Liens on Vehicles & Titles: Part Two
 -
RSS Follow Become a Fan

Delivered by FeedBurner


Recent Posts

SERIOUS AUTO TITLE PROBLEMS: Dealer/Auction Went out of Business Without Giving a Title (Segment 5)
SERIOUS AUTO TITLE PROBLEMS: DMV MADE A MISTAKE ON MY AUTO TITLE! (SEGMENT 4)
SERIOUS AUTO TITLE PROBLEMS: RECEIVED A JUMPED AUTO TITLE (SEGMENT 3)
SERIOUS AUTO TITLE PROBLEMS: SELLING A VEHICLE WITHOUT A TITLE (SEGMENT 2)
SERIOUS AUTO TITLE PROBLEMS (SERIES)

Most Popular Posts

IFTA FILING 2ND QTR 2011 IS DUE
Multiple Owners on a Vehicle Title
VEHICLE TITLE SKIPPING
WHAT IS A NON REPAIRABLE CERTIFICATE
Motor Carrier Permits: IRP/IFTA Trip Permits, Overload Permits& Hauling Permits

Categories

1st Quarter IFTA Tax Filing
3rd Quarter IFTA Tax Filing 2012
4th Quarter IFTA Tax Filing
ABANDONED VEHICLES SERVICE ASSISTANCE
ABANDONED VEHICLES TITLE HELP
AUTO DEALER/AUCTION OUT OF BUSINESS
BILL OF SALE
Bought a Vehicle Online Without a Title
Bought a Vehicle That's Stolen?
BOUGHT A VEHICLE WITHOUT GETTING TITLE
Bought Vehicle From Private Seller and Lost Title
Buying a Vehicle With a Lien on It
Buying and Titling a Rebuilt Motorcycle
CAR TTITLE MISTAKES BY THE SELLER AND THE BUYER
CURBSTONING
Department of Transportation Safety Requirements
DMV Title and Registration Expert
Freight Broker
Heavy Vehicle Usage Tax
IFTA ASSISTANCE/FUEL TAX
IFTA Filing 1st Quarter 2012
IFTA FILING 2012 2ND QUARTER
IFTA FUEL TAX FILING HELP
ILLEGAL DEALERS SELLING VEHICLES ONLINE
INCORRECT INFORMATION ON VEHICLE TITLE
INTERSTATE OPERATING AUTHORITY
INTERSTATE REGISTRATION PLAN (IRP) HELP
IRP Jurisdiction Concerns
LEASING A VEHICLE IN VIRGINIA
LIEN MISTAKES ON AUTO TITLES
Liens on Vehicles & Titles: Part Two
MECHANIC & STORAGE LIEN
Mechanic and Storage Liens
Mistakes on Vehicle Titles
Motor Carrier Permits
Multiple Owners on a Vehicle Title
NON-REPAIRABLE CERTIFICATE
Odometer Discrepancies
OPERATING AUTHORITY
Owner Operator Assistance
SALES TAX ON VEHICLE IN VIRGINIA
Salvage Title and Branding
Selling a Vehicle Without a Title
Selling a Vehicle: Necessary DMV Documents
SERIOUS
SERIOUS AUTO TITLE PROBLEMS
Starting a Trucking Company
Tips to Prepare Your IFTA Quarterly Taxes
Title & Register an Antique Vehicle
TITLE SKIPPING
TITLING A TRAILER
TOW COMPANY WON'T RELEASE VEHICLE
Trucking Citations
Unified Carrier Registration (UCR)
VEHICLE LIENS PART ONE
Vehicle Title Assistance
Vehicle Title Fraud Help
Vehicle Title Services
VIN (Vehicle Identification Number)
VIRGINIA AUTO REGISTRATIONS
When To Title Your Vehicle

Archives

August 2015
May 2015
April 2015
February 2015
January 2015
November 2014
October 2014
March 2014
February 2014
October 2013
August 2013
June 2013
March 2013
January 2013
November 2012
September 2012
August 2012
July 2012
June 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011

powered by

Wisdom & Authority Title Solutions

Liens on Vehicles & Titles: Part Two

Now that you have a basic view of what a lien is (from Part One), this segment entails the observation of the following: a. removing an "old" lien from a title and b. selling a vehicle with a lien on it
 
 
Removing an "old" lien from a title:
 
I want to state that a lien is a lien, however emphasis is placed on the word old, because some people have liens that have been on a title for years; even though the vehicle is actually paid off.  Unfortunately, the owner of the vehicle, loses his title and goes to DMV to get a duplicate one; while at DMV he is informed that a lien is on the vehicle.  Accordingly, the owner states that the vehicle has been paid off a long time ago or many years ago.  The owner can't get a title because he doesn't have proof of the vehicle being paid off; so he must go to the lienholder for a letter of lien release, showing that the vehicle has been paid off. 
 
Here's a twist to this matter in the worst case scenario: The lienholder may have dissolved or merged with another financial institution, over the course of some years.  In essence, the owner of the vehicle realizes that the prior lienholder doesn't exist and must track the combined or existing merger of the new lienholder; so that a letter of lien release can be obtained.  If the owner is successful, the letter of lien release must show the merger.
 
 
Selling a Vehicle With a Lien on it:
 
If an owner or owners of a vehicle is selling a vehicle with a lien on it, the owner's need permission from the lienholder stating that the vehicle can be sold or transferred.  If the lienholder okays the sell, a contract is established between the new owner/s and the lienholder and a transfer of lien takes place.  There are cases in which there are two owners on a vehicle title, but one wants to remove their name.  This is fine, as long as the lien holder okays it and does the transfer of the lien.  A word of advice that I want to mention when selling a vehicle with a lien on it-- is caution; if you are trying to avoid the lienholder and are trying to "put yourself in the lienholder's place" instead.  For example, if you have a lien but are selling the vehicle to your friend, who in turn is supposed to be making payments to you; there is a risk involved because your friend doesn't have a title/registration showing themself as the registered owner.  In truth, if your friend chooses to stop paying you; you are stuck holding the bag because you had a lien on the vehicle and you didn't get clearance to transfer the lien in the first place.
 
 
If you find yourself with a lien issue, regardless of the dilemma, Wisdom & Authority Titling Solutions, has a solution for you today.  Don't get tangled in the web of lien mistakes, get help today.

0 Comments to Liens on Vehicles & Titles: Part Two:

Comments RSS

Add a Comment

Your Name:
Email Address: (Required)
Website:
Comment:
Make your text bigger, bold, italic and more with HTML tags. We'll show you how.
Post Comment