Notify the registered owner of the charges due and your intention to place a mechanics lien on the vehicle and/or sell the vehicle at auction. Most states require that the owner be notified bycertified mailat least 30 days prior to any attempt to sell or dispose of the vehicle. Publish t...
Can You Have a Lien on Other Types of Property? Yes. For example, when a person takes out an auto loan, a lien is created, which gives the lender the right to possession of the vehicle if the loan is not paid according to the monthly payment schedule. A lienholder may garnish an in...
If you had a lien on your vehicle due to a loan, get a letter from the bank saying it's paid off. If you still owe money on the vehicle, you'll need to pay that off before selling it to a private party. Assuming you don't owe more than the car is worth, a dealer can handl...
We walk you through the steps a smart car buyer should take to remove intimidation from the process and end up with the best deal on the right used car.
Buying a used car can be time-consuming, expensive, and risky, so it's important to do it right. Here's what you need to know — start to finish — about the used car buying process.
Outside of mortgages, Minnesota law allows individuals and businesses to place liens on property in two difference circumstances. The most common is called a mechanic's lien. It is used when a contractor or laborer makes improvements to a property and th
How to Sign Over a Car Title with a Loan Transferring ownership is straightforward when only one name is on the title, but in many cases, a seller may have an outstanding loan on their vehicle, which means the lienholder or lending institution are listed on the title as having ownership ...
While you are not obliged to do this, it can make the process easier for the buyer when you are proactive on this point. A vehicle history report will detail everything a buyer will need to know about the history of the car you want to sell. It has nothing to do with the current ...
If not — or if you’re buying from a private seller— work with the seller and DMV to update the necessary documents. Take possession of the vehicle: After you finalize your auto loan and complete the sale, you can take possession of the vehicle. While your lender will be the lien...
The term assignor frequently appears in lending, where ownership rights may be assigned as a form of collateral. When taking out anauto loan, the borrower allows the financing company to place alienon their vehicle, effectively granting the company partial ownership rights if the borrower fails to...