repairs. If the vehicle has been abandoned, you may not qualify for a lien. In order to determine if a vehicle is abandoned, contact the local police. In Michigan, for example, if the owner leaves the vehicle on private property without ...
When a driver is looking to purchase a used vehicle, there might be some issues with the car that a seller does not disclose. For instance, whether or not the vehicle has been in acar accident, or if there is a lien, can all be found by checking VIN numbers. In order to find out...
If not — or if you’re buying from a private seller— work with the seller and DMV to update the necessary documents. Take possession of the vehicle: After you finalize your auto loan and complete the sale, you can take possession of the vehicle. While your lender will be the lien...
A title shows the ownership of a vehicle and whether there’s a lien (loan) on the car. A registration is a document that demonstrates that the owner has the state-required insurance on the vehicle. A vehicle may be registered to a different person than the one who holds the title. A...