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wasnt sure where else to put this.... trying to buy a car with a lien on it...help?
okay so heres the story:
im looking to buy a car off someone who has a lien on the car.
he currently owes 8k on the car
and he wants 16k for it
i have all the money, so i wont be using a loan or anything. im cash ready.
now
how do i go about buying his car, SAFELY
without getting screwed over in the long run?
im also in the NY state... so can someone give me some info with rules as follow for my state...?
im 18, and my parents arent really helping me much on the situation. my mother doesnt know much about buying cars with a lien on it, and my father doesnt want anything to do with it, he tells me its my money, man up and make decisions on my own... great.
ive tried doing some research on the topic before asking, but i keep reading different things from different people in different states... so i turn to you guys?
can anyone help on the situation in full details what i need to do?
Ask the seller who the lien holder is, and contact them directly to ask how you would handle the payment and transfer of ownership. I wouldn't feel comfortable unless I paid the lien holder directly.
im 18, and my parents arent really helping me much on the situation. my mother doesnt know much about buying cars with a lien on it, and my father doesnt want anything to do with it, he tells me its my money, man up and make decisions on my own... great.
thanks alot in advance.
wow great fatherly advice i personally would NOT hand him the money... too much issue imo. just go to the dealer, you can probably get an 03-04 for about 12-13.
btw, your parents don't seem to be helpful on the insurance. that is seriously one car payment a month for someone your age. i'd stick some something more reasonable but then again you probably have made up your mind.
if I were you i'd go away to college (MOVE OUT), do well in school, have fun, get your degree, graduate and get a different car. hell if you have 16k, money for a reasonable car that will get you by through school and 1st year post undergrad.
speaking from someone who's parent helped me out in my undergrad and to some degree right now (car insurance and cellphone) for my masters, having the help in invaluable going through school.
I can't imagine not having their support. not sure what your situation is like but i'd much rather invest in my future if my parents aren't in the position to help me out.
1. Sign a Bill of Sale with the seller stating what you are buying (year, make , model, VIN), how much you are buying it for and how much of a downpayment you already gave.
2. Have Bill of Sale notarized
3. Get a cashiers check for the remaining balance and make it payable both to the seller/financial institution holding the title.
4. Go to financial institution with seller and payoff the loan.
Edit:
Depending on how big of a institution it is they may hold titles in house. You will be required to then go to your local SOS within 10 days to have the vehicle registered in your name.
__________________ 2007 Audi S4 Quattro........The Z will not be forgotten
This is very easy. Brick-Z said it well. In my experience, most titles are held elsewhere. Sometimes the bank has to order a new one from DMV. Be ready for a large insurance bill, BTW.
__________________
Quote:
Originally Posted by solidfish
Hey scott. Thanks for the ride by the way. Your car and driving is sick. Literally, I was sick. It was like riding a mad rollercoaster. The car turns like its on rails. And the braking was unreal. So many times I thought we were going to fly off the track. Absolutely nuts, but it was great fun.
Ok I'm assuming this is a private seller. I would stay away from it for the simple fact yes it is a cheaper price but you wont be covered by any laws if anything goes wrong. All private sales are as is and final. Your better ff going to a dealer because at least then you have some recourse. If you want to persist with this deal you would have to contact the bank and get the payoff amount you would need his ss# to do that or his account #. You would have to work it out with the bank and the person responsible for the loan. Do not give him the 8 grand so he can pay it off get the title then sign it over ot you once you pay the balance
__________________ o4 Sb base original owner. ings lx molded f/r,Mb battles 18s,Corbeua A4's,etc etc etc
Bro trust me price out the insurance first because it most likely will not make sense to buy the car because of the high insurance i live in NY also and there gonna rape you. Alot of times its not the cost of the car its the damn insurance that makes it not affordable. Be smart dont spend all your $ on a freaking car. Being 18 consider another car 1. insurance
2. driving experience ny winters in a z bad idea. Save your money bro and just buy a used car for a few g's and just put liability on it dont give all your $ to the insurance company
__________________ o4 Sb base original owner. ings lx molded f/r,Mb battles 18s,Corbeua A4's,etc etc etc
Ok I'm assuming this is a private seller. I would stay away from it for the simple fact yes it is a cheaper price but you wont be covered by any laws if anything goes wrong. All private sales are as is and final. Your better ff going to a dealer because at least then you have some recourse. If you want to persist with this deal you would have to contact the bank and get the payoff amount you would need his ss# to do that or his account #. You would have to work it out with the bank and the person responsible for the loan. Do not give him the 8 grand so he can pay it off get the title then sign it over ot you once you pay the balance
Don't listen to this
There is no more risk in buying from a private party then a dealer if done correctly. He has a signed/notarized bill of sale and the car has a lien on it so the seller will most likely never even see the title. If I have to explain to him that he should not give the seller $8K and hope he pays the loan off then he should not even be allowed to buy a car.
__________________ 2007 Audi S4 Quattro........The Z will not be forgotten
im going to be 19 soon, i have had a Z for almost more then a half a year now, i just sold my car for 15k, i have 5k saved up + the 15k i got for my Z = 20k to spend.
the reason i sold my Z was because it was an automatic, i want a stick shift and i found one i really want that happens to have a lien.
insurance on my old Z was 460 full coverage. and my parents went half with me. so i paid $230, they paid $230.
i just want to know how to go about purchasing this guys car that has a lien, the deal is superb, and the car is flawless. he just happens to need its sold around the time im looking to buy one.
but thanks for all the responds, some have actually helped!
im going to be 19 soon, i have had a Z for almost more then a half a year now, i just sold my car for 15k, i have 5k saved up + the 15k i got for my Z = 20k to spend.
the reason i sold my Z was because it was an automatic, i want a stick shift and i found one i really want that happens to have a lien.
insurance on my old Z was 460 full coverage. and my parents went half with me. so i paid $230, they paid $230.
i just want to know how to go about purchasing this guys car that has a lien, the deal is superb, and the car is flawless. he just happens to need its sold around the time im looking to buy one.
but thanks for all the responds, some have actually helped!
Cars with liens is NOT uncommon, and you have enough info to move forward.
$460 for the YEAR? That's absurd - are you on your parents policy? I spent $15k (loan) on a Z (300ZX TT) when I was 22 after finishing college, and I thought that was a lot of money! How you saved up $20k in 19 years is beyond me, but that's awesome.
__________________
Quote:
Originally Posted by solidfish
Hey scott. Thanks for the ride by the way. Your car and driving is sick. Literally, I was sick. It was like riding a mad rollercoaster. The car turns like its on rails. And the braking was unreal. So many times I thought we were going to fly off the track. Absolutely nuts, but it was great fun.
wasnt sure where else to put this.... trying to buy a car with a lien on it...help?
i personally would NOT hand him the money... too much issue imo. just go to the dealer, you can probably get an 03-04 for about 12-13. 
