how do I transfer my title with a lien still on it?

[Semidevil]

So i have a buyer on my car and I"m trying to figure out how the best way to sell it.

Right now, I owe around 16.2k. Buyer will take it for 16k, and I'm comfortable with it. Buyer said he is paying cash. Right now, the car title has me and Honda financial services as the lien holder. At this point, I can't just sign over and give him the title right? I wont be able to pay it off on my own to clear the title, so at this point, how to I proceed about transfering the car over to him?

 

[tcG]

I dunno.

 

[phucheneh]

You're upside down in a Honda? Not to be critical, but how did that happen, and why are you changing cars under such conditions? I assume you're buying something else, or else I wouldn't imagine the $200 difference being a problem.

The way I've always done it/seen it done is simply selling the car with good, official documentation and forwarding the title afterwards. A well-written notarized bill of sale should be pretty binding, and in my state, will allow you to get 30 day tags for it. The seller should then be able to send the title to the buyer within a couple weeks so that they can get the official registration and real plates.

I don't know what kind of failsafe you get on that, though. I wouldn't imagine you can call the seller's financier and say 'he sold me the car, the money is your problem' if he doesn't follow through. You would easily win in court; but who wants to go to court. And a court verdict doesn't really mean much these days, unless property can be directly confiscated. And you already have the car...I don't think cops are going to be sent after the title that probably resides in another state.

Basically, the above is fine for the seller but I can see a cautious buyer being turned off by it...and that's if you can pay it off. In your situation, I think you need to just call your finance company and ask them about it. Pure speculation here, but I'm guessing they have every right to tell you to piss off...they won't want to be stuck holding the bag after you've taken away the collateral.

Can you get a decent rate on a small unsecured loan from your bank?

 

[Zivic]

So i have a buyer on my car and I"m trying to figure out how the best way to sell it.

Right now, I owe around 16.2k. Buyer will take it for 16k, and I'm comfortable with it. Buyer said he is paying cash. Right now, the car title has me and Honda financial services as the lien holder. At this point, I can't just sign over and give him the title right? I wont be able to pay it off on my own to clear the title, so at this point, how to I proceed about transfering the car over to him?

get a personal loan, pay off the loan get the lien card, sell him the car.

otherwise, when he brings the money, go to honda financial and pay off the car at the time of sale

 

[phucheneh]

I doubt he can 'go to Honda financial' as if it's the local bank.

For a foolproof option that resembles the buyer/seller going to the bank to conduct all the business at once, you're basically talking escrow. Again, though: maybe Honda does have a physical rep you can go through...you'd just have to call and ask.

 

[Zivic]

I doubt he can 'go to Honda financial' as if it's the local bank.

I know

 

[jlee]

Call Honda Financial and see how they would like you to proceed.

 

[HybridSquirrel]

you have to front the additional cost to pay off the loan, and then the lien holder will sign the title off to you. Go to the DMV with the title signed off by the lien holder and get duplicate title, with the lien taken off at the DMV, then sign that title over to the buyer.

Unfortunately, you will have to fork over the additional cash. But it will get you out of the loan.

 

[Greenman]

Call Honda. I'm pretty sure this has happened half a million times already, they will have an established method of handling the transaction.