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Selling an item that still has a lien on it

5/10/14 @ 5:47 PM
ORIGINAL POST
lovestofishnhunt
MEMBER since 6/13/06
How does the process work if you are selling a motor sports item that still has a lien on it? Anyone have any insight to this?

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5/13/14 @ 6:02 AM
JethroBodine
User since 12/21/01
I've done this, and the best way is to pay off the lien first with a wire transfer from your bank. (either from savings or home equity line)

The lender will hold money orders till cleared.

Upon receipt of your satisfaction of lien of you need to visit or contact the DNR for a clear title to assign when you sell the boat.

5/10/14 @ 9:46 PM
river_chaser
User since 10/3/12
Been a few years since Ive bought a lien item. As I recall, what worked for me was that seller and buyer both go to location of the lien holder, such as the bank. Bank officer will tell you the balance of your loan, then the buyer pays the lien holder then the buyer pays the seller the balance.

Its a pain in the arse if the lienholder is some distance away or in another state. I bought a car that way and it took 6 weeks and some phone calls to get it done right. In the mean time i wasnt allowed to drive the car.

You should call your lienholder and get better info.

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