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#1
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Question about selling a car ...
Hello friends -
Am toying with the idea of selling my '02 Jetta TDI and aquiring a '95 E300D. Need some more rear and trunk space that the Jetta is lacking in. Probably won't happen until April or May though. Here is my question: How does it work selling a car with a lien? Say, for example, I still owe $5k on my Jetta loan, and I sell it for $10k. I would have to take half of what I got for the Jetta and process the final loan payment to "clear" it of liens. The bank then issues me a certificate saying the loan is paid in full. When I did this the last time, all went well with the loan part, but the Wisconsin DOT took FOREVER in issuing a new, clear title for it. My question is: When you sell the car, is it good enough to give the new owner the title with the lien and the paperwork indicating that the loan has been paid in full, or do they have to have a clear title with no liens in order to title it in another state? If this is not the smoothest way of doing this, can anyone give me some recommendations? I would appreciate any advice. Thanks friends! Take care, Michael.
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+AMDG+ 2005 W203 Running as fast as I can to stay behind!! |
#2
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Years ago, when I sold my Golf, I went with the lady that was purchasing it to the bank (the one that gave me the loan) and she gave them the check (the one that normally would go to the seller) and they did some calculations, stamped the title (the one I had, with the lien on it) with a "lien satisfied" stamp, gave me $80 change (my profit-woohoo!) and gave her the title (which now had the "lien satisfied" stamp and a signature on it), which she then took to the [office that you transfer titles at].
An alternative if your lending bank isnt local: Get the payoff amount, use one of the convenience checks (don't know about you, but I get several a week in the mail, and usually at a rate less than a car loan rate), and pay off the car. (be sure and pay off the charge from the convenience check, once you sell your car!) Trouble is, you have to wait for the lender to send you the title. You can also call the lender, and ask what they usually do in such cases. Hope this helps more than it harms.
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It is a truism that almost any sect, cult, or religion will legislate its creed into law if it acquires the political power to do so. Robert A. Heinlein 09 Jetta TDI 1985 300D |
#3
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Hey,
I cant help you with your question since all of our cars are second hand and usually bought privately. I can tell however that a E300D is a fine car, well maybe Im litte biased. If I were you I would also post this question on vwvortex, just look under the proper forum, I think its the "Car lounge" Anyways good luck with finding a mint E300D, in my area its really hard to find any kind of diesel benz, especially a good one. PS: are you a Polish fellow as well? |
#4
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Why not ask the bank? Also, is the loan local? IE, is it to a credit union or bank in your town? If so, you might be able to sell it, walk down to the bank with the buyer and have them give you the "Lein satisfaction" papers to go to the DOT.
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01 Ford Excursion Powerstroke 99 E300 Turbodiesel 91 Vette with 383 motor 05 Polaris Sportsman 800 EFI 06 Polaris Sportsman 500 EFI 03 SeaDoo GTX SC Red 03 SeaDoo GTX SC Yellow 04 Tailgator 21 ft Toy Hauler 11 Harley Davidson 883 SuperLow |
#5
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My bank wasn't local and it took about a week to get the title in the mail when I paid off the loan.
Scott
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Scott 1982 Mercedes 240D, 4 speed, 275,000 1988 Porsche 944 Turbo S (70,000) 1987 Porsche 911 Coupe 109,000 (sold) 1998 Mercedes E300 TurboDiesel 147,000 (sold) 1985 Mercedes 300D 227,000 (totaled by inattentive driver with no insurance!) 1997 Mercedes E300 Diesel 236,000 (sold) 1995 Ducati 900SS (sold) 1987 VW Jetta GLI 157,000 (sold) 1986 Camaro 125,000 (sold - P.O.S.) 1977 Corvette L82 125,000 (sold) 1965 Pontiac GTO 15,000 restored (sold) |
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