So my GF wants to sell her car privately, but still owes money on it. Its registered in MD. Whats the process of getting her loan payed off and he title transferred. How longdoes this usually take? Thanks

Brad

 

First, tilt it back upright so it looks normal.

 

All I remember is that it takes slightly more paperwork.

Essentially the seller pays you, you pay the bank, you get the lein released, then the title can be transferred to the new owner.

 

that's about all there is to it. Unless you both use the same bank - then the bank should take care of it all.

 

 

depending on the bank they usually get the title out to you very quickly once the lien has been paid in full. so you can just go from there with getting the title to the new owner.

 

ideally you would call your bank that has the lien and have them get the physical title to a particular branch.... then you take your buyer in who has a cashiers check or other certified funds or cash and they pay it off right then and get handed the clear title right then as well.

Or you could pay the title off (if you have the $) and get it mailed to you, knowing your car should sell within a short period of time and you will get your $ back.

I personally don't trust the system to pay someone's title off and leave with only a "bill of sale". I am sure most people are trustworthy but with $20k I don't take any chances.

 

 

That made me chuckle

 

What if there is a lean on the car by a company that is now out of business? Is the lean automaticly released since that company does not exist? Anyone know the process?

Sorry to hijack.