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Old 02-01-2005, 10:23 AM
Achieving Salvation
 
Join Date: Sep 2002
Location: Madison, Wis.
Posts: 223
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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Old 02-01-2005, 10:35 AM
Larry Delor's Avatar
What, Me Worry?
 
Join Date: Jun 1999
Location: Sarasota, Fl.
Posts: 3,114
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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  #3  
Old 02-01-2005, 10:40 AM
E300D's Avatar
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Join Date: Apr 2004
Location: USA
Posts: 404
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?
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Old 02-01-2005, 11:56 AM
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Join Date: Apr 2000
Location: Location: Greenfield WI, USA
Posts: 8,514
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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Old 02-01-2005, 01:39 PM
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Location: Weston, FL
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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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