Go Back   5Series.net - Forums > Community Center > Lounge
Sign in using an external account
Register Forgot Password?

Reply
 
 
 
 
LinkBack Thread Tools Search this Thread Display Modes
Old 02-25-2010, 02:10 PM   #1
Senior Members
 
mikes 5's Avatar
 
Join Date: May 2009
Location: bronx ny
Posts: 314
Send a message via AIM to mikes 5
Default

does anyone know if it is posible in NEW York for me to sell my car to my friend, him knowing i still owe money on the car with a lien on the title. would he be able to register the car under his name in the dmw. Or will they give him problem?
__________________

SOLD
2004 bmw 530i
M tec kit , Asanti 20" AF-128, painted Black Roof, m5 Truck Finisher, OEM M5 Mirrors, 10,000k HID light top and Fogs, [s]RPI Exhaust[/s], Custom Magnaflow Quads P/C gloss black tips, BMC Air Filter. LCI TAILS WITH V5 CABLES AND 24PANEL LED IN THE REVERSE, ACS ROOF SPOILER, LED INTERIOR KIT, LED BRIGHT PLATE LIGHTS
mikes 5 is offline   Reply With Quote
Old 02-25-2010, 02:24 PM   #2
Contributors
 
v_therussian's Avatar
 
Join Date: Aug 2008
Location: Zoo York
Posts: 9,975
Default

AFAIK you cannot register a car without a title. You will not get your title until your lien is lifted. Lien will not be lifted until you pay the loan off. And either way, it sounds like you're trying to smth stupid, bro - do the right thing, always pays to, trust me

Does your loan have an early pay-off penalty? If no, its a no-brainer: borrow from a low interest credit card, pay off the negative equity on your loan and then pay the card off as fast as you can. That is, if you don't wanna drop the cash on the negative equity.

BTW I got dibs on the M sideskirts (if they are OEM)
__________________
owner/operator of Glaze Detail SoCal
www.glazedetail.com
vt@glazedetail.com
424-703-GLAZE
SOLD '06 E60 530 Xi 6-speed
Now rocking 2010 ISF bone stock
v_therussian is offline   Reply With Quote
Old 02-25-2010, 02:31 PM   #3
Senior Members
 
mikes 5's Avatar
 
Join Date: May 2009
Location: bronx ny
Posts: 314
Send a message via AIM to mikes 5
Default

i have the title but there is a lien on it but i am not trying anything crazy i am goin to pay it off but i read this today from a website

In New York state, you CAN register a vehicle with a lien on it. The problem is, when you get the title back, it will show the lien on it. When you purchase a vehicle that has a lien on it, the lien basically transfers to you, so even though you paid for the car and did your part, the lien holder can still repossess the vehicle from YOU. I would recommend looking into ebay's policy. If the item had a lien on it, and the seller didn't tell you, then I'd try to arbitrate it through ebay, since the item was NOT as described. You may want to contact the lienholder (should be listed on title) and ask them about getting a lien release if the lien was indeed satisfied.
Source(s):
I did a lot of research recently while trying to get the lien off my car, NY resident, have good friends at DMV.
__________________

SOLD
2004 bmw 530i
M tec kit , Asanti 20" AF-128, painted Black Roof, m5 Truck Finisher, OEM M5 Mirrors, 10,000k HID light top and Fogs, [s]RPI Exhaust[/s], Custom Magnaflow Quads P/C gloss black tips, BMC Air Filter. LCI TAILS WITH V5 CABLES AND 24PANEL LED IN THE REVERSE, ACS ROOF SPOILER, LED INTERIOR KIT, LED BRIGHT PLATE LIGHTS
mikes 5 is offline   Reply With Quote
Old 02-25-2010, 02:37 PM   #4
Contributors
 
v_therussian's Avatar
 
Join Date: Aug 2008
Location: Zoo York
Posts: 9,975
Default

Quote:
Originally Posted by mikes 5 View Post
i have the title but there is a lien on it but i am not trying anything crazy i am goin to pay it off but i read this today from a website

In New York state, you CAN register a vehicle with a lien on it. The problem is, when you get the title back, it will show the lien on it. When you purchase a vehicle that has a lien on it, the lien basically transfers to you, so even though you paid for the car and did your part, the lien holder can still repossess the vehicle from YOU. I would recommend looking into ebay's policy. If the item had a lien on it, and the seller didn't tell you, then I'd try to arbitrate it through ebay, since the item was NOT as described. You may want to contact the lienholder (should be listed on title) and ask them about getting a lien release if the lien was indeed satisfied.
Source(s):
I did a lot of research recently while trying to get the lien off my car, NY resident, have good friends at DMV.
I don't know dude... sounds kinda... you know... fishy...

I've always removed the lien before I sold the car, aside from selling at dealer auctions, where the dealer was taking care of that. But still, you seem to be going into a borderline territory - you don't wanna deal with any kind of "repercussions" from the DMV and local DA, ya know...
__________________
owner/operator of Glaze Detail SoCal
www.glazedetail.com
vt@glazedetail.com
424-703-GLAZE
SOLD '06 E60 530 Xi 6-speed
Now rocking 2010 ISF bone stock
v_therussian is offline   Reply With Quote
Old 02-25-2010, 02:43 PM   #5
Contributors
 
skelevirus's Avatar
 
Join Date: Jun 2009
Location: South Lake Tahoe
Posts: 2,802
Default

u probably could, but the lein co. would have it repo'd and they'd sell it at auction
skelevirus is offline   Reply With Quote
Old 02-25-2010, 02:51 PM   #6
Senior Members
 
mikes 5's Avatar
 
Join Date: May 2009
Location: bronx ny
Posts: 314
Send a message via AIM to mikes 5
Default

Quote:
Originally Posted by skelevirus View Post
u probably could, but the lein co. would have it repo'd and they'd sell it at auction
even if i pay it off 1 month after
__________________

SOLD
2004 bmw 530i
M tec kit , Asanti 20" AF-128, painted Black Roof, m5 Truck Finisher, OEM M5 Mirrors, 10,000k HID light top and Fogs, [s]RPI Exhaust[/s], Custom Magnaflow Quads P/C gloss black tips, BMC Air Filter. LCI TAILS WITH V5 CABLES AND 24PANEL LED IN THE REVERSE, ACS ROOF SPOILER, LED INTERIOR KIT, LED BRIGHT PLATE LIGHTS
mikes 5 is offline   Reply With Quote
Old 02-25-2010, 02:55 PM   #7
Contributors
 
v_therussian's Avatar
 
Join Date: Aug 2008
Location: Zoo York
Posts: 9,975
Default

Quote:
Originally Posted by mikes 5 View Post
even if i pay it off 1 month after
dude, really, there's no going around it. If its your buddy buying the car from you and you trust him, just let him drive the car with your regi (put him into your insurance though) for a month while you pay it off - it will be both, more legal and safe, liability-wise.
__________________
owner/operator of Glaze Detail SoCal
www.glazedetail.com
vt@glazedetail.com
424-703-GLAZE
SOLD '06 E60 530 Xi 6-speed
Now rocking 2010 ISF bone stock
v_therussian is offline   Reply With Quote
Old 02-25-2010, 03:21 PM   #8
Contributors
 
luigi524td's Avatar
 
Join Date: Dec 2007
Location: The State of Southern NJ!
Posts: 5,972
Default

Quote:
Originally Posted by mikes 5 View Post
does anyone know if it is posible in NEW York for me to sell my car to my friend, him knowing i still owe money on the car with a lien on the title. would he be able to register the car under his name in the dmw. Or will they give him problem?
If the lien is not satisfied, you do not "own" the vehicle - that is shared by whatever financial institution, bank, loan shark, etc holds the loan. If you read your loan obligation paperwork you'll find that it is illegal to transfer ownership of what you don't own!

OH - I forgot - you're in NY ... h _ _ _ , in NY, bankers, politicians, and lawyers swap anything they want, regardless of who owns it. [even spit ]
__________________
My opinions are free - you'll get exactly what you pay for!

Current
  • 2013 535xDrive
  • 1998 Z3 2.8
  • 2007 Rav4 V-6 AWD
Past
  • 2007 530xi
  • 2001 740i
  • 1998 740i
  • 1994 740i
  • 1986 524TD

Sign up for free at MR REBATES & Earn Cash Rebates when you shop on line at TireRack and other stores and websites!

"Seek and ye shall find" ... start with your owner's manual!
luigi524td is offline   Reply With Quote
Old 02-25-2010, 04:52 PM   #9
Senior Members
 
juris335's Avatar
 
Join Date: Feb 2008
Location: Pikes Peak- Colorado
Posts: 800
Default

Quote:
Originally Posted by luigi524td View Post
If the lien is not satisfied, you do not "own" the vehicle - that is shared by whatever financial institution, bank, loan shark, etc holds the loan. If you read your loan obligation paperwork you'll find that it is illegal to transfer ownership of what you don't own!

OH - I forgot - you're in NY ... h _ _ _ , in NY, bankers, politicians, and lawyers swap anything they want, regardless of who owns it. [even spit Click the image to open in full size. ]
Luigi for Congress!
__________________
http://i598.photobucket.com/albums/t...35/Front-1.jpg

2008 535xi AW - May 16, 2008 Production
juris335 is offline   Reply With Quote
Old 02-25-2010, 04:57 PM   #10
Contributors
 
skelevirus's Avatar
 
Join Date: Jun 2009
Location: South Lake Tahoe
Posts: 2,802
Default

Quote:
Originally Posted by mikes 5 View Post
even if i pay it off 1 month after
if its a month just wait till its paid for... or have your friend pay the $ directly to the lien holder... its really not that complex.. they set up paperwork specifically to avoid making this complicated Click the image to open in full size.
skelevirus is offline   Reply With Quote
Old 02-25-2010, 04:57 PM
 
 
 
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -8. The time now is 12:37 AM.


All content Copyright 2012 by Internet Brands, Inc.