Could someone register a car with a lien on title..
02-25-2010, 02:10 PM
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My Ride: 2004 530i, Alpine white, M-Tech Kit, 20" Asanti af-128 rims, Roof painted Black.
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?
02-25-2010, 02:24 PM
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My Ride: Alpine White 2006 530Xi (SLD)
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)
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)
02-25-2010, 02:31 PM
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My Ride: 2004 530i, Alpine white, M-Tech Kit, 20" Asanti af-128 rims, Roof painted Black.
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.
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.
02-25-2010, 02:37 PM
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My Ride: Alpine White 2006 530Xi (SLD)
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.
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'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...
02-25-2010, 02:43 PM
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u probably could, but the lein co. would have it repo'd and they'd sell it at auction
02-25-2010, 02:51 PM
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My Ride: 2004 530i, Alpine white, M-Tech Kit, 20" Asanti af-128 rims, Roof painted Black.
02-25-2010, 02:55 PM
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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.
02-25-2010, 03:21 PM
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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
]
02-25-2010, 04:52 PM
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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
]
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
]
02-25-2010, 04:57 PM
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