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Registered
Join Date: Mar 2004
Location: Los Angeles
Posts: 17,338
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Tell me about lien sales on cars
What's involved and the gotchas
A friend may know of an old Dodge Powerwagon sitting on the back lot of a towing company. The owner of tow company may want to get rid of it. |
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08-30-2016, 11:00 PM
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Join Date: Mar 2004
Location: Los Angeles
Posts: 17,338
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OK, how to fix title, spelling?
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08-30-2016, 11:01 PM
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The Unsettler
Join Date: Dec 2002
Location: Lantanna TX
Posts: 23,885
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First question is what kind of lien?
Original bank / finance lien or mechanics lien? Either way as long as the lien holder can be identified and satisfied really no different than buying any other used vehicle with a lien.
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"I want my two dollars" "Goodbye and thanks for the fish" "Proud Member and Supporter of the YWL" "Brandon Won" |
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08-31-2016, 03:39 AM
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Location: North of You
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Only the mods can edit a title....I know the agony of a glaring moronic error...
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"A machine you build yourself is a vote for a different way of life. There are things you have to earn with your hands." |
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08-31-2016, 04:44 AM
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Location: Los Angeles
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Quote:
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08-31-2016, 09:32 AM
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Registered
Join Date: Mar 2004
Location: Los Angeles
Posts: 17,338
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Quote:
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08-31-2016, 09:33 AM
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Registered
Join Date: Mar 2003
Location: Charlottesville Va
Posts: 5,758
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Means someone left it there and he doesn't have title. In most states, you need to give written notice to last registered owner, and you can sell to satisfy amount due for storage or repair.
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Greg Lepore 85 Targa 05 Ducati 749s (wrecked, stupidly) 2000 K1200rs (gone, due to above) 05 ST3s (unfinished business) |
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08-31-2016, 09:55 AM
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Registered
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Location: Los Angeles
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How do we make sure of that? Let just say, the owner is long gone or...? I am wondering if that will be an issue later.
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08-31-2016, 10:00 AM
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Registered
Join Date: Jun 2002
Location: Winnipeg, MB, Canada
Posts: 3,963
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Laws can vary from location to location (check with a lawyer in your area) but they generally work like this. Tow company is owed for the tow and storage fees. Owner is nowhere to be found. Tow company sends a registered letter to their last know address advising the owner that there is a outstanding bill on the car. Some places all that is required is the tow company lists the vehicles in a legal notice in the local paper. The owner has until auction day to make the tow company whole or the auction is held and the vehicle now becomes property of the tow company and the money raised from the sale of the vehicle goes to satisfy the tow companies bill. The tow company then gets to request a new title for the vehicle in their name which they transfer to you as the buyer at the auction. Sometimes the tow company is the only buyer at the auction and then they sell the vehicle to you at your agreed price.
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Bunch of old cars 
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08-31-2016, 10:22 AM
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Registered
Join Date: Mar 2004
Location: Los Angeles
Posts: 17,338
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Thanks GWN. Good to know. I hope it is that simple. My friend and I maybe in luck with this Power Wagon.
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08-31-2016, 11:13 AM
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1.367m later
Join Date: Feb 2002
Location: small farm town Iowa..........at last
Posts: 6,357
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The tow yard should already know a lien service but just in case. Pacific Lien Service 818 892 4335 Jay Parille. He'll answer any questions you have. I've used him for years, great guy and a car guy.
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non velox ad propitiare, verisimile non oblivisci If it's not The Original Automotive Innovations and Restoration, then it's just hot AIR. |
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08-31-2016, 08:11 PM
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Registered
Join Date: Mar 2004
Location: Los Angeles
Posts: 17,338
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Thanks Kevin. I owe you one.
Jeff |
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08-31-2016, 09:46 PM
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