"lein title" what's that?

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67GTConvert

67GTConvert

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I was just enquiring about a vehicle that's for sale in Oregon that's been sitting for a couple years and the owner stated that it comes with a "lein title" and that he would have to go to DMV to transfer it into his name.
I'm guessing that the vehicle is'nt in his name and he needs to transfer it to get a clear title? Does the "lein title" part mean there's money owing on the vehicle or is it for unpaid tags or something like that?

I'm not familar with the term and what it means so was wondering if anyone on here has dealt with one of those before and might be able to explain it.Also,he said he was guessing when he estimated $100 so I was wondering how the amount owing is calculated.

I'd need a clear title in his name to be able to bring it into Canada so this would have to be cleared up before I could buy it.
 
yes, somewhere, whether it is a auto shop lien, or a bank lien, he is not supposed to sell until that is paid off. it could be 200.00 dollars, or 10,000 dollars. be careful!
 
The title has a bank lien against it. The lien must be paid off prior to the sale of the vehicle and the title transferred to one owner.
 
Yes. That means it has been used as collateral against a loan and money is owed in order to get the title back. That's what a lein is. I would be careful and ask to see proof that the lein has been satisfied. Even ask for contact information for the company who had the lein so you can verify with them directly. If he is not comfortable providing that I would refuse the purshcase. If you purchase something with money owed, the debtor has every right to reposses the car even from you.
 
My son was a wrecker driver, A lean could be for storage and services made to the car and that bill has got to be paid before he can even sell it.... or have you pay for it for him... I would think if he has it up for sale HE needs to pay the fee before you buy it.
Not unless there is a law I don't know about. I would be aware. But that's just me.

I could be way off base here, but I am sure we have some good info from our tech's here.
 
Dang that was fast!! I thought I was the first to help :tongue9:
 
Thanks for all the info...It's a 67 Chev van so it's unlikely a bank would have loaned money on it so more likely it's from unpaid repair work or towing and storage like a couple of you suggested.
I'll talk to the owner again and try to get more information but being it's quite a ways away,it's unlikely he'll go pay it off for a possible long distance buyer who he does'nt know from Adam so I would probably have to go with him and pay him at the same time he pays off the lein to make this work if it does happen.

Is there a way to find out how much is owing? Would the DMV release that information? or would I have to go through the lein holder?
 
Lien on the title or was it purchased through a lien sale... HUGE difference

Second not a big deal.
 
crackedback said:
Lien on the title or was it purchased through a lien sale... HUGE difference

Second not a big deal.
Click to expand...


It sounded like there was a lein on the title that had to be paid before he could get clear title on it so it sounds like the first scenario.The owner's supposed to call me back tonight so I'll ask more questions at that time.
 
crackedback said:
Lien on the title or was it purchased through a lien sale... HUGE difference

Second not a big deal.
Click to expand...
exactly,,,,,,when I bought my dart, the owner had a lein title on the car, the bank loan had been satisfied,and in turn the bank "signed" the title they held and sent it to him. When he was ready to sell it, he had to go to dmv and actually just get a clear title in his name and the deal was done. Funny thing was, it was the first "real title" the car had been given,,,,,,,,,'74 dart with a '94 new title that lasted one day
 
prodart340 said:
exactly,,,,,,when I bought my dart, the owner had a lein title on the car, the bank loan had been satisfied,and in turn the bank "signed" the title they held and sent it to him. When he was ready to sell it, he had to go to dmv and actually just get a clear title in his name and the deal was done. Funny thing was, it was the first "real title" the car had been given,,,,,,,,,'74 dart with a '94 new title that lasted one day
Click to expand...


That sounds like the situation here,the owner has to go to the DMV to process the paperwork to get a clear title in his name which does'nt sound like the end of the world.I'll definitely won't be handing over any money until he does though.
 
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