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Thread: Loan or lien reported?

  1. #1
    Join Date
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    Default Loan or lien reported?

    Hi, if the Carfax tells me that "Loan or lien reported" for the past six years when the registration of the car was renewed, is this something I've to be concerned about as a buyer?

    thnx

  2. #2
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    WEST DALLAS TX
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    Smile

    im from the ghetto so im going to explain it to you the best i can but at least i know what it means ....a lien means you cant sell that car or whatever it is until you pay the people place or thing that put the lien on your title. a loan means you can sell the car thing or whatever but whoever buys it has to pay the loan thats still owed for that car thing or whatever
    Please excuse my past, present, and future grammar mistakes.

  3. #3
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    You can sell the vehicle all day long, you just cannot convey clear title to the buyer if there is a lien recorded against it.

    Look at the title. If it shows a lien-holder, the seller had better be able to provide a lien release letter from the previous lien holder.

    Actual procedure varies from state-to-state. Here in Missouri, the lien-holder used to hold the title until the lien was released. The procedure is now that the title goes to the owner and they need the release letter to demonstrate clear title.

    Steve
    Last edited by projectSHO89; 05-15-2008 at 07:29 PM.
    Retired 98 Contour SE Sport 2.5 Duratec ATX - Dead transmission @ 235K miles
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  4. #4

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    so if a car fax report doesn't have "lein reported" there isn't a lein against it?

  5. #5
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    Smile

    it all depends on the state i guess but thats how a lien work more or less if car fax says it has it it has it if not then it dont they have this guarantee thing that if they tell you something wrong they buy your car back or something like that you need to ask them about that if you need more info.
    Please excuse my past, present, and future grammar mistakes.

  6. #6
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    Folks, I'm sorry, but I'm so drunk that I couldn't comprehend your replies, have to do that in the morning. Here is what the last carfax report from 07/16/2007 says: Registration issued or renewed...Loan or lien reported.
    Further down, it says "click here" (which I can't) to "check to be sure that any associate lien on the vehicle has been paid off,"
    Is there a way I can do that?
    I'll propably buy the car, pay the guy the money, and he's gonna give me the title. Can afterwards someone else come to me and say "Dude, you've to pay me such and such amount of money, cause there is a loan/lien on your car"?

    thnx
    Last edited by Fordwerke; 05-16-2008 at 03:28 AM. Reason: ...

  7. #7

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    Quote Originally Posted by Fordwerke View Post
    Folks, I'm sorry, but I'm so drunk that I couldn't comprehend your replies, have to do that in the morning. Here is what the last carfax report from 07/16/2007 says: Registration issued or renewed...Loan or lien reported.
    Further down, it says "click here" (which I can't) to "check to be sure that any associate lien on the vehicle has been paid off,"
    Is there a way I can do that?
    I'll propably buy the car, pay the guy the money, and he's gonna give me the title. Can afterwards someone else come to me and say "Dude, you've to pay me such and such amount of money, cause there is a loan/lien on your car"?

    thnx
    Yes. If their is a lien on the title and you buy the car, the lien holder can repo the car if the other person ceases making payments. Normally the title itself will indicate if their is a lien on the car. Carfax is not always correct.

    I personally would write a contract and have it notarized indicating the vehicle that you are purchasing and the VIN #. Indicate that the seller is responsible for any and all liens on the car and that he is not aware of any liens on the car and is selling the car with a clear title.
    Andrew Watts
    2000 CSVT Silver / Midnight Blue 150,xxx miles
    1987 Mazda RX-7 Gold Track Car 310,xxx miles
    1997 Dodge Ram 1500 White 180,xxx miles
    http://www.4113pittsburg.com/garage

  8. #8
    Join Date
    Jan 2008
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    Bay Harbor Islands, FL
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    Default

    tomorrow i'll go to the 'tag agency' (is that how they call the BMV here in FL?) to transfer the title and get the new plate.
    The dealer gave me the title allready (though i still have to pay him), and it says something about that the lien is released.

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