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a car on copart .com is under "Loan/Lien" does this mean I will owe money? will chose best answer?
11th September 2011
Title says
"02/15/2010 PACIFIC SW REGION 153,427 Auto Auction AUCTION ANNOUNCED AS FLEET/LEASE"
"A loan/lien is the legal right to take and hold or sell the vehicle of a debtor as security or payment for a debt. Normally, a vehicle will have a lien due to a loan or unpaid repair bill against the vehicle. Check with the seller to ensure that the lien has been satisfied."
Its owned by the auction (copart) how can they sell it if its under a loan???
Will chose best answer for any help thanks
Posted in: Auction FAQ | | Comments (2)
2 Comments »
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It mean that the vehicle title history indicates a lien exists which the seller must satisfy before title can be transferred. It means precisely what it says, you should verify with the seller that any outstanding lien(s) have been satisfied.
Copart isn’t necessarily selling the vehicle, they are simply brokering and facilitating the transaction between parties in the same manner eBay does.
Best of luck. I hope this helps.
Comment by Sage — September 11, 2011 @ 7:13 am
copart is a junkyard that deals with insurance companies that have usually totaled the vehicle unless you want a vehicle for parts you will probably get a title marked as salvage a distinction you can never legally remove from the title which will always be a loss of money if you sell the vehicle. The lien paperwork is just tech term for who owns and how they obtained it without actually having the pink-slip,if they do have the pink it is just another way to add fees or recoup fees to the legal sale of said vehicle,In calif a vehicle obtained on a lien sale can only be sold for the fees owed anything above is supposed to be sent back to DMV,however if that really happened john q public would have cheaper DMV fees.
Comment by overworked-underpaid — September 11, 2011 @ 7:13 am