how to buy a used car with a lien
#1
like the title says...
i live in Illinois
i want to buy this car (its a 2004), the owner is still paying it off. I am getting a loan to pay for the car. how do i go about this? who do i pay? owner or lien holder? if someone can explain the whole process, that would be great!!
thanks
i live in Illinois
i want to buy this car (its a 2004), the owner is still paying it off. I am getting a loan to pay for the car. how do i go about this? who do i pay? owner or lien holder? if someone can explain the whole process, that would be great!!
thanks
#2
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I'm no banker, but You would probably give your money to whoever gave you the loan for the car, ie., bank, credit union, friend. Now, the lein is a different story because I know leins are placed directly on materialistic belongings. Would that transfer into money if you were to start paying for the car? I don't know. I would get in contact with your bank and find out how that works. You don't want a lein on any record of yours. Maybe someone else knows exactly how this works.
#3
if the lien holder is a bank you would go to the bank with him and pay the bank to get the lien released and have the seller sign a transfer of title at the same time. if he has the pink and someone has a lien on the car that is different. you will have to have the lien holder release his lien at the courthouse.
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