Selling a car - with outstanding car loan?

"ed" > wrote in message
...
> after thought....
> If its an unsecured loan on the car, it wont have a lien on it.

Yep, but GMAC doesnt make unsecured loans, as far as I know.

Brian wrote:

> You can agree to sell the car but you can't transfer title unless you
> pay off the loan simultaneously. If you can't pay off the loan prior
> to the sale, then you can contact GMAC, tell them what you are doing
> and they will tell you what to do, along with any penalties that
> might apply for early repayment. Often they ask for the check to be
> made out to them and they give you whatever is left over.



I bought a car like that once. The seller admitted he still owed the
bank for the car. When I checked it out at the Liens Office, this
turned out to be correct, and it was the only registered lien against
the car.

I called the bank branch, and after some careful tangoing (figuratively
speaking...) with a lady there, I determined a cheque amount that would
satisfy the bank. They could not tell me specifically what was owed, so
I had to keep throwing out figures until I gave one she was happy with.
I guess they gave him whatever was left over.

Once the cheque cleared, I took possession of the car and transferred
the ownership into my name.


>
> Unless of course you decide to embark on a life of crime and commit
> fraud...


I must be an innocent waif, because I can't see how you could do that.
Only the lienholder can have the lien removed, and he's unlikely to do
that unless he sees your shillings.

ed wrote:
> after thought....
> If its an unsecured loan on the car, it wont have a lien on it.

If it is an unsecured loan it wouldn't be on the car or secured by
anything else other than his signature.

"Hugo Schmeisser" > wrote in message
...

> > Unless of course you decide to embark on a life of crime and commit
> > fraud...
>
>
> I must be an innocent waif, because I can't see how you could do that.
> Only the lienholder can have the lien removed, and he's unlikely to do
> that unless he sees your shillings.

It CAN be done, but it isn't legal. Get the clear title to a junker/wreck
of the
same type. The junker is crushed as scrap. The usable car gets a new
identity.
The old title disappears with the crush job.

Or something like that.

I'm not a very good crook, but there are ways to do it.

"Hugo Schmeisser" > wrote in message
...

>
> I must be an innocent waif, because I can't see how you could do that.
> Only the lienholder can have the lien removed, and he's unlikely to do
> that unless he sees your shillings.

Let me add to a previous post that to alter every identifier on a car can be
very difficult,
and of course it is illegal to resort to this. Most crooks dont get caught
in doing a half
way job because they are seldom challenged if everything looks right on
paper.

We had a new diesel tractor/trailer stolen right off the yard in broad
daylight, and there
was never a trace found of it. Suspect it went south...far south.

Many consumer loans are this type. You cannot sell the item in question
without discharging the loan.

Get the payout amount from the loan provider. This will change month by
month so best to request it with several weeks to next payment.

Request a cashiers check from the purchaser.

Another option might be to transfer the loan +cash to you for the sale
of the vehicle. This assumes tha car sales price is well above the
remainder of the loan.