question about title liens - NJFBOA - Home of New Jersey's Camaros and Firebirds

GrandmasterCow · 12-08-2010, 05:32 PM

If someone wanted to sell you a car that, lets say they owed 8K on, has a lien from another state, is there any way to transfer the lien to another person and have them take over the payments without the original lien holder paying off the car? What if another vehicle was put up for collateral?

JW · 12-08-2010, 06:11 PM

This is all something that probably has to be discussed with the Lien holder I would think to be sure they agree upon things.

JW

Mike · 12-08-2010, 06:19 PM

the buyer would have to get approved for a loan from the bank holding the title

Frosty · 12-09-2010, 07:33 AM

Quote:

Originally Posted by cbrrmike

the buyer would have to get approved for a loan from the bank holding the title

^^ This

V · 12-09-2010, 11:19 AM

or as long as they get an auto loan from any other bank for the amount and then i believe it would just be the banks transferring titles.

They could also get a personal loan for the amount, and you pay off your loan, and then receive the title and hand it over to them.