I went to buy car today, right price, right car. The only problem was he lost the lien paperwork. He has had the car for 15 years and never took the lien off the title after the car was paid for. Now he went to sell the car to me and the paperwork is missing. Anyway around this if the finance company no longer exists.

 

If the finance company no longer exists, i.e. you can no longer get replacement "release of lien" paperwork, I would have the seller get a replacement title without any liens. He owes it to any buyer to prove the car is owned free and clear. Leave the burden of proof to him.

 

Totally

 

Completely a seller problem to solve.

You sure seem to be having a heck of a time buying a car.

 

A lot of good cars without title problems available for sale, why buy yourself a headache.

 

There aren't a lot by me in my price range with a 4 speed. And most I look at need paint work or interior work and that all costs money. Even the ones for more than what I want to spend. Why spend $14,000 on a car that needs work when you can spend $5000 and repaint and install a new interior and have money left over.

 

Not entirely correct.

If the company / bank no longer exists, it usually was bought out by another bank, that bank will send a release of lein or in NY we call it a 901 form. On their form it will list all the banks that it has aquired & that lein release form encompasses all of the companies.

1. What bank is it ? maybe I can help / Auto Finance is what I do for a living.

2. ALSO / NEVER EVER except a photo copy, DMV will not accept it It MUST have an original stamp usually / notary & or be signed with an orginal signature.

HELLO / COMMACK , I JUST NOTICED / I'M ON LONG ISLAND AS WELL !

 

Thanks. I sent a PM.

 

I was not implying the seller could not track down a trail of bank ownership, in which case the finance company still "exists" under a different name. Rather, I was interpreting the "no longer exists" statement to mean that was already attempted and he can no longer get replacement "release of lien" paperwork.

Either way the seller has the obligation to obtain the free and clear title. Of course, if the buyer has to put in extra effort to help out, it might be a bargaining chip for a better deal! Good luck either way finding and modifying your dream car!

 

Excellent point! A good reminder for us all!

 

Things must be different in NY. When I financed my car purchase, the bank kept the title until I made the final payment. Only then did they mail it to me with a stamp on it that read, "Encumbrance Satisfied" and the date the lien was released and countersigned by a bank officer.

 

I just spoke to the guy. He said it was paid off 10 years ago. He also left a message for the woman who holds the lien. So maybe it will work out.
I mean the car is only $2500. It needs an interior and paint, but runs great and has a 4 speed. It's what I am looking for.

 

whaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaat ???

a woman holds the lein ??? OHHHHH BOY

 

I lost out on an 80 4 speed car for 4500 because I was waiting on this guy. Time to cut him loose.

 

Nothing beats dealing with shaky people.

If this car had been financed 10+ years ago, resulting in a payoff 10 years ago.....how badly did this guy ruin the car since then that its present street value is $2500?

Even though you are going to be doing all of your own work, Im sure that was probably a pretty rough canvass to start your masterpiece on. I know how hard it is to find a 4 speed car, but if you are persistent, you will find what you are looking for even here on the island.

I had searched for months, ebay craigslist, NYC, NJ, CT, etc...and eventually found my present 454 4 speed car in Levittown!

 

The car I missed out on was actually in your town.

If I get an auto for the right price I will do the swap.

 

Wierd!

There is actually a really clean 78 or 79 sitting on a corner dealer lot on Bellmore Ave....a little spendy for what it is, but the paint looks dynamite from the street. Havent examined it in person, but nice clean black car.
http://longisland.craigslist.org/ctd/2917659402.html

I ogled it yesterday from a traffic light

 

:Iagree:

Don't spend $15k if for $10k you can build the same car over time


As far as the lien get him to take care of it then have him go to te DMV with you to make sure things go right otherwise walk away. I'm not calling the seller a con man but sound he wants the cash make him go to the DMV with you

 

There is a certain segment of owners out there that always keep their paperwork in good order, can lay their hands on a title at a moments notice and know exactly what's going on. Then, there is another segment that are just the polar opposite and routinely lose titles. I've known people like this. Good people, just lousy at paperwork and organizing. If you are waiting for the owner to get their paperwork straightened out, forget it, you'll never buy the car. You'll have to do it yourself. Most buyers will be scared away or won't want to put the work in chasing down the paperwork and that leaves someone like you that can do it and will end up with a great deal.

Years ago my brother bought a car in another state w/o a title from a guy who said he'd lost the title and he would send him a duplicate title. My brother called the DMV and indeed, it was legit, the guy was the owner, no lein ...they had the title on file. All the previous owner had to do was drive 30 miles and sign for a new title and send it to my brother. My bro was even going to send him $100 to do it. After about 5 years when my brother had it restored and was thinking of putting it on the road ....and 5 years of himming and hawwing by the previous owner ..and every excuse you could think of why he couldn't get down there and get the title, my brother and I went out there and met up with the guy. we had it all worked out and we were going to meet at his farm and all go into down and get the title together, and he agreed to do it. He was generally a nice guy, just didn't have his crap together. We called him a couple hours before we got there and he was supposedly ready. Guess what, we show up and some 'committment' came up and he couldn't go. He WOULDN'T go. We were there on vacation anyway, so we kind of figured that would happen.

Ultimately my brother just re-titled the car in NJ with one of those outfits and they sent him back a new, clear title and for $300 it was all done.

 

I recently sold my 99 and had every piece of paper on the car. I have started to look elsewhere. So much for the good deal.