Buying a Truck with a Lien on it (1 Viewer)
- Thread starter jahawk
- Start date
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I did do this once (and was a bit nervous my first time). I met the seller at the bank that held the lien, which happened to be a local bank that he had gotten the loan through. I basically handed the money to the bank rep who “paid off” the lien and gave the balance of the money to the seller. If that makes sense.
I did it at the bank. Bank issued documents for temporary registration. Bank released the lien and sent title transfer request to DMV. It took close to a month to get the title in mail. Please send 200 contact info if you are not pursuing it.
Similar to the above experiences; I “bought” the truck at the bank… they closed at the lien and the seller got the balance. Also, MVD work can be done remotely nowadays, no notary needed, but the bank would have one anyway. If it is an online/no local branch lien holder… I can’t help you.
I bought a 100 series a while back with no lien and a clear title was provided at time of sale. When I went to transfer the title to my name I was informed there was a newer title and the one I had was not valid. I would do as others suggested, but also check to see if there are any other liens or payday loans on the vehicle. If a clear title is offered then make they money swap at a dmv or private title service company to be sure the presented title is clear.
- Thread starter
- #8
That sucks man. Were you able to resolve the issue?
Yes, but was messy.
Living in the Past
SILVER Star
Just traded vehicle for another used vehicle. Filled out the title application at the dealer. We had clear title. Checking on the new title using the VIN it came up not available for transfer. Called the dealer who informed me they were still waiting on the lien release from PO's loan. Credit Union was based in Alaska. They made few calls to the credit Union to hurry up the release. Believe they are allowed 45 days by law to issue the release. Probably a another week and had the title in hand. Really wasn't worried and trusted the dealer which is not something I do lightly. Only helpful thing here it may be possible to run a VIN with MVD and see if the title has a lean. When searched it wasn't showing under our account yet. So maybe possible to check any VIN.
Im in fleet sales at Chapman Ford we dont sell anything until we have the title and the vehicle get inspected its actually a no no to sell something thats not in your name... Hopefully this works out.. Just my .02
Kyle
Living in the Past
SILVER Star
This was a couple.of.months ago. Had about a week delay getting registration and title. Main reason I called was I wanted the paper license gone. Only made the one call. Paper license had a long time before it expired. When I called instead of getting some song and dance I was told the honest reason for the short delay. Could have easily made up an excuse. Within a week I had a call saying they had the lien release and everything was on the way to MVD. Couple days later had registration and title.
Main reason for the story was being able to see if a title could be transferred by the VIN. Buying from some of these buy here pay dealers or from a private individual knowing the status of a title would be helpful.
