Selling with lien?

[MO.RR]

I am contemplating selling my roadrunner to help offset medical bills but I borrowed money against it for some of the same reasons.
Wife is getting ready for surgery and probably chemo afterwards so I’m downsizing. I have a few cattle left that once they calf I’ll have the money to pay it off but that won’t be until after winter. If I wait and put some work in to it and pay it off I can make a lot more off of it, if I sell now with lien and no work done I’ll probably get around 50% of what I’d ask. Obviously more money is better but right now I have different priorities.


I know if I sell it I probably won’t ever own another but that’s life.

 

[Rishi]

It's unclear what your question is, here. But I will offer my unsolicited opinion.

My kids are grown, and as I get older I *do* have more time on my hands. But either I'm getting lazier, or losing the motivation to complete tasks, but I am evading taking on new projects, because I have so many.

The question you want to answer for yourself is this: If you choose to hang on to the car, invest more time to clean it up, and spend more dollars to pay it off, will you finish this job? And *can* you finish the job?

If you're life is in upheaval, there may be more unforeseen problems down the road. It may be wiser to take what you can get, now, rather than commit to investing more time and energy for a larger pay-off, later.

 

[Richard Cranium]

If your car is a 68 Charger R/T, I’ll be glad to give you 50 cents on the dollar.

 

[Purepony]

I’m just wondering is any kind of public assistance an option?

I remember a cousin of a cousin of mine went to Vegas, but he was from Costa Rica and he was just visiting and he rolled over in ATV so he needed a lot of surgery. I think the bill was like over 50 grand maybe even more a lot more than that.

When he went to the hospital, they offered him all these programs because I guess they have funds set aside for tourist to injure themselves while visiting a country and they took care of all the costs for him and the surgery, etc. so I’m wondering maybe there’s some type of assistance that you can take advantage of instead of having to sell your personal possessions But just a thought

 

[cr8crshr]

With a Lien on it, any proceeds from the sale will have to be paid in order for the Title to be released for its transfer...cr8crshr/Bill

 

[MO.RR]

That’s why I’m asking. Is it going to be more hassle than it’s worth by clearing the lien during a sale?
I have decent insurance but this may play out to be lengthy and expensive. I am currently downsizing livestock partially due to drought driving up the cost of feed/operations and wife being sick. The roadrunner is an item I can sell that won’t affect me.

 

[#41]

Your'e going to scare off most buyers with a lien on it. I would figure out how to raise enough cash to settle the lien first, and then sell the RR with a clear title. Could be a personal loan, equity loan, etc. Interest should not be a big concern because you'll pay off the loan when you sell the car.

Larger medical bills seem to dribble in quite slowly. They are slowed down by the process of the provider wrangling with the insurance company. You can further slow down the process by asking billing questions and clarifications when you get your portion of the bill. Also, you can ignore a bill for quite awhile before they get serious. Lastly, when you do agree to pay, talk with the billers and tell them you cannot afford to pay it all, but want to pay in increments. This shows your good faith, and they are more likely to allow you to pay it off over time rather than send collectors. When they resort to collectors, they get less than 100% (if anything at all), so that is their motivation to work with you.

I guess what I'm saying is that you have more time to prepare than you think. Good luck to you and your spouse.

 

[Skytrooper]

I am very sorry to hear of the medical situation incurred by you and the Mrs.
I would have to agree that clearing the lien will result in better selling opportunities. If that is possible, that is the best path. This will get you much closer to your asking price.

My prayers go out to you and your wife. I wish better health for both of you.

 

[davek]

Im with everyone on this ,pay off the lien. Im sorry to hear about your wife. When my Lori passed from cancer my car is what kept my head on straight and of course the Big Man upstairs. I hope all gos well for you both. God Bless

 

[1967coronet]

Yes, sorry your wife is sick , prayers she get better soon.
The car unless a family heirloom is just a car. Heck man you know what the right thing to do is.
Selling with a lein on it is not a big deal as long as your lender is aware of what's going on.
Buyer has contact/ meets lender , funds are made out to both you and lender.
Title goes to buyer from lender after lein is released.
It is the same as buying a late model that is under lein.
I hope things turn better for you guys.

 

[Detective D]

Personally, I would wait until you need to sell before selling.
I would also say a car is not worth being in over your head in debt over. However, you can wait to sell something like that until you are certain it is needed. As other have said, the bills might go onto a payment plan.

I would caution that "working on a project" is NOT going to be your priority depending on how things go. In fact it might be the very last thing on your mind when you get into the middle of this.
I can't give you firm advice, only you know where you stand and what your sense of security needs etc. But if the bills are coming down the road, and you have some other means of paying the lien down the road, it might work itself all out anyway. It might be a benefit to mark up a calendar with appointments, bills due, expected income(from cattle for example) and such to help work through the timing of things as you go.

I would also say, good on you for being a stand up American and being concerned about paying your debts and taking the responsibility to plan for them. That is to be admired and respected.
Prayers for you and your wife.

 

[1STMP]

I would say to keep the car and pay off
the lien.
Hospitals recognize the monetary
burdens placed upon their patients.
With the birth of our first kid, we were
really strapped for cash. After
consulting with the hospitals' billing
department, I offered to send them
a much lower payment than they
we're trying to get me to pay.
They're happy to get any money
coming in.
When your financial situations
improve, you can concentrate more
on paying off that medical bill.
Selling your beloved Mopar would be
taking a giant step backwards
considering all of the time and money
you've spent to date.
Walk into any emergency room these
days and take note of who is
occupying the seats. Most of those
there don't pay a red cent for their
care. At least you'll show that you
are willing to pay off your debt and
it won't ding your credit rating.
What you're doing is trying to defer
the amount owed as to such a time
that you can pay it off.
They can't reposses your wife for
non-payment.....
Sorry to hear she needs these
procedures.

 

[Mopar Hunter]

First take care of your wife and her medical situation, then worry about your bills. What kind of health insurance do you have, high deductibles?

No matter what your family comes first.

 

[MO.RR]

Thanks everyone. Seems like an under appreciative reply but it’s just the opposite.

 

[gtx6970]

First take care of your wife and her medical situation, then worry about your bills. What kind of health insurance do you have, high deductibles?

No matter what your family comes first.

THIS ^^^^


As to the original question.
Myself would have zero problem buying a car that has a lien on it. But would require some negotiations on both sides.

 

[Budnicks]

Good luck with that...

Sorry to hear about the medical issues,
I hope & wish the best for you & the wife...

If you can wait, fix the stuff that will make it easier & better $$$
on the sale, don't put a bunch of $$$ in it you can't get back out...

these things have a way of working themselves out too

negotiate with the lien holder possibly if & when you do sell
give or put up other collateral maybe, to obtain the title
sorry to say, that it will deter a bunch/moist of the people from buying
if it doesn't have a clear title, in your name your 100% ownership
most don't want that hassle, too many scumbags made it like that now

good luck