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      11-10-2012, 11:19 PM   #1
mengo816
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buying a car with a lien

Is it ok to buy a car with a lien on the title if the owner also has a lien release letter with it? or do i have to wait to buy it with a clear title?
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      11-10-2012, 11:20 PM   #2
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is it also stamped by the bank and signed on the title ?
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      11-10-2012, 11:21 PM   #3
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As long as you have a lien satisification letter you will be fine. When you come to re-title the car in your name the lien will be removed.

For added good measure I would contact the lien holder just to make sure the lien was satisified.
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      11-10-2012, 11:33 PM   #4
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Quote:
Originally Posted by mengo816
Is it ok to buy a car with a lien on the title if the owner also has a lien release letter with it? or do i have to wait to buy it with a clear title?
Are you buying a BMW or a different brand?
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      11-11-2012, 02:35 AM   #5
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Quote:
Originally Posted by 6spdg37s
is it also stamped by the bank and signed on the title ?
it is signed and stamped by BMW of north America. I'm not use to seeing this. in Missouri, we'll get a lien release letter to send in to the dmv for a brand new clear title.
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      11-11-2012, 02:35 AM   #6
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Quote:
Originally Posted by Ghetto2315
Quote:
Originally Posted by mengo816
Is it ok to buy a car with a lien on the title if the owner also has a lien release letter with it? or do i have to wait to buy it with a clear title?
Are you buying a BMW or a different brand?
BMW
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      11-11-2012, 03:28 AM   #7
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+1 on checking with the lien holder if you don't think it's legit.
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      11-11-2012, 06:43 AM   #8
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So, basically, you are buying a car from someone who needed to finance it, then wants to sell it before the term of finance is up. To me, you are dealing with someone who isn't the best planner or the most financially responsible. I would contact the lien holder directly, pay off that amount directly, then pay the difference to the seller.
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      11-11-2012, 08:17 AM   #9
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Originally Posted by LarThaL View Post
So, basically, you are buying a car from someone who needed to finance it, then wants to sell it before the term of finance is up. To me, you are dealing with someone who isn't the best planner or the most financially responsible. I would contact the lien holder directly, pay off that amount directly, then pay the difference to the seller.
What?! You mean you keep all of your cars until you pay them off? With super low interest rates why wouldn't you finance and sell if you wanted to? I've been through 4 cars in the last 5 years and I haven't lost a penny in any of the deals. (I stopped buying new after my first 11 cars) it's called using othe people's money.

I don't consider myself a poor planner and with an 840 fico I am definitely not financially irresponsible.
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      11-11-2012, 08:44 AM   #10
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What?! You mean you keep all of your cars until you pay them off? With super low interest rates why wouldn't you finance and sell if you wanted to? I've been through 4 cars in the last 5 years and I haven't lost a penny in any of the deals. (I stopped buying new after my first 11 cars) it's called using othe people's money.

I don't consider myself a poor planner and with an 840 fico I am definitely not financially irresponsible.
Sorry...I guess I made an assumption that the seller bought the car new and is now taking a huge hit with depreciation in addition to having financed it. This may or may not be true. What you do is actually a slick way of doing it. Kudos to you !!!
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      11-11-2012, 09:14 AM   #11
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Originally Posted by X2Board View Post
What?! You mean you keep all of your cars until you pay them off? With super low interest rates why wouldn't you finance and sell if you wanted to? I've been through 4 cars in the last 5 years and I haven't lost a penny in any of the deals. (I stopped buying new after my first 11 cars) it's called using othe people's money.

I don't consider myself a poor planner and with an 840 fico I am definitely not financially irresponsible.
+1 i done the same thing with most of my cars too !! in fact 2 cars i actually sold for more than I paid for them !
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      11-11-2012, 09:18 AM   #12
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Quote:
Originally Posted by LarThaL
So, basically, you are buying a car from someone who needed to finance it, then wants to sell it before the term of finance is up. To me, you are dealing with someone who isn't the best planner or the most financially responsible. I would contact the lien holder directly, pay off that amount directly, then pay the difference to the seller.
really? That's a pretty bad statement.
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      11-11-2012, 10:08 AM   #13
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Quote:
Originally Posted by X2Board
Quote:
Originally Posted by LarThaL View Post
So, basically, you are buying a car from someone who needed to finance it, then wants to sell it before the term of finance is up. To me, you are dealing with someone who isn't the best planner or the most financially responsible. I would contact the lien holder directly, pay off that amount directly, then pay the difference to the seller.
What?! You mean you keep all of your cars until you pay them off? With super low interest rates why wouldn't you finance and sell if you wanted to? I've been through 4 cars in the last 5 years and I haven't lost a penny in any of the deals. (I stopped buying new after my first 11 cars) it's called using othe people's money.

I don't consider myself a poor planner and with an 840 fico I am definitely not financially irresponsible.
With interest rates at 0.49% through Penfed on car loans it would be less wise to pay all cash for a car. Keep your savings and use it on investments where your cash is earning 5-12%, like buying up real estate . Then your investment is paying for your car.
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      11-11-2012, 10:13 AM   #14
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Quote:
Originally Posted by Amri215 View Post
As long as you have a lien satisification letter you will be fine. When you come to re-title the car in your name the lien will be removed.

For added good measure I would contact the lien holder just to make sure the lien was satisified.
+1.
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      11-11-2012, 02:22 PM   #15
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Quote:
Originally Posted by LarThaL View Post
So, basically, you are buying a car from someone who needed to finance it, then wants to sell it before the term of finance is up. To me, you are dealing with someone who isn't the best planner or the most financially responsible. I would contact the lien holder directly, pay off that amount directly, then pay the difference to the seller.
What an ignorant post. Are you supposed to hold the car until the loan matures?
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      11-11-2012, 02:26 PM   #16
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      11-11-2012, 03:03 PM   #17
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Just don't do it ...
Just dont do what? It is completely normal to have a title with a lien holder and a letter of lien satisification..its the way things are done..completely normal,

now if OP didnt have the letter of satisifcation, that would be an issue

Quote:
Originally Posted by LarThaL View Post
So, basically, you are buying a car from someone who needed to finance it, then wants to sell it before the term of finance is up. To me, you are dealing with someone who isn't the best planner or the most financially responsible. I would contact the lien holder directly, pay off that amount directly, then pay the difference to the seller.
Ridiculous post, the M3 I purchased was financed, the pervious owner traded the car back in because he decided to buy a Porsche instead, doesnt mean he's financially irresponsible, he just made a different choice..

Let me guess..are you also the type that believes people should get married and stay married?
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      11-11-2012, 03:14 PM   #18
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Quote:
Originally Posted by LarThaL View Post
So, basically, you are buying a car from someone who needed to finance it, then wants to sell it before the term of finance is up. To me, you are dealing with someone who isn't the best planner or the most financially responsible. I would contact the lien holder directly, pay off that amount directly, then pay the difference to the seller.
The car this guy is buying is just financed and so there is a lien holder under presumably a banks name.. You really cant be serious saying the person he is dealing with "isn't the best planner or the most financially responsible." There can be lots of reasons why people lease or finance cars and the latter half of those reasons is not because its bad financial planning or because they wont be good for the full amount of the car..
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