I’m going to be buying a car from a tow yard that has a lien on it. the car was abandoned. and then towed to the yard.
anyway what is the process of transferring the title once i buy it? also someone told me even after i buy it the owner could take the car back?? I am in cal. all info will help. thanks!
It may depend on the state, but the Lien is generally owed to a creditor. You would have to pay them the money owed in some manner. I’d guess they’d want back payments, probably interest and othe fees to bring it up to date. Then you can pay the loan with normal monthly payments. (You may also be able to negotiate all this.)
Once the lien is paid off, you will get paperwork that will let you get it off your title.
Check with your DMV. There is likely a process like: the tow yard notifies the previous owner in writing, sent to the address on the title. Waits a certain amount of time (60 days?) and can then apply for a clear title. You then buy the car and title from the tow company–who is the sole owner. If they didn’t get a clear title, don’t buy the car.