Freaking LIENS!!!!

[donkeyman]

I put a deposit on a vehicle with a lien asking the owner to clear it before I take possession. Owner said that loan has been cleared, but the lender is saying 45 business days to clear the lien. You got to be fucking kidding me!?!?!!!

I got the lender on the phone confirming that payment has been paid in full and lien will be lifted (45 business days) or a letter stating that fact mailed to the owner in 15 business days.

With verbal confirmation over the phone from the lender, is it safe to pay and pick up the vehicle? What else could possibly go wrong in this situation?

Thank you. /rant

[bundi]

Listen to your gut... don't do it.

[Kloubek]

I would get the signed letter from the bank first if it was me.

[Redlyne_mr2]

Totally normal, just get a conditional letter of relese if they can't issue a final formal one. Basically the conditional letter of release should state that the vehicle is free and clear of liens pending the funds clearing the bank.

[Tomaz]

Wait 45 days. Makes the purchase that more sweet! lol

[donkeyman]

Originally posted by Redlyne_mr2
Totally normal, just get a conditional letter of relese if they can't issue a final formal one. Basically the conditional letter of release should state that the vehicle is free and clear of liens pending the funds clearing the bank.

Funds have cleared the bank. Just have to wait 15 business days for the letter to be processed and then mailed out. Request must be made by previous owner even though I have a bill of sale.

Good thing I put only a small deposit down. Sucks not having a vehicle nevertheless because it is being tied up in "process".

Even though I trust the owner and I trust the lender's verbal confirmation, I am not ready to test my luck on this one.

[2EFNFAST]

Lesson 1 - People lie. All the time. Do NOT trust what he says. Period. Get a signed letter from the bank, as said above.

[Zero102]

15 days to process and up to 45 days to lift the lein? That doesn't seem right. When I sold my golf I was able to get a letter for the lein that afternoon from VW.

[donkeyman]

Originally posted by Zero102
15 days to process and up to 45 days to lift the lein? That doesn't seem right. When I sold my golf I was able to get a letter for the lein that afternoon from VW.

Yeah, this is not the first time I had to clear a lien. Usually it takes 24 hours, which is tolerable. 45 days is down right ridiculous.

BTW lien is with G.E. Money (the General Electric) company. I did call them to confirm that they have a lien on the VIN and that payment has been paid in full.

[Zero102]

I hope you are not in a big rush. My advice would be to wait until you can get the letter in hand. Sign a contract or statement with the seller that you will buy if everything goes through so he doesn't sell the car to somebody else and make it conditional upon passing an inspection at the _END_ of this period, so if something happens to the car during this time you are not obligated to buy it.

It sucks to wait, but I've been involved in a sale where even though the bank confirmed the lein was going to be lifted it was later revoked and it ended very badly.

I am just surprised, I mean why would any company operating today still need 45 days?....

[cancer man]

45 days make sure it's not a scam..it's same day not 45.

[AutodreamFrank]

I just bought a bike that the previous owner had to clear a Lien on, he gave me the keys, wrote the bill of sale and under terms and conditions we put that the previous owner will clear all liens and supply documents. I then got the letter from Honda financial services emailed to me stating the bike had been payed off by previous owner, and that the contract had ended. took 12 hours.... something doesn't seem right with yours....

[donkeyman]

Originally posted by ninjasound
I just bought a bike that the previous owner had to clear a Lien on, he gave me the keys, wrote the bill of sale and under terms and conditions we put that the previous owner will clear all liens and supply documents. I then got the letter from Honda financial services emailed to me stating the bike had been payed off by previous owner, and that the contract had ended. took 12 hours.... something doesn't seem right with yours....

Nothing is wrong with my situation. Just the lender is being an ass. The owner has been helping me resolve this and has done most of the hard work. He also showed me his bank statement where the lender has taken cash out and has apologized profusely for the unexpected delay caused by the lender.

At the moment, we are both just shaking our heads in amazement with this lender and their poor responsiveness. It either gets sorted out eventually or I end up finding another vehicle. The only thing at risk is a trivial $300 deposit I put down.

:clap:

[AutodreamFrank]

Originally posted by donkeyman


Nothing is wrong with my situation. Just the lender is being an ass. The owner has been helping me resolve this and has done most of the hard work. He also showed me his bank statement where the lender has taken cash out and has apologized profusely for the unexpected delay caused by the lender.

At the moment, we are both just shaking our heads in amazement with this lender and their poor responsiveness. It either gets sorted out eventually or I end up finding another vehicle. The only thing at risk is a trivial $300 deposit I put down.

:clap:

Well sorry to hear what you are going through, possibly the lender is new to his job or something? You never know. Shit happens, your lucky you only potentially will lose $300, i've lost far more than that in my lifetime.

[donkeyman]

The lender is G.E. (General Electric). Weird huh? I'm sure it will clear up in due time. Sucks not having a bike in our short summers though. :P

http://i116.photobucket.com/albums/o4/kibbles22c/180px-General_Electric_Logo_001.png

[nrt_vw]

I dunno man.... something sounds fishy

[canuckcarguy]

I'd call the lender back and ask for a fax confirming that they'll send a letter within 15 days. But if you called the lender directly and confirmed they've been paid out, and you've seen the bank statement showing payment, I'd pick up the vehicle and not be so concerned about it.

Lots of times, lenders take forever to get their discharge paperwork together. I don't think it's that big of a shocker.

[donkeyman]

Originally posted by canuckcarguy
I'd call the lender back and ask for a fax confirming that they'll send a letter within 15 days. But if you called the lender directly and confirmed they've been paid out, and you've seen the bank statement showing payment, I'd pick up the vehicle and not be so concerned about it.

Lots of times, lenders take forever to get their discharge paperwork together. I don't think it's that big of a shocker.

Thanks for your response. My gut feeling has always said that it would be safe to finalize the sale, but my head tells me to be patient until everything is in place.

Also, G.E. is a fairly large corporation. The 45 days is just a way to cover their ass and set expectations. I am hoping that they are more competent than that.

[donkeyman]

If I receive a "paid in full" letter, is that enough to clear the lien? Can I clear the lien on behalf of the owner or must the owner do it himself?