[quote=“BikerFry,post:5,topic:35853"”]
Yep, it’s not uncommon.
He can’t title/register the vehicle in his name without a lein release statement from the financial institution, so as long as the buyer is willing you can take his payment and use it to pay off the lein and get him the lein release ASAP.
I bought a truck with a lein on it once. The lein was through HSBC so I met the seller at the bank, he paid off the loan with my payment and I left with the lein release.
[/quote]
Not true.
My case in point.
I bought a saturn ion from a guy who owed GMAC a few grand on it. He paid off the loan up front with his own money, and GMAC was being a pain in the ass to get the lein release. They faxed him a copy of the lein release, and the dmv would not honor that. I registered the car with his lein on it, and he mailed me the lein release.
My title has two leins on it which are both now paid off, one gmac, one for my credit union that i borrowed money on.