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11-10-2012, 10:19 PM | #1 |
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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, 10:21 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, 10:33 PM | #4 | |
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11-11-2012, 01:35 AM | #5 | |
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11-11-2012, 01:35 AM | #6 | ||
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11-11-2012, 05:43 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, 07:17 AM | #9 | |
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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, 07:44 AM | #10 | |
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11-11-2012, 08:14 AM | #11 | |
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11-11-2012, 08:18 AM | #12 | |
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11-11-2012, 09:08 AM | #13 | ||
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11-11-2012, 09:13 AM | #14 |
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+1.
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11-11-2012, 01:22 PM | #15 | |
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11-11-2012, 01:26 PM | #16 |
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11-11-2012, 02:03 PM | #17 | |
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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:
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11-11-2012, 02:14 PM | #18 | |
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