You need a notarized statement from the leinholder stating the lein has been satisfied. Otherwise, it's doubtful the title will transfer. if for some reason it does transfer, the title holder will own 1st claim to car & you could end up being on the hook for the lein -
Naturally this kind of situation hapens all the time - someone owes the finance co the balance of the loan but wants to sell before paying the loan off. During tradins with dealers involved they usually pay off the loan, add it to the financing of the car you're buying and it's a transparent operation. When a private buyer wants the car things get more difficult as the seller should use the funds to pay off the lein. The best way to do this IMHO, if to ask the leinholder to attend the title transfer, he would then collect his lein and sign-off on the title, then the seller gets whatever is left over and you get the car. Good luck -- Larry T (67 MGB, 74 911, 78 240D, 91 300D) www.youroil.net for Oil Analysis and Weber Parts Test Results http://members.rennlist.com/oil PORSCHE POSTERS! youroil.net Weber Carb Info http://members.rennlist.com/webercarbs Porsche Road Test http://members.rennlist.com/roadtest/ . ----- Original Message ----- From: "eric peterson" <[EMAIL PROTECTED]> To: "Mercedes Discussion List" <mercedes@okiebenz.com> Sent: Wednesday, June 27, 2007 8:11 PM Subject: Re: [MBZ] Car titles and liens > According to seller title is held by the state until > they receive a letter from the lender stating the lien > has been satisfied. I'm not sure how you transfer a > title with a lien attached as you don't have the > title. > > --- Anthony Galioto <[EMAIL PROTECTED]> wrote: > >> Find out how much and to who the lien holder is. >> Before you give any money >> you should make sure that you can satisfy the lien >> plus any interest >> thereupon and deduct it from the sales price. You >> should also be sure >> he/she can transfer title with a lien on the >> vehicle. The above transaction >> should be done simultaneously. >> Anthony >> >> On 6/27/07, eric peterson <[EMAIL PROTECTED]> >> wrote: >> > >> > >> > I've located a car I want to purchase that is >> 1/2way >> > across the country. The car is in good shape and >> the >> > price is reasonable, but the seller has a lein >> against >> > the car and will not be able to surrender the >> title at >> > the time of sale. Anyone have any ideas on how to >> > handle these types of situations. What should I >> be on >> > the lookout for?? I would be paying cash. >> > >> > Thanks >> > Eric >> > 85 300CD 112K >> > >> > >> > >> > >> > >> > >> > >> > ____________________________________________________________________________________ >> > Choose the right car based on your needs. Check >> out Yahoo! Autos new Car >> > Finder tool. >> > http://autos.yahoo.com/carfinder/ >> > >> > _______________________________________ >> > http://www.okiebenz.com >> > For new parts see official list sponsor: >> http://www.buymbparts.com/ >> > For used parts email [EMAIL PROTECTED] >> > >> > To Unsubscribe or change delivery options go to: >> > >> > http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com >> > >> >> >> >> -- >> Anthony >> _______________________________________ >> http://www.okiebenz.com >> For new parts see official list sponsor: >> http://www.buymbparts.com/ >> For used parts email [EMAIL PROTECTED] >> >> To Unsubscribe or change delivery options go to: >> > http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com >> > > > > > ____________________________________________________________________________________ > Luggage? GPS? Comic books? > Check out fitting gifts for grads at Yahoo! Search > http://search.yahoo.com/search?fr=oni_on_mail&p=graduation+gifts&cs=bz > > _______________________________________ > http://www.okiebenz.com > For new parts see official list sponsor: http://www.buymbparts.com/ > For used parts email [EMAIL PROTECTED] > > To Unsubscribe or change delivery options go to: > http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com > > > -- > No virus found in this incoming message. > Checked by AVG Free Edition. > Version: 7.5.476 / Virus Database: 269.9.10/873 - Release Date: 6/26/2007 > 11:54 PM > _______________________________________ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
