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Selling a car with a lien

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Old 04-08-06, 06:51 PM
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Dx3
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Default Selling a car with a lien

Guys,

About to sell my Expedition but confused as to how this might work.

I have a lien on it through Capital One so I cannot just stop by there to pay the balance with the money I am getting for the car and get the lien released.

Will the person who is buying the car - will their bank wait a week or so to get the lien release even though the payment has to be mailed to Capital One? Because I know the bank won't write me the check to deposit and then have the money withdrawn from my account??

So how does this work?

Jonny
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Old 04-08-06, 06:54 PM
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AsianGirl007
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Not sure about that bank but I know with Lexus Financial the buyer sends money to Lexus, they send him title, and they send you difference.

I'd give them a call on Monday, each bank might have different procedures.
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Old 04-08-06, 06:56 PM
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Originally Posted by AsianGirl007
Not sure about that bank but I know with Lexus Financial the buyer sends money to Lexus, they send him title, and they send you difference.

I'd give them a call on Monday, each bank might have different procedures.
OK, so what you are saying is the that buyer would get the money from their bank, send it to capital one, capital one would send the lien release to them?? I give them the title??

Damn this gets confusing!!

Jonny
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Old 04-08-06, 06:58 PM
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No, you don't have title. If bank is lienholder, bank has title, they send it to him. It's a 3 way transaction.
But like I said, each bank is different so you should call first thing Monday morning.

I used to help with these all the time thru Lexus.
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Old 04-08-06, 07:02 PM
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Okay, wait, I just re read thread.
Are you selling your car for MORE money or LESS money than the payoff?
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Old 04-08-06, 07:02 PM
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Originally Posted by AsianGirl007
No, you don't have title. If bank is lienholder, bank has title, they send it to him. It's a 3 way transaction.
But like I said, each bank is different so you should call first thing Monday morning.

I used to help with these all the time thru Lexus.
Liz,

I guess they do it differently in California than in Oklahoma. We have the title here with us - the bank doesn't keep it. But it states there is a lien on the vehicle and the vehicle cannot be sold until it is released.

Thank you,
Jonny
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Old 04-08-06, 07:05 PM
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Originally Posted by Dx3
Liz,

I guess they do it differently in California than in Oklahoma. We have the title here with us - the bank doesn't keep it. But it states there is a lien on the vehicle and the vehicle cannot be sold until it is released.

Thank you,
Jonny
Hahaha...okay, I'll just sit here and shut up then.
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