This is topic lien title or bank owned help needed in forum General Talk at Northern California Ford Owners .
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Posted by Mr.10psi (Member # 11062) on
:
Has anybody ever bought a vehicle with a lean title or basically bank owned from a private seller. Would like to hear the proper way to execute such a thing without getting screwed over. Things such as statement of facts, notarized bill of sale etc. What is the safest,smartest, and simple way of doing this. Thanks guys
Posted by East Bay 50 (Member # 8081) on
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You have to buy it from the bank since the guy has no title. You basically pay whatever is owed to the bank. and whatever you owe to the registered owner the if applicable. For instance, If registered owner wants 6k for the car but owes 5k. you would pay 5k to the bank and 1k to the registered owner. hopefully the bank or credit union has a local branch near you so you can just walk in and do the transaction with there finance dept. They would have all the needed docs and paperwork for you to sign.
Posted by foxbody (Member # 582) on
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technically there is a lien title,but if there is a balance due to the financial institution,then they would have the title,not the seller
as above,all $$ owed to bank would need to be paid,sometimes title has to be mailed if a larger bank,credit union may have it at the local branch it was financed at
if the seller has the title,and there is a lien holder showing on the bottom of the title,it should be signed off already by the bank,and date, and usually some type of stamping from the bank.
if this is the case,u just take the title to the dmv and register the car
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