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my husband got a title loan on?
are truck if haven't paid it off yet can we sell the truck still, even if we have a title loan we owe then just pay it off as soon as we sell it we have the original title they have a duplicate title
6 Answers
- ?Lv 65 years ago
First off, that title you have isn't worth the paper it's printed on. As soon as you have a new (or duplicate) title issued ALL previous titles to that vehicle are voided. They are all numbered and no two numbers are identical. You may as well destroy the old title. There is nothing you can legally do with it. While a perspective buyer may be fooled, the DMV will neither be fooled nor amused. Then you can expect the buyer to demand a full and immediate cash refund and/or sue you.
As for selling the vehicle, you technically CAN sell it with the lender's permission. However, they are not going to give you permission unless they know they will get paid. Even when you trade in a car with an outstanding lien, the same thing applies. The dealer will make you sign paperwork giving them permission to act on your behalf and pay off your loan. You also give them permission to accept the title directly once the lien has been satisfied.
One option that you do have is to attempt to sell it. Be up front and tell people that you have a lien on it and don't have the title. Offer to meet them at your lender's office and have them pay the lien holder. Then they get the title and you get whatever is left over. Good idea to ask someone in the office about this first, though. Make sure the title is actually in that office and not somewhere stored away.
- Anonymous5 years ago
You can't sell the vehicle with an outstanding title loan. You need to pay off the loan to get the lien on the title lifted so you can transfer the title to the buyer.
- John AldenLv 75 years ago
The original title is no good once a duplicate has been issued. If you sign over the original to someone, the will be stuck when they try to register it. You need to pay the loan and have the lien released first and then use the duplicate title to transfer ownership.
- AndyLv 75 years ago
You don't own the truck. The loan company does till you repay the loan. You can't sell it.
- parsnipiannaLv 75 years ago
The lender usually put a lien on the car. It shows on the title. Lien must be paid BEFORE car can be transferred/ registered to a new owner.