Can I still sell my truck if I have a bank lien on it? I live in New York State? I am not..?So I would like to know if I could sell my truck which on the principal I only owe a little under 4,000. but a bank has a lien on it from the auto loan. Is it possible in New York State to still sell this truck even though I have a lein on it? I am paying an outrageous amt of finance percentage of 25% which is 1/2... | |
If there is a lien on your truck, it isn't yours to sell, it belongs to the bank. You can take the buyer to the bank and have them pay off your loan, releasing the title to you which you could then sign over to the buyer.
You can sell it concurrently with paying it off. That is, if you & the buyer walked into the bank, you paid it off with the buyers money and signed over the title to the buyer, it would work.
Other than that, its going to be very difficult because the buyer has no assurance you will really pay the loan off and get them the title.
Im assuming your car value & sale price is equal to or greater than the amount of your loan. If not, you must come up with the difference in cash at the time you pay it off or its no deal.
You can not legally sell something you don't own.
