Question about a car title
08-23-2012, 09:56 AM
#1
Thread Starter
Question about a car title
I just picked up a 98 accord ex v6 off a guy for $500.. He gave me The title... It shows a lien... He says he can't find the lien release from the local bank. So my question is... Can I still title the car in my name? If I call the bank he financed through, will they tell me if it's paid off?
08-23-2012, 09:59 AM
#2
Registered User
Join Date: Sep 2006
Location: Halfmoon, NY
Posts: 293
Likes: 0
Received 0 Likes
on
0 Posts
If there is a lien on the title and you transfer it into your name, you will be responsible for the lien. I strongly suggest you get a lien release so you can have the title updated. If the seller doesn't have one, they should be able to request a copy from their bank. I wouldn't buy a car without that.
08-23-2012, 10:18 AM
#4
In Connecticut, the lienholder holds the title and it is returned to you when the lien is paid off, with signatures on the back evidencing that the lien is released. But a copy is recorded with the DMV.
If you claim the title is lost or stolen and order a replacement title from the DMV, it will come with the lien still on it.
Can't speak to New York, but something might be a little fishy here. Glad you are only into it for $500.
If you claim the title is lost or stolen and order a replacement title from the DMV, it will come with the lien still on it.
Can't speak to New York, but something might be a little fishy here. Glad you are only into it for $500.
08-23-2012, 11:57 AM
#5
Former Moderator
$500 for a 98 Accord EX V6 seems to me like a very low price. I'd probably say it sounds a lil too good to be true not knowing the miles on the car or it's mechanical condition.
Priced it out on NADA with 150K miles and trade in for rough condition comes to $2275. Assuming the seller was in a real hurry to sell and it has a lot of miles I still think $500 is too cheap a price.
Definitely do what the others suggested and have the seller get you the lien release from the bank. Also ensure you haven't been sold something that could possibly be stolen or probably has a salvage title. Good Luck to you.
Priced it out on NADA with 150K miles and trade in for rough condition comes to $2275. Assuming the seller was in a real hurry to sell and it has a lot of miles I still think $500 is too cheap a price.
Definitely do what the others suggested and have the seller get you the lien release from the bank. Also ensure you haven't been sold something that could possibly be stolen or probably has a salvage title. Good Luck to you.
08-23-2012, 12:09 PM
#6
Thread Starter
Well it has 274k on it and sat for 2..5 yrs!! Lol.. I jumped it and it started right up.. It just has a fluctuating idle.. Like it revs between 1k and 2k rpm when in park..I'll go back and see of he can call his bank up to get it faxed. If not I'm parking it in his driveway and getting my money back
08-23-2012, 03:35 PM
#7
Thread Starter
Got the release!!! Car sat for almost 3 years... Major bee nest behind the passenger side mirror.. I jumped it and started right up! That j30 still has life in her... Leather interior .. No rips.. 274k on the clock!!! 4 decent tires... All lights work except for a 3 dash lights in the hvac panel... One headlight out.. Tranny shifts good... Gonna change the oil and tranny fluid... Clean the iacv.. Drain and fill the radiator too. .. The only thing I'm not to fond of? It's dark purple!!
