Selling a car with a lien
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From: Tulsa, Oklahoma
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 Because I know the bank won't write me the check to deposit and then have the money withdrawn from my account??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
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 Because I know the bank won't write me the check to deposit and then have the money withdrawn from my account??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
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.
I'd give them a call on Monday, each bank might have different procedures.
Thread Starter
Lexus Fanatic
iTrader: (13)
Joined: Jul 2003
Posts: 10,681
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From: Tulsa, Oklahoma
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.
I'd give them a call on Monday, each bank might have different procedures.
Damn this gets confusing!!
Jonny
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.
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.
Thread Starter
Lexus Fanatic
iTrader: (13)
Joined: Jul 2003
Posts: 10,681
Likes: 9
From: Tulsa, Oklahoma
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.
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.
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
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
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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