How to sell an Old Car with a Lien in California?
California is famous for its car culture. Californians' love for car is widely known. If you love cars, you will understand the reason of buying a new car every couple of years. A car lover is someone who loves to explore new car technologies and is not content with driving a single car.
California is considered the cultural and financial center of Northern California. If you live in California, you get the advantage of witnessing several new car launches during the year. And, if you a true car lover, you will often face the dilemma of whether to sell your car and buy a new one.
Many California car buyers shy away from selling a car because it has lien. If you want to get rid of your old car and want to buy a new one, do not worry. Even though, selling a car with a lien in California is a lengthy process, it is possible. Let's understand the process:
How much you Owe to the Lender?
Before searching for a car buyer, you must find out the exact amount that you owe to your lender. It will help you in deciding the asking price. Obtain detailed information regarding the process of selling your financed car. Learn about prepayment penalties so that you do not have to face any financial complications in the future.
Finding a Car Buyer
In order to make a profitable sale, you need to choose a car buyer that is ready to pay your asking price. Remember that money is not the only factor for choosing a car buyer in California. You must consider other factors such as good credit score, insurance coverage, driver's license, etc. All the factors will ensure that the car buyer gets easy auto loan approval in California and makes the purchase on time.
You can ask the car buyer to accompany you to the lender's office. He/she can provide a check to the lender and have the car transferred to his/her lender.
If you are selling the car at a price higher than the amount you owe to the lender, the car buyer will have to pay you the remaining amount after making payment to your lender. But, if the selling price is lower than what you owe, you will have to provide the difference to your lender.
The bottom line is that you can sell a car with a lien in California. But, it will require legwork. You should be prepared to undertake the process of discussing it with your lender as well as handle the document transfer.
:- Posted by Admin on 13th June, 2022