Quote:
Originally Posted by normtwofinger
I sold my car privately with a ScotiaBank loan on it a few years back. The buyer had a bank draft and accompanied me to the bank while I deposited it, cleared the loan, and recieved a letter from the bank that showed the loan was cleared and there are no liens left on the car. Both the buyer and I recieved a copy of the letter as well as a copy each of the bill of sale, and I signed the back of the pink slip for her to take to the registration office. Was pretty simple.
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This.
I hate buying used cars with a lien on them. Norm has the right idea. If the lien isn't cleared the new buyer will be on the hook for it. It's not that you can't sell it with a lien, it just has to be cleared up at the time of sale.