Buying a car from a private seller who still owes money on the car can be complicated. Honda Odyssey - Oil Change - Houston, Texas. If the lien is by a bank or other loan agency you probably won’t be able to buy the car until the lien is removed because the seller won’t be able to give you the title. Bankrate has answers. Buying a vehicle with an outstanding lien will almost definitely result in financial woes on your end that could leave you without the vehicle you purchased if it is repossessed or potentially thousands of dollars out of pocket covering someone else’s debts. Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access Optimize fleet uptime and compliance via mobile vehicle repairs, Partner with us to simplify and scale fleet maintenance, Over 25,000 topics, from beginner tips to technical guides, Check cars for recalls, common issues & maintenance costs, Hand-picked, community-rated professionals, Our mechanics make house calls in over 2,000 cities, Explore nationwide job opportunities for automotive technicians, Trusted mechanics, rated by thousands of happy car owners, Fleet maintenance with certified mobile mechanics, The statements expressed above are only for informational purposes and should be independently verified. Ask the State to Remove the Lien from the Title. A buyer of your car might still be a bit concerned because they still see someone listed as a lienholder on this title, but they can rest assured the title is clean. We are an independent, advertising-supported comparison service. Get insider access to our best financial tools and content. She and her family reside in the Los Angeles area, where she enjoys cruising year-round in the '32 Ford street-rod pickup that she built with her father in 1992. If you are obtaining a loan for the purchase of the car, call your loans officer with the VIN number of your potential purchase. Tara Baukus Mello is a full-time automotive writer, who has been published regularly since 1987. We value your trust. This example above means you now hold a clear title and can quickly and easily sell your car to a buyer. Wonderful all around! Hugh did a great job, was friendly, professional and I'd hire him again! Step 4: Run a lien search with the state DMV the vehicle is titled in. Punctual and very helpful in explaining thoughts and options after the services that were provided. For the highest level of protection when buying a car with an open title, make an appointment a DMV or an AAA office that provides DMV services. Those 6-speed autos are tried-and-trusted transmissions. Make an agreement with the seller to pay the financial institution directly for the outstanding loan amount out of the previously negotiated purchase price. The lender does not care if you bought the car and paid money to the seller, the lender never got their money, and they hold the purse strings, the title strings, and your sanity strings. The seller would then receive the balance of the funds not owed to the bank. Once your car loan is repaid, the lien holder typically sends a lien release document (depending on the state) to the state transportation agency so that the title of the car can be updated and transferred to you. Buying Or Selling A Car With A Lien On The Title. To add a lien on a title, you will need: the vehicle title, and a completed Application for Texas Title and/or Registration (Form 130-U).. Add an Additional Lien. The lien means that money is owed on the car. The same is possible if the car was bought from a private party who still holds the title. When a lien is in place on a car title, that typically means that there is an outstanding loan on the vehicle. If you finance your purchase, the bank will hold the lien. Which certificate of deposit account is best? Once the lienholder lifts the restriction, then you still … The DMV will have details on the title holders of the vehicle, so it’s a good place to start when it comes to buying or selling a car with a lien on it. How do I get it registered in my name? Please remember that your use of this website is governed by Bankrate’s Terms of Use. If the seller doesn’t agree to remove the lien on the vehicle, walk away from the sale. Nissan Sentra - Oil Change - Pickerington, Ohio. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. How do you buy a car from a private owner? Add a Lien. A passion for automobiles brought her to Petersen Publishing (now part of SourceInterlink), where she was the editor of the special interest publications in the automotive performance group, producing a new magazine every three weeks. I called the bank that was the lien holder and they said the car was paid off and that the DMV will have proof that the lien was satisfied. Our certified mobile mechanics make house calls in over 2,000 U.S. cities. Our service team is available 7 days a week, Monday - Friday from 6 AM to 5 PM PST, Saturday - Sunday 7 AM - 4 PM PST. If you are a property owner or licensed automotive facility with an unclaimed vehicle on your property, a certain process may allow for titling of the vehicle. The lien holder will then mail the title to the applicant's new state DMV. If you try this method, do not pay the bank without a written agreement in place. A lienholder is the financial institution or individual that holds the rights to the title of the vehicle. After the title is received, the DMV will communicate with the applicant, and guide them through next steps. When purchasing through a dealer, the dealer typically files a lien on your behalf. Hyundai Santa Fe Sport - Oil Change - Englewood, Colorado. This compensation may impact how, where and in what order products appear. A lien indicates the current owner owes money on a loan for the vehicle. YourMechanic All rights reserved. YourMechanic’s technicians bring the dealership to you by performing this job at your home or office 7-days a week between 7AM-9PM. Caveat Emptor. If proof is not provided, the lien holder could repossess the vehicle from you. He had a lot of tips about Toyotas which are mostly all that I own. Defiantly booking another appointment. I will defiantly use your mechanic again and request John for my service. I want to buy my friend’s car, but it has a lien on it. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. If you are trying to buy a vehicle and find out that there is a current lien on it, the process becomes more complicated. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. The title lien is a way to assure that the lender will be paid the remaining value of the loan. Toyota Yaris iA - Oil Change - Littleton, Colorado. With a lien on the title, you may not be able to: An auto lien gives the leinholder the legal right to take possession of a car while a debt is owed on it until the loan is paid in full and discharged. He gave me a thorough report on the condition of my vehicle. Bankrate.com does not include all companies or all available products. At Bankrate we strive to help you make smarter financial decisions. You have money questions. Make sure it is dated and signed by both parties so everyone has a record of the transaction. Enter the VIN number and a verification code to retrieve the results of the lien search. When you pay off the loan, the bank will send you the title, but the lien holder could still be … We maintain a firewall between our advertisers and our editorial team. First, it can repossess your car if you default on your loan. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. A lien holder will be listed on the physical title, if held by the owner and will also be … She is also the author of 10 nonfiction chapter books for children, seven of which are on automotive topics. 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