If you are buying a car on payments then there will be a lien on the car. the company will release the lien once the car is paid off.
If the lien is a purchase money lien (granted to allow you to buy the car), then no. If it is a nonpurchase money lien (you granted a lien on the car to secure an unrelated debt), then yes.
The question should be. Should you ever buy a car with a lien on it. The answer is absolutely not, no, not if you are smart.
NO! BANK LIEN-PAY IT OFF. MECHANICS LIEN-PAY IT OFF. autolienservice.com
If you took out a loan from the bank to buy your car, they have a lien on it. For all intents and purposes, they own the car until you have it paid off.
Lien must be satisfied somehow so title can be transferred.
Go to your local DMV and explain the situation. Have proof that the lender went out of business. Only They can remove the lien.
AnswerPay off the lien holder and they wil sign a relase, putting the vehicle in the free and clear. It depends on the type of lien. Lender's lien or mechanics lien.autolienservice.com
Yes but make sure YOU pay the lien off and don't just pay the seller and hope they will pay it off.
does my car have a lien?
You can buy a car under your small business. You have to register the car and insurance under the name of your business.
A lien title means that the car has a loan against it. If you do not have a "clear" or non lien title, the lender who hold the clear title can and does have the right to get the balance of the loan from you. The purpose of the lien title is to enable the car buyer to get the legal requirement for driving the car from the state. It's like renting the car in essence; the lien title is almost like the lease agreement for an apartment.So if a lien title is all there is...don't buy the car. It's not his to sell.Somebody has to settle the lien before you can legally own or register the vehicle.
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.
Yes. This happens all the time. If you have a car you're still making payments on (and which will therefore have a lien on it), and you want to buy a new car, as long as your credit is good and you can afford the new payments as well you shouldn't have a problem.
is there a lien on this car
A lien means that someone can seize your property if you do not pay them what you agreed to pay. When banks lend money to buy cars, for instance, they get a "lien" on the car so that the owner cannot sell the car without paying them back.
Walk away from this deal.
Contact the lender who had the lien on the car and ask them for a lien release.
You cannot file a lien on your own car to prevent another from filing a lien on your car. If you owe someone money they may be able to put a lien on your car so that they are paid in full.
If it goes into impound, the car can be repossessed. If the car is not retrieved from impound, then the agency which put it there files their own lien, which takes precedent over any other lien already existing on the vehicle.
what is a lien fee when your car is inpound
Pay off the loan and then request a lien release from the lender who held the lien on the car.
At minimum, you must satisfy (pay off) the lien. Talk to a dealership---NOT the one you plan to do business with, but call a different one---they can give you information. When you go to sell the car, keep in mind the lien amount in your overall price you want for the car. Make sure you get paperwork when you pay off the lien.
I would be very leery to purchase anything from anybody while there's still a lien attached. As you probably know, this entitles the lien holder their right to however much was loaned against the vehicle, which must be cleared at the time of title transfer. The dealer should have taken care of this when they purchased the car from the prior owner. Assuming the vehicle is worth pursuing, try making an arraignment with the dealer where they will allow you to accompany them to the lien holder's business, at which point the bill can be settled. Under no circumstances should you pay for the car without them first taking care of the lien.
Go to a car dealer, or a sports car business, then get enough money to buy one.