Can You Sell a Car With a Lien
- Benhermies [OP]
- Newbie
- December 9, 2009
- 25 posts
- 6 upvotes
- Grande Prairie
Selling a machine with a lien
I desire to sell my 2013 Ford Escape SE and purchase ii used cars instead. The problem is I nonetheless owe more on my loan than I'd get for selling it. Is it possible to detatch the lien from the car, sell it, use the funds to buy two used cars, put the rest towards the loan, and continue making payments similar normal? What options exercise I have?
- #2
- vkizzle
- Deal Skillful
- Aug 22, 2011
- 36870 posts
- 22781 upvotes
- Eye of Universe
Provided yous accept the UVIP to disclose the lien, it'due south up to the potential buyers if they want that liability (99.9% volition walk abroad).
- #iii
- Ziggy007
- Bargain Fanatic
- Mar 15, 2005
- 5634 posts
- 1170 upvotes
Benhermies wrote: ↑I desire to sell my 2013 Ford Escape SE and buy ii used cars instead. The trouble is I still owe more on my loan than I'd get for selling it. Is it possible to detatch the lien from the car, sell it, use the funds to buy two used cars, put the residuum towards the loan, and keep making payments similar normal? What options do I have?
Why would a depository financial institution allow you to owe them coin with no tangible nugget for them to recover or repossess if y'all don't pay?
- #4
- mikeymike1
- Bargain Fanatic
- Apr 16, 2007
- 8112 posts
- 3431 upvotes
- Financial District B…
Benhermies wrote: ↑I want to sell my 2013 Ford Escape SE and buy two used cars instead. The problem is I all the same owe more than on my loan than I'd get for selling it. Is it possible to detatch the lien from the motorcar, sell it, use the funds to buy two used cars, put the residual towards the loan, and continue making payments like normal? What options do I accept?
No.
There are reasons why its chosen a 'secured' loan.
The simply feasible way to release the lien and the PPSA lien registered to the property is for you to apply for a LOC,(subject to qualifying) pay out the lien balance from lien holder FI,(probably Ford Credit if bought new) receive letter of the alphabet of release of all interests, and so sell or dispose of the belongings every bit you see fit.
---------------------------- Licensed Credit Bureau member, S1, FI Automotive, CCP forums about banned = ten 13 and counting, guess who that is?... stomped to the curb one time again
- #v
- vkizzle
- Deal Adept
- Aug 22, 2011
- 36870 posts
- 22781 upvotes
- Center of Universe
^ There are no rules or regulation to stop someone selling a car with a lien.
Thus why a UVIP is required for selling a used car, so potential buyers know what they are getting into.
- #half-dozen
- Solsearchin1
- Deal Fanatic
-
- Nov 24, 2012
- 5794 posts
- 2057 upvotes
- Space
No buyer will accept that. Your technically selling an detail you don't really own. Your options are to pay off the loan in full and employ a LOC to buy 2 used vehicles or ride public transit.
- #7
- mikeymike1
- Deal Fanatic
- April 16, 2007
- 8112 posts
- 3431 upvotes
- Financial District B…
vkizzle wrote: ↑^ There are no rules or regulation to stop someone selling a car with a lien.
Thus why a UVIP is required for selling a used car, then potential buyers know what they are getting into.
There are rules under the default clause. Rule number ane = PPSA human action.(actual law)
As one in possession and/or operator yous don't get choice to elect or govern re-assignment of security interests.
Under the default rights and remedies the recourse here is that the lien property FI can repossess the holding even though the property has been sold with lien attached. If purchasing tertiary parties choose to ignore any advisories from licensing and registration ministries then that is their own fault.
---------------------------- Licensed Credit Bureau fellow member, S1, FI Automotive, CCP forums well-nigh banned = x thirteen and counting, guess who that is?... stomped to the adjourn again
- #viii
- vkizzle
- Deal Adept
- Aug 22, 2011
- 36870 posts
- 22781 upvotes
- Heart of Universe
mikeymike1 wrote: ↑At that place are rules nether the default clause. Rule number one = PPSA act.(actual law)
As one in possession and/or operator you don't become choice to elect or govern re-consignment of security interests.Under the default rights and remedies the recourse here is that the lien belongings FI tin can reclaim the property fifty-fifty though the property has been sold with lien fastened. If purchasing 3rd parties choose to ignore any advisories from licensing and registration ministries and so that is their own fault.
Lol, in which liens are excluded from this act.
- #9
- NewMember12345
- Sr. Member
-
- Jun 17, 2013
- 794 posts
- 291 upvotes
- Toronto
I for i wouldn't purchase it. Probably not a good thought to do so either.
- #10
- mikeymike1
- Deal Fanatic
- April sixteen, 2007
- 8112 posts
- 3431 upvotes
- Financial District B…
vkizzle wrote: ↑Lol, in which liens are excluded from this act.
Read much? guess not.
---------------------------- Licensed Credit Bureau member, S1, FI Automotive, CCP forums virtually banned = ten 13 and counting, judge who that is?... stomped to the curb in one case once again
- #11
- vkizzle
- Deal Skillful
- Aug 22, 2011
- 36870 posts
- 22781 upvotes
- Center of Universe
Looks like you lot're the one needing to brush upwardly.
Go over the act in it's total entirety and you volition see list of exclusions, with lien being 1 of them.
- #12
- mikeymike1
- Bargain Fanatic
- Apr 16, 2007
- 8112 posts
- 3431 upvotes
- Financial District B…
vkizzle wrote: ↑Looks similar you're the one needing to brush up.
Go over the act in it's full entirety and y'all volition see list of exclusions, with lien being ane of them.
What do you recollect 'security interest' is?? how daft!
---------------------------- Licensed Credit Agency fellow member, S1, FI Automotive, CCP forums virtually banned = x xiii and counting, estimate who that is?... stomped to the curb once once more
- #13
- vkizzle
- Bargain Expert
- Aug 22, 2011
- 36870 posts
- 22781 upvotes
- Eye of Universe
mikeymike1 wrote: ↑What do yous recollect 'security involvement' is?? how daft!
I can careless of the legal mumbo colossal.
The fact is, you quoted the pps human activity and tried to advise information technology restricts a person from selling an asset (in this case a vehicle) with a lien.
You are 100% incorrect in this case...and then end trying to back peddle.
- #xiv
- Solsearchin1
- Deal Fanatic
-
- Nov 24, 2012
- 5794 posts
- 2057 upvotes
- Infinite
Information technology is legal to sell a vehicle with a lien as long as it's disclosed as having a lien. In repeated default, the bank will come up afterwards the lien holder first and so the vehicle. The new owner will unfortunately be stuck in dealing with small claims ( civil courts ).
- #15
- mikeymike1
- Deal Fanatic
- Apr 16, 2007
- 8112 posts
- 3431 upvotes
- Financial District B…
vkizzle wrote: ↑I can careless of the legal mumbo jumbo.
Care less? well it seemed like y'all did care by trying to refute my position by quoting exclusions. Who's back peddling?
Furthermore, its non that you couldn't care less, but rather its the fact you take no thought what you're talking about.
For people who use 'mumbo-jumbo' that'due south nothing more than than another way of saying you don't empathize and don't accept a clue.
You went on to state exclusions yet I'chiliad actually waiting for y'all to show where this is notated in the Law?(except)
vkizzle wrote: ↑ The fact is, you quoted the pps human action and tried to propose information technology restricts a person from selling an asset (in this case a vehicle) with a lien.
Any implied or perceived suggestion by yous is the event of your own poor interpretation of what I posted. Comprehension issues?
My answer purely involves and details remedies under default as supported by the PPSA police.
If you lot don't empathise the mumbo-jumbo below permit me aid you with just ane word - repossession.
http://world wide web.ontario.ca/laws/statute/90p10#BK79
chattel paper/chattel mortgage = secured automobile loan(security interest)
vkizzle wrote: ↑ You are 100% wrong in this case...so stop trying to back peddle.
mumbo-jumbo much?
Where's those exclusions?
---------------------------- Licensed Credit Agency member, S1, FI Automotive, CCP forums most banned = x thirteen and counting, guess who that is?... stomped to the curb once again
- #16
- vkizzle
- Bargain Expert
- Aug 22, 2011
- 36870 posts
- 22781 upvotes
- Centre of Universe
mikeymike1 wrote: ↑Care less? well it seemed like yous did care by trying to refute my position by quoting exclusions. Who'due south dorsum peddling?
Furthermore, its not that yous couldn't care less, but rather its the fact you have no thought what you lot're talking near.
For people who utilise 'mumbo-colossal' that's nil more than another manner of saying you don't understand and don't accept a clue.You went on to state exclusions however I'm actually waiting for you to show where this is notated in the Law?(except)
Any unsaid or perceived suggestion by you lot is the outcome of your own poor interpretation of what I posted. Comprehension issues?
My reply purely involves and details remedies under default as supported by the PPSA constabulary.
If you don't sympathize the mumbo-colossal beneath let me help you with just one word - repossession.
http://www.ontario.ca/laws/statute/90p10#BK79
chattel paper/chattel mortgage = secured machine loan(security interest)
mumbo-jumbo much?
Where's those exclusions?
Big words for someone that is very clueless.
How does any of your references stipulates that a vehicle with a lien cannot be sold?
Yous but posted a whole lot of nothing about selling a vehicle with a lien, other than what actions the bank tin do in the case.
LMAO...
- #17
- mikeymike1
- Bargain Fanatic
- Apr 16, 2007
- 8112 posts
- 3431 upvotes
- Fiscal District B…
vkizzle wrote: ↑Large words for someone that is very clueless.
How does any of your references stipulates that a vehicle with a lien cannot be sold?
You just posted a whole lot of nothing near selling a vehicle with a lien, other than what actions the depository financial institution can practise in the case.
LMAO...
All mumbo-jumbo to you right?? good one wayne.
Hey.. I'1000 still waiting for this caption of yours:
Go over the deed in it's full entirety and y'all will see listing of exclusions, with lien being one of them.
back pedal much
---------------------------- Licensed Credit Bureau fellow member, S1, FI Automotive, CCP forums near banned = 10 13 and counting, guess who that is?... stomped to the curb once more
- #18
- vkizzle
- Deal Expert
- Aug 22, 2011
- 36870 posts
- 22781 upvotes
- Center of Universe
mikeymike1 wrote: ↑All mumbo-colossal to you right?? good 1 wayne.
Hey.. I'm even so waiting for this explanation of yours:
Get over the act in information technology's full entirety and you lot volition run into listing of exclusions, with lien being one of them.back pedal much
Sorry, yous haven't proved anything to the contrary and can read information technology yourself. If yous are illiterate, tough, considering it's not going to be clear cut and impaired down for you...but liens are excluded in my fact that it "does non forestall" people from selling a vehicle with a lien.
I repeat, the pps human action does non prevent people from selling a vehicle with a lien.
Edit: y'all probably tried searching for an bodily listing of exclusions from the website... Lol
Thus dorsum to my statement READ "in it'south full entirety".
- #19
- haliwood
- Deal Aficionado
-
- Aug three, 2009
- 2085 posts
- 535 upvotes
- Nova Scotia
Many people call a security involvement a lien. People sell all kinds of things with security interests attached. The registry exists so buyers can cheque into it.
OP you would basically have a buyer work with your finance company to accept them paid directly with you paying out the residue to have the interest discharged.
- #20
- AgentRoyal
- Member
- Apr 22, 2015
- 388 posts
- 76 upvotes
- Toronto, ON
You tin certainly endeavour but no one will buy it, if for whatever reason you default on the loan their car would exist repo'ed past the bank and they would exist out that coin they paid you. You can take the person to the depository financial institution and get the loan in their name the bank may try to authorize them, or they get a loc and pay directly to your loan.
Source: https://forums.redflagdeals.com/selling-car-lien-1787355/
0 Response to "Can You Sell a Car With a Lien"
Post a Comment