IR90C

Alright here is my situation;
Iam seriously interested in purchasing a 98 Camaro SS. The price seems too good to be true though...$2500. The car was bought by the current owner without him knowing that there was an auto title loan out on the vehicle from the person he bought the car from. The current owner has a signed, noterized and dated bill of sale for the car, and is in the process of filing for a mechanics lien to obtain the cars title. How does that work and if he does obtain the title can i purchase the car from him free and clear without the possibiltiy of the original owner coming back for the car through legal action? What would you guys do?....
Here is the link to the car and info;
http://www.azstreetscene.com/ipbforu...2&#entry105332

birdtojag

iTrader: (1)

I think if the original owner gave the title up for a loan, he loses the right to get the car back without paying the loan back. I would wait for the guy that bought it originally to sell to you, to get the title. And then bring him to the DMV with you to do the title transfer. That way everything is free and clear and you have government documentation and didn't just give your money away. Car looks good!

IR90C

well if the current owner gets a Mechanics lien on the car and gets the title that way would he then legally be able to sell the car to me free and clear without the first owner having any say? Im kinda confused as to how all this works with the title loan and liens and such.

91 1LE

iTrader: (1)

I saw that car too. If a title loan was taken out on the car, the loan company owns the car. If a mechanics lien is placed on the vehicle, it will have 2 liens on it that need to be satified before the title is released free and clear. You, or somebody, would have to pay off the loan for the title to be transfered. If the loan is in default the loan company can come repo "their" car. I would walk away...there are too many ways you can get screwed on a deal like this.

TheScaryOne

iTrader: (3)

Vehicular Definition of a lien sale

If a person has repaired, furnished supplies or materials, towed or stored a vehicle AND has not been paid for the services rendered, that person has a lien against the vehicle. The lien arises at the time the registered owner is presented with a written statement of charges for completed work or services.
If the vehicle is towed by a public agency or private towing company, the lien arises when the vehicle is towed or transported. The lien may be satisfied by selling the vehicle through the lien sale process.
To conduct a lien sale, the person/lienholder must have possession of the vehicle and have lien sale authorization from DMV. Interested parties, including the registered and legal owners of record will be notified before the sale occurs.
State of California,If the vehicle's value is $4,000 or less, the registered and legal owners of record will be notified by the party conducting the lien. If the vehicle's value is greater than $4,000, DMV notifies all interested parties. You can call (916)-657-7617 between the hours of 8 a.m. and 5 p.m. if you have questions regarding lien sales.

Basically, if he lien sales it to you, you're golden, but the original owner will be notified and have X amount of days to do anything about it before the sale is final.

It might also have a salvage or bonded title, which substantially decreases the value of any collectible car, like a 1998 Camaro SS. First year for the LS1, first year for the face lift, third year of the revival of the Camaro SS....

drknow90rs_ss@y

iTrader: (3)

I would walk away. I have been through this a bunch of times and it always involves lots of running around and extra fees. If you are really determined to do it. take the current owner and any paperwork he has on the car to the DMV and have them do a title search. This will show any leins against the car and who they are owed to. Sometimes you get really lucky and even get phone numbers! You can then contact them and see what it will take to resolve the issue.

I agree with birdtojag; DO NOT give any money until you have proof of a clear title!

GOOD LUCK!!!

IR90C

yeah, thats what im going to do, i see this being too much of a headache and after really thinking about it, the last thing i need is another vehicle!
Thanks alot guys for your input/suggestions, i really appreciate it.

drknow90rs_ss@y

iTrader: (3)

It's probably for the best. Tell the current owner that if he can get the title cleared, you'll buy, but not before.
Good luck and remember: Theres no such thing as "Too many cars"!