Do's and Don'ts buying a car with a lien?
Close
Login to Your Account
Mustang GT350 Forum

Do's and Don'ts buying a car with a lien?

This is a discussion on Do's and Don'ts buying a car with a lien? within the Mustang GT350 General Discussions forums, part of the Mustang GT350 Forum category; I am looking at buying a used GT350R from a private buyer with a car lien. What are some do's and don'ts for a sale ...

Results 1 to 3 of 3
Like Tree2Likes
  • 2 Post By YBLEHSGT350

Thread: Do's and Don'ts buying a car with a lien?

  1. #1
    Junior Member
    Member #
    11706
    Join Date
    Jun 2020
    Location
    New Jersey
    Posts
    2
    Member #
    11706
    Mentioned
    0 Post(s)

    Do's and Don'ts buying a car with a lien?

    I am looking at buying a used GT350R from a private buyer with a car lien. What are some do's and don'ts for a sale transaction? I have never purchased a car from a private seller with a lien before. I live in New Jersey and the car is registered in Georgia.

    Thanks

  2. #2
    Senior Member YBLEHSGT350's Avatar
    Member #
    8010
    Join Date
    Jul 2018
    Location
    Nebraska
    Posts
    187
    Member #
    8010
    Liked
    24 times
    Mentioned
    1 Post(s)
    well, you have to have the title to secure your loan or your titling in New Jersey - The Seller has the responsibility to satisfy the lien and provide clear title - if you are buying for $50,000 (send the funds to the lender, not him) and he owes $54,000 then he needs to cover the last $4000 to get the title - You will have a few weeks or up to a month to process your ownership transfer - if you trust the person, then you can pay your $50,000 and then wait for them to add his $4000 to send to the bank for an electronic payoff and overnight you the title to New Jersey - then it's all yours - if you can process this through your bank to have a trail of paperwork then you would probably feel better. You also have to factor in the delivery of the car - you might have it but without title, it's not yours - if he defaults on that last $4000, then it can get scheduled for Repossession, and then you have a legal battle. I would also take the VIN and have a title inspection performed at your local law enforcement - small fee to run it through a national database to assure its not stolen or involved in any inter-state felonies like bank robberies, car chases, or worse. (CarFax won't tell you enough about this stuff)

    cover your tail but it's done thousands of times per week and a small percent of issues arise.

    Aaron - 35 years automotive - 20 in auto finance
    Fast Fun & Ford - 2018 Shelby GT350R with 875 Whipple tuned to 903hp

  3. #3
    Junior Member
    Member #
    11706
    Join Date
    Jun 2020
    Location
    New Jersey
    Posts
    2
    Member #
    11706
    Mentioned
    0 Post(s)
    Thanks for the tip! Our DMV offices in New Jersey are a mess right now. This pandemic has delayed everything and buying an out of state car with a lien is just something I am not comfortable to do right now, especially when the purchase price is over $60,000++

Home | Forum | Active Topics | What's New

Sponsors

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •