Lien Question

[msommers]

After thinking about it almost every waking minute today, I've changed my decision on a vehicle I had put a deposit down on. Getting this back will I'm sure be nearly impossible since non-refundable was never put down in the contract as I had full intentions of buying it. Fortunately it was $500 bucks and not $2500 but still. Have people encountered this before with/without issue? I remember the SDS thread but I'd rather not get into that.

Anyways I've found a vehicle I'm much happier with. The issue is it is a private sale and the guy still has a lot left on his account with Toyota Financial and thus the reason for the sale. Now if I search up for a lien, I'm almost certain it will bring something up. I don't want to buy a vehicle with a lien on it but the only way he can pay off the remainder is with the money I give him from buying the truck! He suggested about giving a cheque to Toyota Financial and the rest to him but I'd much rather not split things up and just give a cheque to him for the full amount we agreed on.

I'm sure this is not a common issue but neither the seller nor my parents have any idea how to best go about this. I'm calling Toyota Financial in the morning but with so many folks working/worked at dealerships and vehicle purchasers in general, I'm sure this kind of thing has come up before.

One thing that I just thought of was putting a clause in the bill of sale. Say the lien will be removed by X date and if not I'm not liable for any monies owing?

Again any suggestions before I call are strongly encouraged.

[01RedDX]

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[wintonyk]

I did a similar situation to this but I was the seller.

What I did was take a large deposit. $2500. To cover my ass mostly. Then I placed the finance value on my line of credit. As soon as the lien was removed I collected a cheque for the remainder of the car.

On the bill of sale and deposit slip we noted a date that all had to be settled. And a few other clauses.

I dealt with toyota financial too with my car loan. And I had to be on their ass to get confirmation about lien being lifted.

[01RedDX]

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[msommers]

I called and the process is as easy as Red said it is. She said it literally takes about 5 minutes. It's definitely comforting having someone supervise the transaction though.