If you took out a loan to purchase a car, it's likely that there will be a lien on your car. Read on to learn about what a lien is and more!
A car lien is a legal claim on a vehicle that protects lenders’ money. It happens when you get a car title loan or finance a car purchase. The lender gets a legal right to the vehicle until you pay off the debt. Knowing about a lien on a car is key to understanding car financing...
Until the debt is paid, the landowner does not own a clear title. Originally, a mechanic's lien was almost exclusively sought out by an actual mechanic. If an owner of an automobile contracted for repair services and failed to pay the bill, the mechanic could place a lien on the car's...
Review the vehicle title. On the vehicle title, the owner’s full names will be listed. If the vehicle has a lien holder, the party will be listed on the title as well. For example, on the first line the title might read Jane and Joe Doe. On the second line, it might say ABC B...
Perhaps the riskiest move a purchaser of real estate can make is to buy without making certain that there are no liens on the property or without obtaining title insurance against liens on the property. In many states liens are secret: that is, they are hidden from the public records until...
Chase Auto is here to help you get the right car. Apply for auto financing for a new or used car with Chase. Use the payment calculator to estimate monthly payments. Check out the Chase Auto Education Center to get car guidance from a trusted source. Chase for Business With Chase for Bu...
Title Submission The title process remains the same except that you must provide the ELT number on the title paperwork to request an ELT. The required time for submission of title documents has not changed. Lien sales, abandoned, junk and salvage vehicles are all handled in the same manner. ...
What is a security interest on a car title? The term “security interest” means an interest (including an interest established by a conditional sales contract, mortgage, equipment trust, or other lien or title retention contract, or lease) in a motor vehicle whenthe interest secures payment or...
Car Lien Check Buying a car that still has a lien on it can be risky. Alienis a legal claim that gives the lender the right to repossess the vehicle if the borrower fails to pay off their loan. If you buy a vehicle with a lien, you may not be able to get aclear titleand regist...
Is a Lien Holder an Owner? Although the lien holder's name appears on the certificate of title,they aren't actually the owner of the vehicle. By purchasing the car, you become the practical owner, whereas the lender merely has a financial interest in the property. ...