CK5
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Question about vechicle sale/trade
- Thread starter 79k20350
- Start date
Muddytazz
1 ton status
You'd need to contact the lien holder of the jeep
79k20350 said:so i have a 1990 jeep wrangler that im tinking of trading for a 87 k5. only problem is that i still owe money on it (quite a bit too) so i dont have the title. how the hell would i go about doing this
AFAIK you can't change ownership of the vehicle until it has been paid off and the lien holder signs off on the title. There is the possibility that the lien holder may allow you to have the title on the K5 liened to them instead of the jeep but highly doubtful unless you can prove some kind of considerable value on the K5 that would warrant them to allow you to lien the K5.
i have changed leins on vechicles before but the new one was of similar value to the loan amount.
well the new one would be close to value, its a cash+vechicle trade on the other persons part so the cash could be immediately paid to the lein holder along with some savings i have and would more than bring the value of the k5 to the amount of the loan.
Around here you would have to essentially pay off one loan and take out a new one. The paper work could all be done ahead of time so the buyer of the Jeep could meet you at the lenders office, pay the cash and turn over the title of the K5 and walk out with the Jeep title. Any way you do it will have to be with the lenders approval.
Here in MI, if you have a lein you still get the title but it says "Leinholder: ZYX Bank". When you sell that vehicle (which your free to do at anytime),it' either one of 2 things. 1) The bank give's you a temporary personal loan in your name and sings the title as clear (there's a space on the title for the leinholders to sign off saying it's paid), take your sign-off title and exchane it with the buyer of the vehicle for cash, go back to your bank and pay your personal temp. loan off.
or 2) if the buyer is willing, both go to ZYX Bank and the buyer pays the bank directly and signs the title, which the seller brought with them.
Never heard of transfering a lein from one vehicle to another. Usally it's pay off one, and open another.
or 2) if the buyer is willing, both go to ZYX Bank and the buyer pays the bank directly and signs the title, which the seller brought with them.
Never heard of transfering a lein from one vehicle to another. Usally it's pay off one, and open another.
mountainexplorer
1/2 ton status
I traded a '77 Crew Cab that I had to a friend for a nice '85 Chevy K20, and he still owed money on it. The bank looked at both vehicle descriptions to determine values, and then allowed the trade and signed off the '85 title to me and then added them as lienholder on the '77 title when my friend took posession of it.
In that case it was pretty simple since the bank agreed they had similar blue book value.
In that case it was pretty simple since the bank agreed they had similar blue book value.
