If you make your monthly payments on time each and every month then no. A lien basically means whoever you owe money on the car to can take it should you fail pay off the loan by not making the payments. In exchange for borrowing thousands of dollars so you can own the car, your car is put up as collateral so the finance company can take it should you fail to make payments.
If you have a lien on your vehicle, you can sell it for any amount. The vehicle is still subject to the lien which means that the purchaser can lose the vehicle if the lien holder collects on it.
how can i put a lien on a motor vehicle for a loan that was put out and no payment made yet on the personal loan
A person or a company that puts a lien on a vehicle is a "lien holder" that is on the title. It is not recognized as ownership.
In this particular state you can not put a lien on a vehicle. There are 49 other states in the Union.
I need to know how to put a lien on a vehicle in the province of BC
If the vehicle was put as collateral for the loan, there already is a lien on it.
If I have a car in my name with a lien on it and the car Is only god for scrap metal can I put the loan lien on my wifes car if she transfers the car to me.
If I sold a vehicle and the bank did not give me the whole amount owed towards the vehicle or the person buying the vehicle did not pay the remainder of the money can I put a second lien on the vehicle I live in Indiana
Does this vehicle have a Lien on it?
In most states a shop can put a mechanic's lien on the vehicle whether you are still paying the note or not. This means that you cannot sell the vehicle until you clear the lien.
If you owe her money and she can prove it, yes.
You can't. If a vehicle has a lien on it the lien holder is the owner of record of the vehicle.
A lien can be placed on a vehicle in Ontario by a mechanic or an automobile repair shop. This lien is often placed on the vehicle when there is a repair bill due and it has not been paid. The lien will be lifted when the bill has been paid in full.
free vehicle lien check ?
If it's leased from you, there's no need for a lien, as the terms of the lease already cover what a lien would cover insofar as asset recovery goes. If you're leasing the vehicle, then no, since you don't own the vehicle to put a lien on to begin with. Mechanic's liens, and government liens (e.g., impound liens), however are still applicable to a leased vehicle.
When you signed the contract to finance the vehicle, the creditor put a lien on the vehicle. In the rare event that this was not done, it can be done later in some cases.Also, a creditor can place a lien on an already financedvehicle if there is more equity in the vehicle than the amount of the original loan. Generally, a creditor who obtains a judgment lien against you can arrange to place that lien against any property you own in order to satisfy the lien.
Yes. It's called a Garage Man's lien. You may need to apply for it but it can be done.
If the car is put up as collateral for a loan, and that loan is not repaid according to the written agreement then a lien will be placed on the title. If you sell the vehicle the lien holder will be paid first before you are able to put any money into your pocket. Never use your car as collateral for any loans ... cars lose their values and soon enough the lien (loan) will be more than the car is worth. The lien still has to be paid off when it's sold, even if the lien amount exceeds the price the car is sold for.
Well, you own the vehicle subject to the lien. You cannot sell or refinance the vehicle until the lien holder is paid. If you don't pay the lien, the lien holder can repossess the vehicle. So you own it subject to your paying the loan.
If you accept a vehicle title that has a lien placed on it you become responsible for settling that lien
Yes - they can, or they can put a lien on the vehicle.