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Buying a car with a lien Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering you interactive financial calculators and tools, publishing original and objective content. This allows you to conduct your own research and compare data for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are advertised on this site are from companies that compensate us. This compensation may impact how and when products are featured on this website, for example such things as the sequence in which they appear in the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. This compensation, however, does have no impact on the content we publish or the reviews that appear on this website. We do not include the entire universe of businesses or financial offers that may be accessible to you. Alfa Photostudio/Shutterstock

3 min read published 27 October 2022

Writer: Holly D. Johnson Written by award-winning writer, author and author Holly Johnson writes expert content on personal finances, credit cards, loyalty and insurance topics. As well as writing articles for Bankrate and CreditCards.com, Johnson writes for clients on a regular basis that include CNN, Forbes Advisor, LendingTree, Time Magazine and many more. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to take control of their finances by providing precise, well-studied and well-researched data that breaks down otherwise complex topics into manageable bites. The Bankrate guarantee

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We make sure that everything we publish ensures that everything we publish is accurate, objective and reliable. We have loans journalists and editors concentrate on the areas that consumers are concerned about the most — different kinds of loans available as well as the best rates, the top lenders, how to repay debt, and more — so you can feel confident when making a decision about your investment. Editorial integrity

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There are money-related questions. Bankrate has answers. Our experts have been helping you manage your money for over four decades. We are constantly striving to provide consumers with the expert guidance and the tools necessary to succeed throughout life’s financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our content is honest and reliable. Our award-winning editors and reporters produce honest and reliable information to assist you in making the best financial decisions. The content created by our editorial team is factual, objective and uninfluenced through our sponsors. We’re honest about how we are in a position to provide quality information, competitive rates and helpful tools to you by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products and services, or by you clicking on specific links on our site. This compensation could influence the manner, place and in what order products are displayed within the categories of listing in the event that they are not permitted by law for our mortgage or home equity products, as well as other products for home loans. Other factors, such as our own website rules and whether or not a product is offered in the area you reside in or is within your self-selected credit score range could also affect the way and place products are listed on this website. We strive to offer a wide range offers, Bankrate does not include details about every credit or financial product or service. If you’re considering purchasing an used vehicle through a private seller, find out whether the car is still under a lien attached to it by a lender. This can make the purchase more difficult but it’s not impossible. It is necessary to take additional steps to make sure the lien is cleared before the title is transferred to you. What a car lien is A car lien lists that the car loan lender as the principal person on the title. It is a contract that acts as a security for a lender in the event that a borrower fails to pay. The lienholder may use the lien to take possession of the car, which is why are considered . Once the auto loan is fully paid off and the lienholder has been free of being liable for the loan and the car is owned in full by the person who borrowed it. What happens when a lien is affecting your purchase of a car When you purchase a car with the lien, be sure the lien is eliminated prior to you make the final payment. If you’re purchasing the car using cash, and you are paying in cash, you might be able to negotiate directly with the lienholder in order to pay off the remaining balance on your own. Begin by calling the lienholder in question to find out the amount required to get the car released along with other terms that might affect the sale. Negotiate in conjunction with your seller. They may prefer to sell the car to make a profit, however if you know the payoff amount, you might be able to get an excellent deal and not pay more than the vehicle is worth. If you’re buying with a loan getting an loan that you own to pay off the loan should be relatively simple. You can share the details of the purchase with your lender to facilitate paying off the lienholder. The remaining amount — in the event that there is one- goes towards the vendor. After the lien is fully paid, you either or your lender will receive the title to identify the vehicle under your name. The lender will be listed as the new lienholder until you . If the seller repays the loan prior to the purchase, the sale can proceed more easily in the event that the person selling the car simply pays off their auto loan and acquires the title prior to the sale. This isn’t feasible for certain individuals, especially those who owe tens of thousands of dollars for a newer car , or those who owe more than what the car is worth. If, for example, the seller owes $20,000 on an automobile that is sold privately for $17,000, they’ll still have to pay the lender $20,000 to $3000 more than what they’ll receive from the sale. In such cases the seller could decide to convert the remaining auto loan to an unsecure loan such as one that is a personal loan for the purpose of be able to have the auto loan be discharged. Make the purchase official However you decide to handle the situation make sure you create the contract which outlines the method by which the lien will be eliminated or transferred. Although it’s not required in all states however, it’s recommended to prepare a bill of sale outlining the transaction. Be sure it’s dated and signed by both parties to ensure that everyone is aware of the sale. You might be able to use a third-party an escrow company to manage the financial side of the transaction. Escrow services can help ensure that the funds for the sale is transferred securely. Make sure you are aware that escrow firms charge charges for their services- and set it up with the seller to make sure that you’re using a legitimate company. How do you determine if the car you’re buying has a lien ? Ask the seller — they must be honest about the car’s ownership. It is also possible to check the VIN or title, as well as the vehicle’s history report to verify that the seller is being honest. Find the number of your vehicle’s identification (VIN) with your state’s DMV. If there is a lienholder listed on the title, the DMV will be able to provide you with. A title search will also give you information on liens. This is a great place to start looking for lienholder details. You should also get a car history report as well. Autocheck and Carfax have been regarded as two reliable companies which provide lien history along with previous maintenance, damage and owners. The bottom line is that there are plenty of instances when buyers purchase a car with the lien of an individual without having any issues or challenges. To ensure that the process runs smoothly and avoid major issues, be aware of the steps must be taken to clear the lien. Also, you should research the cost and arrange your own auto financing , and have any agreements you sign with a private seller in writing. Find out more

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Written by Author, Award-Winning writer Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. As well as writing on behalf of Bankrate and CreditCards.com, Johnson does ongoing work for clients which include CNN, Forbes Advisor, LendingTree, Time Magazine and other publications. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to control their finances with concise, well-researched, and well-written facts that break down otherwise complex topics into manageable bites.

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