How to buy a car with a lien

[2fast4me]

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[Aleks]

Make him pay out the loan and show you the letter that shows the loan has been paid off would be the safest thing for you to do

:dunno:

Or the two of you can go to the bank together and you can write a cheque to the bank for the outstanding ammount on the lien + whatever is leftover to the owner. Make sure you get that letter stating lien's been released though.

[HHURICANE1]

The lien has to be paid by the person that owes the bank. If this is not done, the lien is assumed by the new owner and is payable by them. Whoever has possession of the car is responsible for the loan. The bank can seize the car at any time if they feel the terms of the loan are not being followed. If you have your heart set on buying this car go to the bank with the current owner and make SURE that the loan is paid in full and the loan is finalized and closed. If not you could be liable for the whole amount of the outstanding loan payable on demand or have the car seized and sold at auction to recover the monies owed. My dad ran into this once and he had to pay off the bank or his truck would have been seized. The guy who sold it told him that the loan was payed off. Trust nobody.

[403Gemini]

Never buy a car with a lien

thats the most sound advice i can give you

edit: ill add, if he cant pay off his loan or whatever and says he needs your money to do it and promises he'll pay it off... make the cheque co-payable to him and his lienholder

[DelSoln]

Originally posted by 403Gemini
make the cheque co-payable to him and his lienholder

[DarkDream]

Or just minus the lien from the amount you are to pay him

[DelSoln]

Originally posted by DarkDream
Or just minus the lien from the amount you are to pay him

I am pretty sure a bank will not release this info to the person wanting to purchase the car.