Anyone ever buy a vehicle with a lien? - GoFuckYourself.com

beemk · 03-21-2006, 12:11 PM

i bought a motorcycle and they have a lien on it at a bank which is 2-3 hours away. since i dont know the guy i automatically dont trust him. whats the best way of handling that to make sure i dont get stuck with the lien?

detoxed · 03-21-2006, 12:13 PM

why did you do that? did the leinholder sign the title?

G-Rotica · 03-21-2006, 12:15 PM

The lien should be released before he can sell it, otherwise you have to pay off the lien.

NOT LEGAL ADVICE

beemk · 03-21-2006, 12:15 PM

i actually didnt pay for it yet, for obvious reasons. the bank holds the title when there's a lien on it i believe.

Pete-KT · 03-21-2006, 12:16 PM

He has to go payoff the lien then when he gets the title he can transfer it to you

The Captain · 03-21-2006, 12:21 PM

banks getting its money one way or another either from you or from the guy

the Shemp · 03-21-2006, 12:25 PM

make the check payable to both the bank and the seller

JFK · 03-21-2006, 12:28 PM

Quote:

Originally Posted by the Shemp

make the check payable to both the bank and the seller

that is a good idea, but the lien could be larger than the sale price of the bike!! BEWARE

SlickCash Brock · 03-21-2006, 12:29 PM

Quote:

Originally Posted by the Shemp

make the check payable to both the bank and the seller

DING DING DING we have a winner. I was in the car business for 10 years. This is exactly what we used to do when buying cars off people. You make it payable to the individual and the institution holding the lien. Then the individual will get the remaining balance after the bank takes what is owed to them. Now just make sure the Lien is less that what you are paying, otherwise you may still owe.

03-21-2006, 12:11 PM	#1
beemk CLICK HERE Industry Role: Join Date: Jan 2002 Posts: 20,829	Anyone ever buy a vehicle with a lien? i bought a motorcycle and they have a lien on it at a bank which is 2-3 hours away. since i dont know the guy i automatically dont trust him. whats the best way of handling that to make sure i dont get stuck with the lien? __________________ I host with Vacares

03-21-2006, 12:15 PM	#3
G-Rotica Confirmed User Industry Role: Join Date: Aug 2005 Location: Austin, TX Posts: 4,258	The lien should be released before he can sell it, otherwise you have to pay off the lien. NOT LEGAL ADVICE __________________

03-21-2006, 12:15 PM	#4
beemk CLICK HERE Industry Role: Join Date: Jan 2002 Posts: 20,829	i actually didnt pay for it yet, for obvious reasons. the bank holds the title when there's a lien on it i believe. __________________ I host with Vacares

03-21-2006, 12:21 PM	#6
The Captain Confirmed User Join Date: Sep 2005 Posts: 1,558	banks getting its money one way or another either from you or from the guy __________________ ←Make Your Money Go \| Make Your Traffic Go→

03-21-2006, 12:25 PM	#7
the Shemp congrats to the winners Industry Role: Join Date: Nov 2001 Location: Echo Beach Posts: 10,891	make the check payable to both the bank and the seller __________________ i use Vacares...so should you Submit your picture galleries to my site...Outlaw TGP

03-21-2006, 12:13 PM	#2
detoxed vip member Join Date: Jan 2003 Posts: 17,798	why did you do that? did the leinholder sign the title?

03-21-2006, 12:16 PM	#5
Pete-KT Workin With The Devil Industry Role: Join Date: Oct 2004 Location: West Bloomfield, MI Posts: 51,532	He has to go payoff the lien then when he gets the title he can transfer it to you