So, did the buyer keep the car? Or, did you have to make the trip and pick it up?
They haven’t contacted me since yesterday, telling me I had to drop the release off at a certain time.
You can NOT get a loan on anything (car, house…etc) if there’s a lien against it. It happens a lot more often with homes where a contractor will add a lien on a house for any unpaid work. On a car if you have any mechanical work done and if you don’t pay for it…the mechanic can put a mechanic lien of the vehicle (just like a mechanic lien on a house). No bank will give a loan on a car that has a mechanics lien on it.
Mike, I think he meant that he got a small loan for something and used the car as collateral. Not totally out of the ordinary. It wasn’t really for the car. Terms get kind of thrown around.
Mike, I think he meant that he got a small loan for something and used the car as collateral.
I wasn’t sure HOW he got the lien. All I know is if there’s a lien on the vehicle then you have to pay off that lien BEFORE you can refinance the vehicle. Mechanics lien is common.