Selling car that's just paid off?

[lekkel]

just made the last payment to the dealer finance, and is it true that I can't sell the car (transfer the ownership) to the new buyer until I get the "actual" ownership from Toyota? or some kind of Release Statement?? how long will this process take??

help!! i need to resolve this soon because there are potential buyers!

[pitz]

Yeah, you would want them to release the lien that's placed against the car with the Personal Property Security registry in the province that you're in. A potential buyer would insist upon this, and failure to disclose an outstanding lien when you're selling a car could reasonably be construed as fraud.

Once you've fulfilled your payment obligation to the lender, they shouldn't have any problems whatsoever executing the documentation and de-registration process.

[booblehead]

That's correct. Once the final payment is made, Toyota Financing can issue an interim discharged statement (in about 5 business days or so) for your record but I'm sure the potential buyer will want to see the official lien discharge statement from PPSA and that should take about 10 - 15 business days.

I just did that for my Lexus a couple of months ago.

[blibbertibs]

in AB, in order for the new owner to register the car, the registry requires a letter stating the car has been free of leins if it was previously registered as a lease/finance.

[ES_Revenge]

You can sell a car you are financing at anytime, even if it's not paid off, no?

[rogerrabbit168]

You can sell a car you are financing at anytime, even if it's not paid off, no?

yes you can, my buddy actually went with the seller to Honda Financing and paid off the car on the spot, Honda Financing issue the seller a letter of stating the lien is gone, then they both went to the MTO office to did the transfer and my buddy paid the seller the difference