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Who Will Buy My Vehicle When I Still Owe The Bank?

Who Will Buy My Vehicle When I Still Owe The Bank?

Thursday, March 21, 2024


Will a dealer or an individual buy my car or truck with a lien?

When you want to sell your vehicle and you still owe the bank, who is going to buy it? Will you be paid enough to pay off the loan? When a vehicle has a lien, meaning there is a debt owed on the vehicle, the buyer pool narrows significantly. If you are wanting to sell to an individual, this buyer would be someone who is comfortable with the details of buying a vehicle with a lien.

Selling your car, truck or SUV with a lien can be a bit more complicated than you might think, especially if you have never done so to an individual. Start by contacting your lender to be sure they have secured the lien of your vehicle with a title. Your lender may also have a certain process or different stipulations for selling a financed vehicle. Even more so if your vehicle is leased instead of financed. Many leasing companies will only allow the lessee to buy out the lease, whereby some companies may allow a dealer to buy it out. We have run into several transactions where the leasing company has informed us, not the lessee, that the lessee is close to the end of their lease and the remaining lease cannot be bought by a dealer. Regular retail loans are much different, but it is always best to contact your lender prior to selling, to ensure an easy transaction for yourself and the buyer. When contacting your lender for information, be sure to obtain the amount owed. Having this upfront will assist you in determining the price of the vehicle you are selling.

Car Buyer USA, as an automobile dealer, is more interested in purchasing a vehicle with a lien than most individual buyers. We have the resources and expertise to handle the process of paying off the lien. Many sellers and buyers do not want the hassle of dealing with lenders, especially if the lender is a large corporation. Obtaining the payoff quote and process, verifying the title and any other issues that may arise are things that many do not want to deal with. With security levels being raised in many banks and credit unions, some lenders do require verbal or written permission to obtain payoff information, while some even require a 3 way call. You can be sure that our associates are here to walk you through every step of the way to make your transaction as seamless as possible.

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We pay cash for cars, trucks, & SUVs, 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.