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Owner Liability When Selling a Car That Has Finance Obligations

Owner Liability When Selling a Car That Has Finance Obligations

Joseph Coupal - Monday, May 01, 2017

Owner Liability When Selling a Car That Has Finance Obligations

You’re driving home from work, sitting in traffic when you look over and it’s love at first sight. You’ve got to have it! So you pull into the dealership and start talking numbers. Your excitement soon turns into “ho hum” when the car salesman tells you what your trade-in value is. Immediately your brain starts firing commands, “There’s no way I’m accepting that offer! I still over $1000 more on it! I’ll sell my car myself!” But do you know when selling a car privately that has finance obligations attached to it, there’s the possibility of liability. Sell your car to Car Buyer USA to avoid headaches liability can bring you. 

Liability Headaches

  1. Your local bank has a lien on the car title. To sign the title over to the buyer, both of you may need to go into your bank. They buyer would then pay you and then you could legally sign the car title over to the new owner.
  2. An out-of-state bank has a lien on the car title. To be positive you incur no liability, complete a bill of sale and go to DMV with the buyer. There may be a temporary operating permit form you can fill out as well, so when the buyer legally drives away you hold no liability. Just don’t forget to pay off the car loan so a new title can be issued in the new owner’s name.
  3. Depending on your DMV state laws, there may be lien release laws you need to follow. Visit your local DMV, or find their official website online.

Ways to Avoid Liability Headaches

  1. Fill out our fast, easy, and safe form to get started.
  2. Call us, we buy any car running or not.
  3. Sell your car online to Car Buyer USA and have cash in as little as a few days!

With us there is no owner liability when selling a car that has finance obligations. For more details on what we can do for you if you still owe money on your car, check our FAQs. It has the answers to this and other questions.

How It Works

We buy any truck or car, in any condition, anywhere in the Continental USA.

1 Get an Instant Cash Offer
Enter the Year, Make, Model, Trim Level & Miles (No VIN Required) and your cash offer appears onscreen (94% of the time)
2 Accept your offer
CarBuyerUSA offers are Cash Market Value. Funds are guaranteed and paid at the time of pickup or drop-off
3Talk to an Agent
Your CarBuyerUSA representative schedules a no obligation inspection. In most markets an on-site mobile inspection can be arranged. The digital purchase agreement takes less than 60 seconds to complete.
4 Get Paid
When CarBuyerUSA picks up your truck, you are paid on the spot in full with guaranteed funds – entire process is hassle free. Inspection, title work & pick up are all FREE.