Purchase with lien

[simonsayz1]

OK, have a potential VX in my sights but it has a lien from finance company (he still owes on it). Has anyone done this before? It's out of state so we can't just go to bank.

Thx in advance

[tom4bren]

Sounds dangerous.

Make sure you have an iron clad sales agreement in writing to obtain a clear title.

When I bought my VX, it supposedly had a clear title. The loan had been paid off but the PO never re-titled so the lien was still showing. I ended up calling his finance company & they cleared it with the DMV for me so that I could get the title in my name. It was a PITA but it all worked out.

You should be able to find sample sales agreements on line that you can use to create your own.

Make sure your agreement also has a mileage declaration. Mine did but it ended up being worthless. The vehicle history showed a discrepancy when the title changed from CA to MO. So my title now shows UNK for mileage.

[JHarris1385]

I did when I bought mine.

I had two checks from my bank

1. to pay off his lien to the lien holder
2. to pay the owner the difference

[tom4bren]

I did when I bought mine.

I had two checks from my bank

1. to pay off his lien to the lien holder
2. to pay the owner the difference

Just make sure that the payoff quote is recent. IIRC, they are only valid for 2-4 weeks.

[simonsayz1]

Thanks for the advice. I did find a contract online, never thought of 2 checks.