Can I Sell My Car When the Bank Owns the Title?

Answer

When you borrow money from a bank to buy a car and you do not pay off the loan, the bank may place a title lien on the vehicle. This ultimately names the bank as an owner of the vehicle. Before you can sell a car that has a title lien, you must show proof that the loan was paid in full to the Department of Motor Vehicles and have the lien released.
Q&A Related to "Can I Sell My Car When the Bank Owns the Title..."
1. Determine a sales price for your car. Set a realistic price by looking for comparables on make, model, year and condition in Kelly Blue Book or the National Automobile Dealers
http://www.ehow.com/how_4896601_sell-car-bank-hold...
Contact the bank. You can't sell it without the title.
http://wiki.answers.com/Q/How_do_you_sell_a_car_wh...
1. Transfer your title to the car's new owner. Print the full name, address, and drivers license number of the person buying your car in the designated fields on the title. Provide
http://www.wikihow.com/Sell-a-Car-and-Transfer-Tit...
Unless the buyer can provide a solid explanation as to why he does not want the title, I would strongly suggest avoiding the sale. He may want to use the vehicle for illicit purposes
http://www.quora.com/Used-Cars/What-is-the-risk-of...
1 Additional Answer
Ask.com Answer for: can i sell my car when the bank owns the title
Can You Sell Your Car When the Bank Owns the Title?
You can sell your car even if the bank still owns the title, meaning that the bank is the lien holder. Once you satisfy your lien, the bank will give you your title, which is required to sell your car inmost states. Some states do allow you to transfer... More »
Difficulty: Easy
Source: www.ehow.com
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