Advice on PP Sale with Lien

[FormerEnronEmp]

Hello all,

 

I'm currently attempting to sell our '03 Corolla as a private party and its not paid off, so Toyota Finance still holds the Lien.

 

I've sold vehicles privately before but never with a Lien on them.

 

I'm looking for advice on how to conduct the transaction and any lessons learned from those of you that have done this before.

 

My concern is that the buyer will be reluctant to hand over a cashiers or loan check without receiving the title immediately.

 

Thanks

[hoapres]

You should contact the lender for a payoff amount. The new purchaser should probably prepare two cashier's checks - one for the lender to pay off the loan and the second to you for the difference. You may need to prepare a special power of attorney for the new purchaser to enable him to sign on your behalf regarding title transfer.

 

Contact your lender for details on payoff and transfer of title.