REVscene Automotive Forum - Buying a car with a Lien..

REVscene Automotive Forum (https://www.revscene.net/forums/)

- Vancouver Auto Chat (https://www.revscene.net/forums/vancouver-auto-chat_173/)

- - Buying a car with a Lien.. (https://www.revscene.net/forums/647556-buying-car-lien.html)

Buying a car with a Lien..

Whats the best way to handle it?

Can I walk up to the bank with the RO and payoff their loan account?
Should the check be in the RO's name or should I make it to XYZ BANK ACCT# 1234543
How quickly does that payment get reported to the BC Lien Registry Service?

I'd make two certified cheques. One to the bank with the lein and one to the seller for the balance (I'm assuming the selling price is greater than the lein). Make sure the seller accompanies you to the bank and to ICBC.

DO NOT give a bank draft to the seller for the full amount.

Or tell the seller to take care of the lein before you buy the car. That's what I did. If they really want to sell the car they will come up with the money. A lein takes 1-2 weeks to clear after being paid as well, so remember that.

Both of you should go to the bank where the lien is. Do all the paperwork at the bank. The bank will give you a signed paper saying the lien has been taken off the vehicle. I've had experience with this before. I just had my insurance agent meet me after the lien was taken off. That you have a copy of the lien being removed and the seller gets his money.

Quote:

Originally Posted by dangonay (Post 7470266)

how do you make a check to the bank? Pay to the order of ABC BANK Acct# 123456?
> this sounds like a good idea. thanks.

Quote:

Originally Posted by falcon (Post 7470408)

Not possible. He will use my cash to settle the lein.

Quote:

Originally Posted by fsy82 (Post 7470421)

How do you settle the lein before giving money to the seller? He would need to pay up the cash before - which is not possible for him.

You go take a loan out. And then pay it off after you get paid.

Quote:

Originally Posted by tiger_handheld (Post 7470556)

how do you make a check to the bank? Pay to the order of ABC BANK Acct# 123456?
> this sounds like a good idea. thanks.

Not possible. He will use my cash to settle the lein.

How do you settle the lein before giving money to the seller? He would need to pay up the cash before - which is not possible for him.

He must have a lien because of a loan at his bank. So tell him lets go to your bank and I will pay the money to the bank which will pay out his loan thus removing the lien off the vehicle. Any monies left over will be deposited into his personal account. Just make sure to have insurance agent with you so he/she can transfer the vehicle under your name once the lien removed. Its really quite a simple process.

^ thats exactly it. it's a bank loan.

I dont have an insurance agent per say. I use who ever is closest to me. I'm planning on paying off the loan and getting him to sign the registration over at the bank and drive over to nearest autoplan broker.

get a bank draft ready for whatever amount you guys decide on. (this is it gets cleared faster then just a personal cheque, which would take 7 days, if you dont want to wait)

go to the bank where the loan is with the seller. avoid the reg teller, be easier.
explain to the banker about whats going to happen, hand over the cheque and make sure to get a letter from the bank saying it has been paid off.