Of course, the easiest way to unload a car upon which money is still owed is to simply trade it in or sell it to a dealer, since they’ll handle all the paperwork and ensure the lienholder (usually a bank or credit union) is paid off. The lienholder must have the vehicle available for inspection at a location easily accessible to the public for at least one hour before the sale.
To sell a car independently in north carolina, you will need to transfer the vehicle title to the buyer.
How to sell a car in nc with a lien. North carolina requires a title to sell a vehicle. If your title is lost, a replacement title can be obtained from the dmv. This process is more complicated, but the negotiated sale price is often higher.
If the seller won’t request a new title, it may be a sign that the title is held by a bank or other lending institution and has an outstanding lien, or that the car is not the seller’s to sell. Take that lien release to the department of motor vehicles or another authorized agent in your state, and the lien will be removed, which allows you to sell your vehicle. If there’s money still owed on the vehicle, to complete the sale, you need to include a lien release.
Dealers work directly with the lien holder listed on. North carolina has 3 different types of mechanics liens. How to sell a car in nc with a lien.
In some states, you may be able to sell the vehicle by providing the original proof that the lien was satisfied. Complete a bill of sale. The vehicle must also be at the place of sale at the time and date specified on the notice of pending lien sale for vehicles valued at $4,000 or less (reg 668).
If they produce a photocopy, ask to see the original. Once the loan is paid, that lien on the car’s title can be removed, and the car’s title can be properly transferred. While some states allow vehicle title transfers while a lien is still listed, the state of north carolina does not.
Ask your lienholder to give you the exact amount needed to pay off your loan so you can determine how much money you need to make in the sale. There is also a vehicle and owner section. This form must be completed in its entirety and mailed with a fee as set out in g.s.
It is the responsibility of the seller to provide a lien release verification to the buyer. The fee is $15 as of 2011. Other forms can be found here.
Check the car’s current certificate of title. Don’t trust a photocopy to be a true copy of the original. If you plan to sell your car to a private party, ask your lender about the process you should follow to.
In either case, the vehicle will be easier to sell if you owe less than its current worth. I highly recommend finding a way to pay off the lien in advance to avoid this possibility. You'll list an advertisement for your car just as you would any other vehicle, with the addition of the lien information that buyers will need so as to avoid confusion.
If there isn’t a lienholder. In addition, owner signatures must be notarized. The lienholder of an automobile no longer keeps the title to the automobile upon the sale.
While the state of nc does not require a bill of sale for a private vehicle sale, completing one is a great idea and *spoiler alert* you will need it later on. Once the obligation is paid, you'll receive a lien release. Before you buy a used car in a private sale or through a dealer, check that there isn’t a lien on the car.
Filing an abandoned vehicle lien. For example, to transfer an out of state car title in north carolina after purchasing a nonresident vehicle, you will need a combination of a properly reassigned title, a damage disclosure statement, a bill of sale and a lien release form. 22 notice of intent to sell a vehicle to satisfy storage and/or the mechanic’s lien form found at www.ncdot.gov/dmv.
Ask the seller to see the title. Once you've determined what the dollar amount is, you'll have a couple different options for how to sell a vehicle with a lien: You must make sure that, if your north carolina car had a loan on it at one time, your title was signed by the bank to release the lien.
A lien against a vehicle will be listed on the title, declaring a third party’s interest in the vehicle. Back to top of article. A bill of sale is only required when selling a car in nc to a.
If you owe more than the vehicle is worth, you'll have a hard time selling unless. To complete the transfer, you will need the vehicle's original certificate of title with all of the information on the back of the document completely filled out. To report a motor vehicle that has been unclaimed for 10 days, please file form 260.
Instead, there is a section on the back of the title below the transfer section where you can list yourself as the holder of a lien on the car. Registered car dealers are legally required to make sure liens. Which your bank will provide once it’s paid in full.
Why you should check for liens. Print it and complete it with all lien information such as lien holder's name and address, lien data. Sign the back of the title where it is marked seller(s) signature(s). print your name on the back of the title where it reads seller(s) hand printed name(s). can i sell a car in north carolina without a title?
A car can have more than one lien on it. You cannot sell an automobile in nc if there’s a lien still on it. Liens stay registered on the car until the debt has been paid in full and the lien has been removed.
This transfers the title from the seller to the buyer, thus making the latter the new owner of the vehicle.