Lien on a vehicle
10-23-2003, 11:18 PM
#1
R.I.P. Kato-san
Thread Starter
Join Date: Jul 2001
Location: Stockton, Cali
Posts: 7,053
Likes: 0
Received 0 Likes
on
0 Posts
Lien on a vehicle
I have a question for you guys... At a body shop where my friend works, there is a 99 or 00 hatch.. No exterior damage, only a few interior pieces are missing... My friend said he could get it for me, for less than 4 thousand.. I'm all over it, but the only problem is the car has a lien on it... The owner of the body shop tried to get the pinkslip, but I guess he couldn't get it...
Is byuying a car with a lien on it bad?????? I dunno what to do!!! Help me please. :happysad:
Is byuying a car with a lien on it bad?????? I dunno what to do!!! Help me please. :happysad:
10-23-2003, 11:19 PM
#2
Wannabe yuppie
Join Date: Dec 2000
Location: Madison, WI
Posts: 25,918
Likes: 0
Received 0 Likes
on
0 Posts
I think that means whoever has the title owes money to a bank on it. I think it could be something as simple as they just have a loan that's not paid off, but I'm not sure.
10-23-2003, 11:23 PM
#4
un-Touch'd krew
Ok heres the deal.
When a mechanic puts a lein on a vehicle it means that the owner has not paid the debt for the vehicles repair etc.
In order to collect on that debt they put a mechanics lien on the car. When this happens the mechanic then has control over the vehicle and it does not leave his person until the bill is paid.
If the owner of the vehicle fails to pay in what the mechanic feels is a reasonable time he can file for the title and sell the vehicle for whatever price he deems it is worth or simply to recoup his losses.
Usually it takes 30 - 45 days to get the new title but at that point the car if sold is yours free and clear.
The amount of time it takes is going to vary from state to state I was using Oregon as an example.
When a mechanic puts a lein on a vehicle it means that the owner has not paid the debt for the vehicles repair etc.
In order to collect on that debt they put a mechanics lien on the car. When this happens the mechanic then has control over the vehicle and it does not leave his person until the bill is paid.
If the owner of the vehicle fails to pay in what the mechanic feels is a reasonable time he can file for the title and sell the vehicle for whatever price he deems it is worth or simply to recoup his losses.
Usually it takes 30 - 45 days to get the new title but at that point the car if sold is yours free and clear.
The amount of time it takes is going to vary from state to state I was using Oregon as an example.
__________________
"I'll keep my money, guns and freedom. You can keep the "Change."
"I'll keep my money, guns and freedom. You can keep the "Change."
h:
10-23-2003, 11:25 PM
#7
R.I.P. Kato-san
Thread Starter
Join Date: Jul 2001
Location: Stockton, Cali
Posts: 7,053
Likes: 0
Received 0 Likes
on
0 Posts
Originally posted by 93HybridCX
Yeah the bank probably has a lien on it because its not paid for. Who would you be paying the $ to the body shop guy or the owner of the car?
Yeah the bank probably has a lien on it because its not paid for. Who would you be paying the $ to the body shop guy or the owner of the car?
10-23-2003, 11:27 PM
#10
Beast from the East
Join Date: Sep 2003
Location: VA
Posts: 2,705
Likes: 0
Received 0 Likes
on
0 Posts
If you buy it from the body shop guy you will still not get the title if the bank has a lein on it. The bank will have to be payed off in order to get the title. So all you would really be buying is a parts/race car.