Buying car with lien on title

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mom2onegirly
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Buying car with lien on title

Postby mom2onegirly » Sun Sep 30, 2012 5:01 pm

We're looking to buy a used car from a private seller. We have cash for it, so no financing needed for us, but we just found out there is a lien on the title. This is the first time I've bought from a private seller instead of a dealer, so wondering if anyone has any advice? The lien holder is Ford Finance so I was going to call them tomorrow to ask questions. Anyone have any experience with this?

DoingHomework
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Re: Buying car with lien on title

Postby DoingHomework » Sun Sep 30, 2012 5:31 pm

You better call. You will owe whatever is remaining on the seller's loan and Ford might want to be paid immediately. You better have the cash or they will come pick up the vehicle and you'll be out whatever you paid the seller.

If you are doing some sort of takeover payments arrangements make sure the seller's loan allows that.

Tightwad
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Re: Buying car with lien on title

Postby Tightwad » Sun Sep 30, 2012 5:50 pm

They probably won't tell you anything about the loan since it's not yours but they can tell you what you need to do to satisfy the loan & get the lien released.


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