Lein on Title question
Thread Starter
Drifting
Joined: Dec 2006
Posts: 1,806
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Lein on Title question
Hey, I bought a 76 from CA and got it registered in NY... paid for it cash and paid the tax at the DMV.
My new NY Title was mailed to me but there is a lein printed on it from a NY bank?
The CA title I received from previous owner had no lein on it.
I have owners documents from when the Car was purchased in NY in 1986 from a NY dealer with 3 year financing.
Current Dealership is under new ownership so they don't know anything about the car.
I also don't know if the NY bank listed on the Title is exactly the same as the one that handled the original financing 21 years ago.
Any worries?
I got the feeling it would be a Pain in the azz to get the lein removed?
My new NY Title was mailed to me but there is a lein printed on it from a NY bank?
The CA title I received from previous owner had no lein on it.
I have owners documents from when the Car was purchased in NY in 1986 from a NY dealer with 3 year financing.
Current Dealership is under new ownership so they don't know anything about the car.
I also don't know if the NY bank listed on the Title is exactly the same as the one that handled the original financing 21 years ago.
Any worries?
I got the feeling it would be a Pain in the azz to get the lein removed?
Last edited by vtresto; Apr 25, 2007 at 12:59 PM.
Thread Starter
Drifting
Joined: Dec 2006
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You Are Going To Have To Get A Letter From That Bank,that States That The Lein Is Released On This Automobile...it Will Need To Be An Oringanal Copy Only. Then You Will Have To Take The New Title And Letter Of Statement Of Fact, To Your County M.v.r. Tax Collector/accessor Office. And Have A New Title Issued To You.....or Just Keep The Letter With Your New Title , And If You Resell It Give Both To The New Owner....however You Should Call The M.v.r. Office And Get The Stipulations That They Would Require, For Your State/county. After saying all of that...the state may still have the ca. title on file...and may have made a data transfere error
The CA title had no lein and just the owners signature on it to transfer the title to me.
Can the DMV issue a new title to someone without authorization from the bank if there's a lein?
Pro
Joined: Oct 2005
Posts: 658
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From: east rutherford new jersey
that would be like you selling a car that you owe money on, getting all the cash, and skipping out on the loan.
imo, anyway.
Thread Starter
Drifting
Joined: Dec 2006
Posts: 1,806
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This lein on title is a specific bank in the same area where original purchase took place 21 years ago.
I do have some credit card purchase debt but thats unsecured debt and always paid ontime.
Last edited by vtresto; Apr 25, 2007 at 02:27 PM.
Racer
Joined: Jul 2003
Posts: 455
Likes: 0
From: Buffalo New York
Leins don't mean much until someone tries to collect on them. That being said, if it is still on record they have standing to collect on the loan if it was not fullfilled.
You will need a letter from the lender stating that the loan is fulfilled and that the lein can be removed. If you want to get into it, call the bank that is listed on the title and see what they know, they are the ones that will have to issue you a letter to get the lein removed...Or wait and see if anyone comes calling...
Good Luck
You will need a letter from the lender stating that the loan is fulfilled and that the lein can be removed. If you want to get into it, call the bank that is listed on the title and see what they know, they are the ones that will have to issue you a letter to get the lein removed...Or wait and see if anyone comes calling...
Good Luck
Thread Starter
Drifting
Joined: Dec 2006
Posts: 1,806
Likes: 0
Leins don't mean much until someone tries to collect on them. That being said, if it is still on record they have standing to collect on the loan if it was not fullfilled.
You will need a letter from the lender stating that the loan is fulfilled and that the lein can be removed. If you want to get into it, call the bank that is listed on the title and see what they know, they are the ones that will have to issue you a letter to get the lein removed...Or wait and see if anyone comes calling...
Good Luck
You will need a letter from the lender stating that the loan is fulfilled and that the lein can be removed. If you want to get into it, call the bank that is listed on the title and see what they know, they are the ones that will have to issue you a letter to get the lein removed...Or wait and see if anyone comes calling...
Good Luck
I figure if there's a problem, i'd get contacted by the institution in question to collect something... or a bill.
Well, i'll sort things out.
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Safety Car
Joined: Oct 2000
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From: Carbondale Pa.
Good Luck is all I can say, when DMV screws up it can turn into a nightmare, whats worse is to try and track a bank down that hasnt been sold/changed names etc. and trying to find records if its been sold (the bank). Good Luck,,,,,,Peace,,,Moosie 
Racer
Joined: Jul 2003
Posts: 455
Likes: 0
From: Buffalo New York
Yeah, my Ford has still has a lein on the title because i never went to the DMV to have it changed but i have the papers from Ford Credit... so i doubt thats the issue.
I figure if there's a problem, i'd get contacted by the institution in question to collect something... or a bill.
Well, i'll sort things out.
I figure if there's a problem, i'd get contacted by the institution in question to collect something... or a bill.
Well, i'll sort things out.
My guess is that is what happened. The prior owner had the papers that the loan was fullfilled, but it never got fiiled. If the car was sold out of state, it may have passed unnoticed...
Chris
Safety Car
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From: Palm Springs,Ca.
2020 C6 of the Year Finalist - Unmodified
I hope I am not the only one who copies both sides of a title prior to surrendering it to the dmv, that way you have some sort of proof to present to the dmv, I would start with the DMV and see where that takes you and then trace back from there if needed.
Le Mans Master
Joined: Nov 2001
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From: LONG ISLAND
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What bank is it that is posted on your title ?
Chances are the lein was paid and the "901" lein release form stating it was satisfied is missing...........well you hope thats the case anyways ........otherwise if there is still a lein thats unsatisfied, you have a co owner you didnt know about as your new partner !!!
Kinda stange that it was posted on one states title & not anothers....??
If i can be of any assistance to you at all regarding NY DMV or Leins / banks just PM me.......
i'll be happy to assist you
Chances are the lein was paid and the "901" lein release form stating it was satisfied is missing...........well you hope thats the case anyways ........otherwise if there is still a lein thats unsatisfied, you have a co owner you didnt know about as your new partner !!!
Kinda stange that it was posted on one states title & not anothers....??
If i can be of any assistance to you at all regarding NY DMV or Leins / banks just PM me.......
i'll be happy to assist you
Last edited by 427SIXPACK; Apr 25, 2007 at 10:41 PM.
Le Mans Master
Joined: Oct 2006
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From: Gladstone MO
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I went thru this exercise for a buddy of mine. He'd bought a S-10 that had a lein that was 3 years old. The lienholder was out of business. I went to the state corporation commission and got a letter from them stating the company was gone ($10.00). Then went to the DMV with the title and the letter, they didn't even look- just re-issued the title because the lein was so old. They said their reasoning was that if it had not been paid, it would have been repo'd.
Instructor
Joined: Dec 2006
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From: Arlington Virginia
If there was a lein against the vehicle the owner would never had the title to begin with. The bank releases the title to you once debt is paid in full. This is a DMV foul up...they did a VIN search and cleared the title. Had there been a lien they would not have given you the original title, only a copy with the banks name as the owner. You and the bank can not be owners at the same time. At least that is what I have experienced. if there had been a lien they would not have issued you a title. Make DMV fix it...they have the means to clear that title or tell you who your issue is with.
Le Mans Master
Joined: Nov 2001
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From: LONG ISLAND
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If there was a lein against the vehicle the owner would never had the title to begin with. The bank releases the title to you once debt is paid in full. This is a DMV foul up...they did a VIN search and cleared the title. Had there been a lien they would not have given you the original title, only a copy with the banks name as the owner. You and the bank can not be owners at the same time. At least that is what I have experienced. if there had been a lien they would not have issued you a title. Make DMV fix it...they have the means to clear that title or tell you who your issue is with.
INCORRECT:
EVERY STATE HAS DIFFERENT DMV RULES.
We are talking about New York here & in New York you get the title, the bank does NOT hold it untill paid off. When you have financed the vehicle in question in NY State there is a LEIN posted right on the title, which is useless to you untill satisfied. Noone will buy that vehicle from you unless you have a "901" form showing proof it was statisfied or produce a new title without a lein posted on it..........hence the old saying "CLEAN TITLE"...........no leins printed on it !!
Racer
Joined: Jul 2003
Posts: 455
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From: Buffalo New York
I went thru this exercise for a buddy of mine. He'd bought a S-10 that had a lein that was 3 years old. The lienholder was out of business. I went to the state corporation commission and got a letter from them stating the company was gone ($10.00). Then went to the DMV with the title and the letter, they didn't even look- just re-issued the title because the lein was so old. They said their reasoning was that if it had not been paid, it would have been repo'd.
Thread Starter
Drifting
Joined: Dec 2006
Posts: 1,806
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Thanks for the info, everyone... gonna make some calls.
I don't think i have anything to worry about because i don't have creditors calling or mailing me demanding payments and such... no problems with registration and insurance....... hopefully it'll be resolved.
I don't think i have anything to worry about because i don't have creditors calling or mailing me demanding payments and such... no problems with registration and insurance....... hopefully it'll be resolved.
Le Mans Master
Joined: Nov 2001
Posts: 8,644
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From: LONG ISLAND
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AND YOU WILL NEVER, EVER HAVE ANY PROBLEMS........UNTILL YOU TRY TO SELL YOUR CAR !!