Help With Selling #1 Car at Auction - Mecum Indy?

[bulletpruf]

Follow-up question - what if you owe a few $$$ on the car? Bank has the title. Sounds like I need to pay it off, right? If that's required, shouldn't be a problem. Just need to move some $. Just thought that there might be an easier way to do it.

Thanks,

Scott

[Stefano]

Contact your consignment agent at Mecum.

Of course your plan is the easiest, pay off the loan and have free and clear title to the vehicle at the auction.

Your bank will provide you with a payoff letter. This will state who gets paid for a lien release as well as the principal balance due at a given date. It should also include a per diem amount which is due until the note is paid off.

Once the note and lien are settled, the auction will release the balance of funds to you.

The auction may announce T/A or title absent when your car crosses the block if the bank doesn't release the title in advance.

[njsteve]

Pay it off. It's a lot easier. You need to have the title in hand to sign over once it sells. That is one of the documents that the Mecum office takes when you bring the car in for the auction. You don't actually sign it over until after it sells on the block, then you proceed to the office and sign your paperwork and get your check shortly thereafter.

Didn't they already request a copy of the title when you signed up for the auction spot?

The guy that bought my car was a well known collector so he had some type of line of credit so I got the check within a half hour of the auction time. If the buyer is buying several cars and waits til Sunday to settle his total account, you might have to wait for Mecum to mail you the check.