Barn996

Not disclosing a lien would be a cautionary flag to me about who you are dealing with.

Sneaky Pete

Exactly Steve........if the lien was brought up during the negotiation than no big deal. Like others have said purchasing a car with a lien is done all the time. The issue is not about the lien but honesty.

FRUNKenstein

And remember, that bit of advice brought to you by a man named "Sneaky"!

Seriously, to all of you guys lurking in this forum and thinking about buying a 996 (I did that myself for 2 years during my search), do yourself a favor and buy Pete's car. Sometimes the answer is so obvious . . .

I'll bet if you made Pete a reasonable offer, he'd take it. And, you'd never regret buying (and driving) that car.

Sneaky Pete

Appreciate this and from others! You can lead a horse to....I forget how that goes.

KrazyK

I'm curious what "title" you received. The lien holder should have the original title and the document you received should be clearly marked as a "non-negotiable" title. Correct??? If you have an original "negotiable" title it seems odd to me. Can you tell us what the "title" reads?

JHC!!! Just by SP's car and be done with it.

Gonzo911

Judging from these responses, the process of buying and selling cars must vary by state. I wouldn't care less if the seller has a lien on the car or not. No big deal.

Other than the issues brought up by the OP with the seller's disclosure (the history and condition of the car) the lien is irrelevant (unless of course he failed to mention the lien at all). The only difference the presence of a lien makes is who the Buyer makes the check(s) out too.

Assuming all due diligence is done (PPI, RennFax...whatever) and you and the Seller have agreed on a price, proceed as follows if there is a lien on the vehicle.

Step 1: If you are also financing the car, let your finance company know who the current lien holder of the vehicle is. They will contact the lien holder, obtain the payoff amount and simply request you complete a Bill of Sale (usually available from your DMV website).

Step 2: You and the seller complete the Bill of Sale and send a copy to both finance companies.

Step 3: Your finance company will either send a check for the entire sale amount to the lien holder to pay off the lien. The lien holder will then issue a check to the seller for the difference, or, the finance company will issue 2 checks...one to the lien holder for the payoff, and the other directly to the seller. Depends on the finance company's policies.

If you are NOT using financing to purchase the car, but are paying cash...

Step 1: Have the Seller give their lien holder permission to give you information on the account. Contact the lien holder to get the current payoff amount.

Step 2: YOU decide if you want to issue 2 checks (as noted above) or one check to the lien holder and let them send any remaining money to the Seller. Depends on how nice the Seller was during negotiations

Step 3: Depending on the State...if you live in a State where the lien holder maintains the title to the car, they will send the Seller of the car a clear title to the car (with no liens showing), 7-10 days after the payoff is made. In the meantime, the new owner should be able to use a copy of the Bill of Sale to transport the car (varies by State). Once the Seller receives the clear Title, they complete the transfer info on the back, notarize their signature, and send the Title to the new owner.

If you live in a State where you keep the title, but there is a lien noted on the title, the lien holder will issue the Seller a lien release at payoff. This is usually just a simple letter or certificate. The Seller should give that to the Buyer along with the title (with all the transfer info completed on the back) and the new owner will use both the title and lien release to register the car in their name.

Note...most States will require the Bill of Sale and the transfer information on the back of the Title to be notarized.

chsu74

Never ceases to amaze me what buyers will do when they get emotionally attached to a car during a prospective purchase.

1. You should have asked for a picture of the title front and back before the transaction took place.

2. I get that people want to finance because rates are so low right now but to still hold a lien when selling the car sends a different message.

All IMHO of course. What do I know?

KrazyK

Yep, I bought a car hauler trailer (pre-requisite for Porsche ownership) for 1.3% interest. I couldn't pass up financing it.

Cuda911

...

DTMiller

I'm considering this. What did you buy?

chsu74

The point in my statement resides in the second part of the sentence as it relates to this thread.

Barn996

As I recall, in Maine, the lien holder holds the title until the lien is satisfied, from my experience.

Gonzo911

Of course KK bought a slightly used trailer after doing a thorough PPI. He then proceeded to change out the shocks, wheels, tires, hitch, lighting harness, bulbs and lug nuts.

He then sold his 996 C4S so he had room to keep the trailer in his garage...just in case it rained.

Canuck714

LMAO... Its not better than new

DTMiller

You guys are walking all over the joke setup. Dammit.