i bought a G35 with lien title. if the car loan doesn't pay off(satisfy) now, do i need to pay the rest of loan as i change the title under my name?also, how will it effect me? one of my friends told me only one thing effect me is hard to sell out my car if i wish to sell, is it right? i will go to loan compay to find out it still owe money or not. i really need your help,thank you.

 

You bought a car from someone else who had a liens older? Never heard of one that didn't keep the title at that office. Something doesn't make sense here

 

yes. i bought a car from my friend's friends. he also bought this car with lien title. the previous owner told me he seem has that lien release,but not on his hand now. so i want to go to the lienholder company check it out tomorrow.

 

Sorry you're just not making much sense to me. My car has a lien holder. If I sell my car, I have to pay off the car in order for them to send me my title. Then I can sell it and sign the title over.

 

Yes, what Mad said. If they had a lien on the car it means the person shouldnt have a title to give you. The lien company will retain the title until the car was paid off. Unless your just taking over his payments and not really putting the car in your name.

 

i mean the previous owner gave me a lien title, i dont know he pay off or not. if he doesn't pay off loan. so i need to pay off the rest of loan? and how will it effect me?

 

In KY, you cannot transfer a title into your name without the previous owner providing either a clear title or a title with a lien release accompanying. I'm pretty sure that's how it goes in just about any state. Call your local DMV and get the low down. It will save you a bunch of headache down the road.

 

The previous owner does not really own the car, meaning he still owes money to who ever gave him the loan for the car.

Look at the registration, it should say who the lien holder is.


Are you paying CASH ?
If yes, then do not give him the cash, find out who the lien holder is.
Take the original owner of the car and you both go to whoever gave him the loan either bank or credit union. Then set up your intent of buying the car from the Lien Holder and they should easily fix this for you.

Are you paying CREDIT / LOAN ?
If yes, before you can be approved for any car loan whatever lending institution needs to see if the title is clean ( no Lien ) if there is then have them communicate to the lien holder and clear thing up.



OOOPPPSSS you said you already bought the car ?? How could that be.. that is not your car until the registration is in your name ??


Why dont you give us a step by step detail on what happened ??

 

My question is: why the hell did you pay for the car without knowing what the hell is going on with it?! You have a lien title(which I doubt you even have it) so this means you don't own the car. Your friends loan company owns it. So now you can't register it, transfer the title, or anything. You might have just screwed yourself out of a lot of money. Hopefully this is a good friend of a friend and he is legit!

 

i was impatient gave him cash becasue i trust him, and i got the car(not registration in my name yet). right now i want to remove the lien from the title, so i asked the previous owner for proof such as lien release something like that. but the previous owner doesn't know about the title is lien title. he just said he seemed have that lien release(not sure), but not on his hand now. i feel f up now.

 

Don't panic yet. Call your DMV, give them the VIN number and they can tell you what's what with the title. If it has a lien, they can direct you to the lienholder and you can get it worked out. It's gonna fall on the CURRENT lienholder's shoulders for now. If there is money to be owed to have the title released, you may have to come up with that money (if you plan on keeping the car, and the person who has the lien in his name does not want to fork over the cash). Otherwise, if it's a bunch of money (that would not make it worth owning that car), get your money back from your friend and wish him best of luck with it.

 

Learn how to form clear & concise sentences.

Understand how your states vehicle titling works.

Then purchase a car...Until then I think your going to have a difficult time with this.

 

bahaha, 1+

I'm pretty sure in Ontario you can transfer ownership without having to prove a clean title, the new owner just assumes the obligation to pay off the lien

 

Im not saying you're wrong but that doesn't make any sense. The lien holder owns the car no matter where you live. That's the whole point of having one. If they have no car for collateral against the loan, their F'd. This is how repo companies make their money.

 

thanks for advises.