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Buying a car with a lien Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering interactive financial calculators and tools as well as publishing original and objective content, by enabling users to conduct research and compare data for free to help you make informed financial decisions. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site come from companies that compensate us. This compensation can affect the way and where products appear on this site, including such things as the order in which they may appear in the listing categories, except where prohibited by law. This applies to our mortgage or home equity products, as well as other home loan products. However, this compensation will not influence the information we publish, or the reviews that appear on this website. We do not contain the vast array of companies or financial deals that might be open to you. Alfa Photostudio/Shutterstock
3 min read published 27 October 2022
Writer: Holly D. Johnson Written by award-winning writer, author and author Holly Johnson writes expert content on personal financial, credit card, loyalty and insurance topics. Alongside writing content articles for Bankrate and CreditCards.com, Johnson does ongoing work for clients including CNN, Forbes Advisor, LendingTree, Time Magazine and more. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to take control of their finances through providing clear, well-researched information that breaks down otherwise complex topics into manageable bites. The Bankrate guarantee
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We are compensated in exchange for the promotion of sponsored goods and, services, or when you click on certain links posted on our website. Therefore, this compensation may influence the manner, place and in what order products appear within listing categories in the event that they are not permitted by law for our mortgage or home equity products, as well as other home loan products. Other factors, like our own website rules and whether or not a product is available in your area or at your personal credit score can also impact the manner in which products are featured on this site. Although we try to offer a wide range offers, Bankrate does not include specific information on each financial or credit item or service. If you’re thinking of buying an used vehicle from a private dealer be sure to determine if the car still has a lien on it from a lender. This could make the purchase more difficult, but not difficult. It will mean taking additional steps to ensure the lien is eliminated before the title is transferred to you. What is a car lien? A car lien names that the car loan lender as the principal owner on the title. It’s a legal document that serves as a safeguard for a lender if a borrower defaults. The lienholder could use the lien to take over the vehicle and that is the reason why they it is considered . Once an auto loan is paid in full, the lienholder is free of being liable for the loan and the car is now owned outright by the lender. How a lien affects your car purchase When you buy a car that has the lien, be sure the lien is removed before you complete the payment. If you’re buying using cash, and you are paying cash, you may be able to negotiate directly with the lienholder in order to pay off the balance on your own. Start by contacting the lienholder who is currently in charge to determine the total amount due to get the car released along with other terms that could affect the sale. Negotiate in conjunction with your seller. They’ll likely be looking to sell the vehicle in order to earn a profit. However, If you know the payment amount, you might be able to negotiate a good deal — and avoid paying more than the car is worth. If you’re buying the car with a loan Getting an loan of your own to pay off the loan should be relatively easy. It is possible to share the details of the acquisition with the lender to make it easier for paying off the lienholder. The remaining amount — in the event that there is onegoes directly to the buyer. When the lien is completely paid off, either you as well as your lender will receive the title and be able to register the vehicle in your name. The lender will be identified as the new lienholder until you . If the seller repays the loan prior to purchase sale will go ahead more smoothly in the event that the person selling the vehicle simply pays off his auto loan and acquires the title prior to selling. However, this option isn’t possible for some people particularly those who owe thousands of dollars on a brand new car or those who owe more than what the vehicle is worth. For instance, if the seller owes $20,000 for a car that sells privately for $17,000, they will still be required be liable to the lender between $20,000 and $3000 more than what they’ll receive from the sale. In such cases, the seller may choose to convert the remaining auto loan into an unsecure loan, like an individual loan for the purpose of get the auto loan cancelled. Make the purchase official However you decide to handle the situation, be sure to create the contract which outlines how your lien is disposed of or transferred. Although it’s not required in every state, it is still a good idea to create a bill of sale outlining the transaction. Be sure it’s date-stamped and executed by both parties so that everyone is aware that the transaction took place. You might be able to utilize a third-party escrow service to handle the financial side of the transaction. Escrow services can help make sure that the cash for the sale is transferred in a secure manner. Be aware that escrow firms charge charges for their servicesand you should set it up with the seller in order to ensure you’re both working with a legitimate firm. How to check whether the car you’re buying has a lien Ask the seller — they should be upfront about the car’s ownership. You may also look up the VIN as well as the title and history report to ensure that the seller is honest. Check the identification number of the vehicle (VIN) at your state’s DMV. If there is an owner of the lien on the title, the DMV will be able to tell you. A title search will also provide information about lienholders. This is a great place to start looking for the information of lienholders. Get a vehicle history report as well. Autocheck or Carfax have been regarded as two reliable companies that provide lien history in addition to prior maintenance, damages and owners. The bottom line There are many instances where buyers purchase a car with an unofficial lien from a private party without encountering any difficulties or problems. To ensure that the transaction goes smoothly and avoid any major problems, know what steps must be taken to get rid of the lien. Also, you should research the cost, line up your own auto financing and have any agreements you sign with a private seller in writing. Find out more
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Written by an award-winning author, Writer Holly Johnson writes expert content on personal finances, credit cards, loyalty and insurance topics. In addition to writing articles for Bankrate and CreditCards.com, Johnson does ongoing work for clients which include CNN, Forbes Advisor, LendingTree, Time Magazine and other publications. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to control their finances through providing clear, well-researched information that breaks down complicated topics into digestible pieces.
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