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10-10-2012, 03:46 PM
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#1 | | Captain Happy Bubble is my Homeboy
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| Lien on vehicle? Help!
Hey my sister just got back from the bank and is kinda worried about something now. So she took out a loan for 10k for a car, she then went that night and bought the car for cash. The bank has no idea what model/make or anything about it, they never asked. So she got a hit and run on her car 6 months ago and got it appraised, the total was 2000$ so she figured she would take the money and not get it fixed. When they gave her the cheque they asked her if there was any Liens or Loans on the car... She for some reason said no there is not (even though she paid for this vehicle from her loan)
So fast forward to last week..she buys a beater for winter and sells the car for 7k. When she goes to the bank to deposit the 7k she asks the teller to put 6k towards the loan. The teller then asked her if she still has the car, my sister says no and the teller then tells her there may be a Lien on it! The teller was very busy apparently so my sister said would talk to a financial advisor on friday and to leave the money in her account.
What should she do in this situation? Also my sister said they never have asked for information about her 10k car so im curious to know how they would put a lien on a vehicle when they have no information about it.. ALSO b.t.w the new owners of her car registered it and insured it with no issues... Im confused. Thanks
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10-10-2012, 03:57 PM
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#2 | | Pull Out Towing. Women rescued for free.
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Did your sister do a lien search on the car before she purchased it?
As it stands, as long as she paid off the remaining part of the car loan, and there is no other leins on the car, then no there is no issues.
Even if there is a lein on the car, as bad as it may sound, legally it is the new owner's problem.
__________________ Originally posted by Iceman_19 you should have tried to touch his penis. that really throws them off. Originally posted by The7even SumAznGuy > Billboa Originally posted by 1990TSI SumAznGuy> Internet > tinytrix Quote:
Originally Posted by tofu1413  and icing on the cake, lady driving a newer chrysler 200 infront of me... jumped out of her car, dropped her pants, did an immediate squat and did probably the longest public relief ever...... steam and all. | (11-0-0) Buy/Sell rating Christine Shitvic Pull Out Towing | |
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10-10-2012, 04:08 PM
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#3 | | Captain Happy Bubble is my Homeboy
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When she bought the car Used there was no liens on the vehicle whatsoever. Also the new owners of her vehicle had no issues Registering or insuring it..
Shes just worried the bank will want all of the remaining balance of the loan (8400$) paid off NOW if they find out she sold the car. She doesn't have 8400$. The max she can give them back is around 7k a.t.m.
Will they just not even notice it and keep withdrawing the 230$ a month? Thanks
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10-10-2012, 04:38 PM
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#4 | | My AFC gave me an ABS CEL code of LOL while at WOT!
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um... the amount owed on the vehicle 8400, is now the new owners problem.
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10-10-2012, 04:40 PM
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#5 | | Old School RS
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It depends on what kind of loan she took out. If she took a car loan secured against the car, then she's in a world of trouble if she has sold it and does not have the money to pay the car off. If the loan is unsecured, ie just a personal line of credit, then it's not tied to any specific asset and so she can continue to make payments against it. The documents that she has from her loan should make it very clear what type it is. If your sister really can't come up with $1400 to pay off the balance of the loan, she probably doesn't have that much money to start with, it's unlikely they just gave her a $10k line of credit unless she owns a house or something, but ultimately she has to look at her loan documents.
Mark
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10-10-2012, 04:45 PM
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#6 | | Captain Happy Bubble is my Homeboy
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| Quote:
Originally Posted by lowside67 It depends on what kind of loan she took out. If she took a car loan secured against the car, then she's in a world of trouble if she has sold it and does not have the money to pay the car off. If the loan is unsecured, ie just a personal line of credit, then it's not tied to any specific asset and so she can continue to make payments against it. The documents that she has from her loan should make it very clear what type it is. If your sister really can't come up with $1400 to pay off the balance of the loan, she probably doesn't have that much money to start with, it's unlikely they just gave her a $10k line of credit unless she owns a house or something, but ultimately she has to look at her loan documents.
Mark |
Sorry I should have been more specific. It is a personal line of credit and she got the loan because she apparently has "above average credit". She Always pays off her cell phone bill/visa on time religiously so this is just scaring her a bit.
So since it is just a personal line of credit she is fine and she can just put 6000$ towards the loan and they wont care? Thanks again
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10-10-2012, 04:49 PM
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#7 | | Captain Happy Bubble is my Homeboy
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Just checked her documents. It says it is a "personal loan". Some other details says she has 4 years to pay it off and they also state the interest rate and all that but nothing about it being tied to a vehicle.
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10-10-2012, 04:49 PM
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#8 | | Old School RS
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Okay then sounds like you are good to go...
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10-10-2012, 04:51 PM
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#9 | | Captain Happy Bubble is my Homeboy
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Originally Posted by lowside67 Okay then sounds like you are good to go... | Ok Thanks Mark. Also wouldnt they need the vehicle information for it to be tied to the loan? She swears she has not given the bank and ounce of info about her car.
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10-10-2012, 06:41 PM
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#10 | | Where's my RS Christmas Lobster?!
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If they have no info about the car then how would they put a lien on it... Self explanitory
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10-10-2012, 07:03 PM
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#11 | | I answer every Emotion with an emoticon
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Tellers are stupid, or your sister interpreted the teller's words differently.
It's most likely that the teller doesn't know how to apply the lump-sum to her loan. If she didn't give any information about the vehicle, then how would the bank put a lien on it?
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10-10-2012, 07:04 PM
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#12 | | Pull Out Towing. Women rescued for free.
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Your sister got a personal loan, no lien against any car. As long as she pays off the monthly amount, then all is good.
But take a look at the documents and see how the interest is calculated. If she pays off the amount in a lump sum, would that reduce the amount of interest which means a lower lump sum. Been a while since I had a car loan, but if it is like a mortgage, the sooner she pays it off, the less interest she pays.
__________________ Originally posted by Iceman_19 you should have tried to touch his penis. that really throws them off. Originally posted by The7even SumAznGuy > Billboa Originally posted by 1990TSI SumAznGuy> Internet > tinytrix Quote:
Originally Posted by tofu1413 and icing on the cake, lady driving a newer chrysler 200 infront of me... jumped out of her car, dropped her pants, did an immediate squat and did probably the longest public relief ever...... steam and all. | (11-0-0) Buy/Sell rating Christine Shitvic Pull Out Towing | |
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10-20-2012, 11:12 AM
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#13 | | Need to Seek Professional Help
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My buddy just took out a lien on his car and sold it, whos responsible for the lien in that case? Does that affect his credit or the buyers?
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10-20-2012, 05:43 PM
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#14 | | I told him no, what y'all do?
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Originally Posted by firebird79_00 My buddy just took out a lien on his car and sold it, whos responsible for the lien in that case? Does that affect his credit or the buyers? | so there's a lien on his car and he knowingly sold it without paying it off?
if that's the case it sounds like your friend pulled a douchebag move and fucked over the buyer.
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10-21-2012, 01:48 PM
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#15 | | Need to Seek Professional Help
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| Quote:
Originally Posted by GLOW so there's a lien on his car and he knowingly sold it without paying it off?
if that's the case it sounds like your friend pulled a douchebag move and fucked over the buyer. | Yes, he had intended to pay it off before he sold the vehicle but due to money problems he never had. Is that going to affect his credit now though?
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10-21-2012, 05:05 PM
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#16 | | Willing to sell body for a few minutes on RS
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| Quote:
Originally Posted by firebird79_00 Yes, he had intended to pay it off before he sold the vehicle but due to money problems he never had. Is that going to affect his credit now though? | If he doesn't make the payments yes it will effect his credit. Where the lien comes in is if he's not making payments and the bank wants to protect there interest they may want to have someone repo the car, sell it off and apply whatever money is secured against the loan to mitigate there losses.
If payments are made and the bank never has to go after the asset the person with the vehicle would probably never know unless a lien check was done on it. If the car did get repossessed from the person who has it now and was sold to him without being told about the lien he could turn around and sue your friend for damages.
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10-21-2012, 07:14 PM
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#17 | | Need to Seek Professional Help
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I thought once the car was sold though the lien would become the purchasers problem? If so how would he be able to make payments on it?
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10-22-2012, 06:17 AM
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#18 | | Willing to sell body for a few minutes on RS
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The lien is the banks way of securing the loan should the payments not be made. The original person who got the loan is still responsible for the loan. Like I said above the only te the lien comes into play Is if payments aren't made. The new owner. Has nothing to do with the loan but they could lose there property if the bank reposed it. This is where your friend gets sued for misrepresenting the property he sold.
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