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tomt64
08-04-2012, 11:38 AM
When buying a vehicle that has a lien on it, in what ways can it be paid off?

For instance there is 5k owing on a vehicle and you agree to purchase it for 4k, would you and the seller go to the registry and have him pay off the 5k, followed by the buyer handing over the money and finalizing the bill of sale?

Also is the registry the only place a lien can be paid off?

Any input is much appreciated.
TE4MFaint
08-04-2012, 11:45 AM
stay away from a vehicle with a lien.
Cos
08-04-2012, 11:53 AM
.
btimbit
08-04-2012, 04:13 PM
Originally posted by TE4MFaint
stay away from a vehicle with a lien.

Why? Most vehicles have them, not everyone can afford to by a vehicle outright.

I sold a vehicle with a lien on it, met the buyer at the bank to finalize the sale so he could watch me request a certified bank draft for the financing company at the same time I deposited the money from him purchasing the car.

Only stay away from a car with a lien if the person is covering it up or denies it, if the person is honest then go for it. 9 times out of 10 the seller needs the money from the sale to pay off the lien, so work with him on it.
schocker
08-04-2012, 05:20 PM
:werd:
My sisters civic had a lein on it, went to the bank with the previous owner and it was removed :dunno:
Kolbatron
08-19-2012, 12:21 PM
I sold my car with an outstanding balance as well. Me and the new buyer just went into the bank, Scotiabank, which is the bank that financed me the car. I put his money as well as some of my own money on top since I could'nt get the amount I needed for the car, and we paid it off together.

The bank wrote us both a letter saying the loan was paid off and away he went. Not the easiest thing to do but like was mentioned before, people probably need the money to pay off the lein so work with them.
mr2mike
08-20-2012, 02:02 PM
Just do the deal at the bank.
Bank gets paid first, then the seller.
guessboi
08-20-2012, 02:32 PM
Originally posted by mr2mike
Just do the deal at the bank.
Bank gets paid first, then the seller.

+1.
shizzay
08-22-2012, 06:39 PM
ya... just make sure it is cleared before you sign the bill of sale... then you're all good!:thumbsup: