When I paid off past cars and motorcycles I took the title to the DMV to have it reissued without the lien holder on it. I just paid off my current motorcycle and should receive the title by the end of the month. If I have it reissued sans lien holder, I won’t get the new title until probably early October. I want to sell the bike as soon as possible while it’s still riding season. What is the downfall of selling the motorcycle with the old lien holder on the title? Does it make it more of a hassle for the buyer?
Do you have to remove the lien holder from a title before you sell?
- Thread starter Finklejag
- Start date
I doubt most people would buy something that may have a lien on it.
Not sure how it works in your state.
In Minnesota, the title is issued with the lien on it and printed on it. When the lien is satisfied, the lender sends a card that is attached to the title that the buyer takes when they go to get the new title issued.
If there is still a lien to be satisfied that's another story. I have purchased one used vehicle with an active lien via private sale. We had a purchase agreement in place that covered things that I was satisfied with, and I was provided with the lien satisfaction within a week.
In Minnesota, the title is issued with the lien on it and printed on it. When the lien is satisfied, the lender sends a card that is attached to the title that the buyer takes when they go to get the new title issued.
If there is still a lien to be satisfied that's another story. I have purchased one used vehicle with an active lien via private sale. We had a purchase agreement in place that covered things that I was satisfied with, and I was provided with the lien satisfaction within a week.
Contact your DMV. Your urgency has no bearing on what the DMV will require you to do.
In Texas, you need a release of lien letter from the bank, or person who held the lien, or the lien holder needs to sign the title that the lien was released.
In Texas, you need a release of lien letter from the bank, or person who held the lien, or the lien holder needs to sign the title that the lien was released.
I always just passed the signed off title on to the new owner. You should be able to too.
The last car I traded in, the dealership wouldn't take unless it had no reference to a lienholder. That process took six weeks to get a reissued title. It's never happened before.
The last car I traded in, the dealership wouldn't take unless it had no reference to a lienholder. That process took six weeks to get a reissued title. It's never happened before.
I own the motorcycle, there will be no lien. I will have the title in my hand. The State of Washington sends the title to the finance company because they own the bike until I pay in full. Then the finance company sends me the title. It shows I’m the registered owner and the finance company was the lien holder. They usually include a letter stating the loan was paid in full.
Depends. I've sold a car with a lien on it however I had notorized sales contract by myself and buyer and when the title arrived I signed it, texted photo and FEDEX to the buyer along with tracking. I had the seller make the Cashiers check out to the lienholder. It takes a certain amount of trust. An other way to do it is through escrow agent but you've got to pay off the lienholder yourself first.
I went to get the Cobalt retitled after I paid off the loan. I handed the title and payoff letter to the lady at the Secretary of State facility and she looked at me and matter-of-factly said "Don't you have anything better to do with your money than to get a new piece of paper that says what the two pieces of paper you already have say?" I said that I thought it was required to get a new title when the loan is paid and she said that as long as I keep the payoff letter with the title, there won't be a problem.
YMMV, of course.
I haven't done it in a while, but I recall getting the pink slip that was "signed" by an authorized representative. Really more a rubber stamp, but it was legal. At that point there's no obligation to get it replaced unless ready to sell.
I recall bringing it in to a AAA office that had DMV services, paying $15, and I was issued a new one. I believe it was mailed to me from the central location that does all pink slips.
I recall bringing it in to a AAA office that had DMV services, paying $15, and I was issued a new one. I believe it was mailed to me from the central location that does all pink slips.
Some states have non-negotiable titles that are used to let you register a car while you pay it off. If you have one it should be pretty obvious about its status.
My state like others mentioned here has the lien payoff via signature on the front. I also... wouldn't have it if I still owed money.
My state like others mentioned here has the lien payoff via signature on the front. I also... wouldn't have it if I still owed money.
I have sold several vehicles that had liens on them, it varies by state but its not hard to do.
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