So...I may be interested in parting out with my car. I love it, but at this point I'd like something more exciting. KBB values it around $15,000 private party without adding the HOV sticker market premium which people say is $4000. The payoff for the lien is a few thousands less than that amount. What is the procedure in California? I'd like to sell this privately. edit: Well, the car is now for sale. See signature.
Pump the tyres on the low side up a little higher to take out the lean?? Sorry, I couldn't help myself. Not sure about the correct proceedure there, I once sold a Tercel which was on finance, I had the new buyer make a cheque out to the finace company for the amount owing and a cheque to me for the balance. We went in to the finance company together and paid off the loan. I think the finance company is the best place to ask.
<div class='quotetop'>QUOTE(silentak1 @ Aug 22 2007, 10:55 PM) [snapback]500841[/snapback]</div> If it were me, I would find a buyer, than have them bring their Casheir's check to the institution holding the lein and take care of the two transactions at the same time. Buyer gives check to lein holder, lein holder and you sign title over to new buyer. THe lienholder should know the exact procedures. As far as Parting it Out, that is a whole different story. I think you would need to take the risk of having the money for parts come in fast enough to keep paying the loan until all parts are gone, and hopefully, all the loan would be gone. If you run out of parts before you run out of loan, heaven help you.
Your car has a lien on it and you're selling it? That complicates things. I only know that once it's sold, the money goes to pay off the lien first and you get anything that might be left over.
Thanks for the replies. Yes, my car is currently financed so there's a lien on it. Technically not my car then...heh. What happens if I can't take care of both transactions, payoff and transfer of pink slips, all at once? Can I get a check to pay off the balance, an excess check to me, and then what? Wait until I get my pink slip to transfer? Wouldn't this be a disadvantage for the buyer? I must be missing a step here... Thanks for all the help.
Sorry, here I just sign the registration transfer form that comes with the car and the new owner drives HIS/HER car away.
i would either contact the lienholder or better yet... DMV to see what they need to register the new owner in case it takes a few days for the lienholder to get the pink slip to them....
Oh I just had to do this whith my tundra, what a pain! I contacted my insurance company because I was leasing my tundra for $446.50 a month. (I wanted cheaper payments) So My insurance company purchased the truck from the lease company. But they made me do the leg work... The insurance co.(in Texas) sent the leasing co. (in NY) a check to pay off the car. 2 dys later the lease co. sends me the paperwork to sign and notorize & resend back to get a bill of sale . next day I recieved my bill of sale/title then called the insurance co they to send a check to cover the taxes. next day I took it to the DMV. Then I got my new plate and my new payment of $320.00 a month on the remaining balance of 13k... Not bad for a 04 with 29k on it.. (whew)
<div class='quotetop'>QUOTE(hycamguy07 @ Aug 25 2007, 02:17 AM) [snapback]501541[/snapback]</div> I have never heard of an insurance company doing this.
