Will a car dealership pay off a lien?

[zod96]

Will a car dealership pay off a lien I have on my car for a personal loan? I want to trade my car in, but it was used in a secured loan I am still paying off.

 

[glenn beck]

yes, hopefully they give you more on the trade than what you owe

 

[Eli]

They might. Just depends on how much is left and how much they get out of you on the sale.

Be careful, though. There was a story here recently where a dealership said it would pay the loans of the traded in cars off, but didn't....

 

[guyver01]

If by "pay off" you mean take the money you owe, add it to your new lien, tell you they paid the old one, and take the money and run.... then yes. yes they will.

 

[LTC8K6]

No, you will pay off the lien since they are just going to tack that amount on to your new loan.

 

[EagleKeeper]

If the dealer is handling financing, they will get the payoff amount from the lien holder and have a check cut for that amount. That amount is tacked onto the new loan of the vehicle they are selling you.

IF you are handling the financing in any other way; you will have to place a check in the original lien holder's hand and get a statement that there is no lien, Then you can use the car as a down payment, sell it and/or us it in some other way with full ownership.

 

[MotionMan]

"We will pay off your current car loan, no matter how much you owe!!!"

...if you finance through us...

...and we will tack it on to your loan with us...

...and we will screw you on the terms.


There are no free lunches.

MotionMan

 

[Bignate603]

If you have a lien for a personal loan against your current car are you sure you're in a position to afford a new car?