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Discussion Starter #1
I am selling a GT Ski Doo sled and the new buyer is aware of the lien which will be done in 3 months. However the buyer wants the machine now with the season just beginning. At one point my insurance company said I could not remove the insurance because there was a lien. What do I do once we change the ownership over and I no longer own the machine? I think I should be able to take the insurance off as long as I know it will still be insured. The lien is covered as the new owner is aware.... Any info is helpful.
 

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Mach1 92' 617 & 94' 670
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183 Posts
It depends on the lien, if a lien from the finance company, as long as there is insurance you should be ok, but I would call the finance company first!!
 

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Mountain M0DERAT0R
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7,469 Posts
just have the new owner show the certificate of insurance for the sled your selling and get a copy of it for your records. if its changing hands and he has it insured, would there still be an issue? (im also asking as im curious)

or have him sign a release that indicates he understands due to the lien the sled must be insured, therefore, he is responsible for providing the insurance and releases you of any liablity from the date of sale.
 

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King of the Universe
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6,674 Posts
How can you sell a sled that has a lien on it?? The lien-holder is partial owner! You may have to do the deal (money swap) at a bank so the lien-holder is paid off & they sign off on the title/registration. ONLY THEN can you legally drop the insurance.
You don't say where you're from, but that's how it works in Michigan.
 

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Mach1 92' 617 & 94' 670
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183 Posts
Just trust me, call the finance company or lien holder first!!!! They would know better than anyone!!!!!! Only a quick phone call and your question will be answered!!!!!!
 
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