A lien holder on a car title or car loan just means that person is the full owner of the car. If your car gets totalled or goes into default, the lien holder can retrieve the car from you because they have full ownership of the car.
Lien Holders are used for lending purposes. This means the lien holder has no liability responsibility. The registered person on the car is required to have liability coverage on the car according to law and not hold the lien holder liability on the car if the car gets damaged or totaled.
Lien Holder means they fully own the vehicle until the loan is paid off.
The lien holder owns the car until the loan is satisfied.
Basically, without liens and the right of the creditor to recover their property, finance rates for car loans would be INSANE.
only if the lien holder caused the collision
The lien holder is the person or firm, you borrowed the money from to purchase the car.
If you are the lien holder, yes.
You don't. The only one who can fill out a lien relese is the lien holder. As the owner of the car you are not the lien holder. Take the title to whomever holds the lien and they will release it.
no
A person can be the lien holder for anythimg
A lien holder is someone who has a financial interest in a car. It could be the bank you financed it from, or someone else who the car owner owes money to. The car owner's name is on the title with the lien holder's name so that you can't sell the car without the lien holder signing the title...this means that you don't owe the lien holder any money on the car. The car is now 100% owned by the title owner.
It means that the court is officially documenting that a lien exists to protect the lien-holder's interest.
You cannot sell a car you have a loan on if the lender has a lien on the vehicle. You will need permission from the lien holder to sell the car. If the lender has no lien on the vehicle then you can sell it if you wish. The title will list any lien holder.
Record lien on title- as 1st lien holder
It should be on the title.
How can you be the lien-holder of your own car.