How to Make Money From a Title-Less Car?

You want to sell your car to make some cash from your junk car. But do not have the title to your car. That sure is a predicament! But worry no more as I will be explaining how you can still sell your junk car and makes some cash out of it (as much as $100-$1500).

It is quite common if you come across state laws that require you to have a title before selling a car. But there are certain circumstances that do not require a title at all for the car to be on the road again with a new owner. The situation though is a tricky one but not impossible. Above all, it is important that both the buyer and seller are familiar with the specifications of a transaction without title before exchanging any cash.

For the buyers out there, let us first dig into the various perspectives as to why a seller may not have a title-

When the title is with the bank or lienholder

If the payment for a car loan is due, the chances are that the bank or the lienholder still has the title of the car. This is quite a common scenario nowadays as people take out car loans due to the high costs of the cars. Car sale prices have risen over the years and with the rise in price, people choose to seek the help of the bank to make a purchase.

The bank holds the title of the car unless the entire payment is completed. And if a situation should arise that you have to sell your car, the title still remains with the bank.

Solution:

To sell a car whose title is still with the bank or lienholder, contact the bank first and make sure that the sale price of the car covers the payoff for the loan. Make sure that you do this before showing the car to a potential buyer. The banks usually offer a grace period of 10 days during which they do not incur any charge.

When the title is lost, stolen or misplaced

A replacement request can be placed if you happen to lose or misplace the title. The details of your car are saved in a common database which can be retrieved for a replacement title later.In this situation, you will still need a car title to transfer ownership.

When you buy and register a car, the clerks will enter your information into a common database. This allows your car title and registration information to be stored, which means that it can be retrieved should you need to request a replacement title.

For such a request visit the local department of motor vehicles. The time taken for the process depends on the area you reside. Some offer services where there is an on-site title printing service.

When expecting a replacement title

·Bring the original documents as you would when obtaining a new title. For instance, the driver’s license, insurance card or registration
·Call ahead and find out the fee for the replacement title in your area. It may be anywhere between $15 to $30.
·Check with the DMV and find out if the title offices offer the same day delivery.
·Once you get the replacement, you are good to go to sell the car to a new buyer .

How to sell a title-less car?

If your car qualifies as a junk car which means that it is not fit to be driven on the road, no matter how much fixing you take it through you won’t be able to get a valid title for it. It creates a problem for the seller when required to be sold. The best choice would be get some cash for the junk car by selling it to a junkyard.