I'm sure these transactions happen daily as you've described. But I think at the very minimum I would want a release from the lienholder before I would complete the transaction, and even then I'm not sure I want to take the chance. It is just too much of a hassle trying to straighten things out from 1000 miles away if things don't go smoothly . Its bad enough to go through the hassles if you are local but from long distance I don't think so. I'm hoping the seller can figure out a way to pay it off and get the title 1st since we are talking less than $5K it hopefully won't be too much of a stretch. I trust the seller but I don't want any long distance problems.
Thanks Eric --- LarryT <[EMAIL PROTECTED]> wrote: > 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 > ____________________________________________________________________________________ Get the free Yahoo! toolbar and rest assured with the added security of spyware protection. http://new.toolbar.yahoo.com/toolbar/features/norton/index.php _______________________________________ 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
