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Auto Auction and Lien Reported?
9th March 2010
I’m planing to bid a used vehicle.
I have checked the vin number and the vehicle title as following.
TITLE (Title #:X8134093014)
RENTAL
TITLED OR REGISTERED AS A RENTAL VEHICLE, OR PART OF A RENTAL FLEET (Lien Reported)
I am concerning about Lien Reprort.
If we win the bid, do we have any possibility to pay any additional payment (other than bid payment) to the third party?
Once we win the bid, we only need to pay the bid payment.
Is this correct?
Looking for experts advise.
Posted in: Auction FAQ | | Comments (3)
3 Comments »
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When selling a car through an auction, the title will be checked to make sure that the leinholder has signed off. The lein still shows on the DMV report because the vehicle and the title are still in the sellers name. As long as the leinholder has signed off the the title or provides a ‘lein satisfied’ the vehicle is free and clear to sell. You pay the auction the amount bid and their fees.
Comment by SuziQu — March 9, 2010 @ 11:25 pm
When/if you buy the vehicle, the lien will first have to be satisfied. Just make sure you are given a merchantable title with a lien release, BEFORE you fork over the money. If the auction house is legit, you should be ok. "Trust but verify"
Comment by entidtil — March 9, 2010 @ 11:25 pm
No, you won’t have to pay any additional payment to the third party because the lien will have been taken care of. Watch out for additional fee such as taxes and auction fees that you’ll have to pay which will add to you initial bid.
Comment by CarmelKM — March 9, 2010 @ 11:25 pm