buying a trailer with lien on title - Fiberglass RV


Reply
 
Thread Tools Search this Thread Display Modes
 
Old 05-14-2009, 10:45 AM   #1
Junior Member
 
Trailer: No Trailer Yet
Posts: 6
Thumbs up

I have my heart set on a Scamp, and found one that is within my price range, and there is a lien on the title. What does this mean and i would like advice on what to do about it. i have not purchased yet, and am a little hesitant about it!
Thanks, Kara
__________________

__________________
Kara P. is offline   Reply With Quote
Old 05-14-2009, 10:53 AM   #2
Senior Member
 
Chester Taje's Avatar
 
Name: Ches
Trailer: 1992 Kustom Koach 17 FT
British Columbia
Posts: 4,897
Quote:
I have my heart set on a Scamp, and found one that is within my price range, and there is a lean on the title. What does this mean and i would like advice on what to do about it. i have not purchased yet, and am a little hesitant about it!
Thanks, Kara
If I understand lein correctly, It means its being used as colateral or money is owing on it. It is security which someone is using. I would suggest you do not buy it till it has clear title.

Read this
http://en.wikipedia.org/wiki/Lien
__________________

__________________
Retired Underground Coal Miner.
Served in Canadian Army (1PPCLI)
Chester Taje is offline   Reply With Quote
Old 05-14-2009, 10:56 AM   #3
Senior Member
 
Booker B.'s Avatar
 
Trailer: 1976 Trillium 13 ft
Posts: 983
Hi Kara,

This means that the owner has either bought the trailer on a loan and used the trailer as collateral or borrowed against the trailer. You cannot get clear title of the vehicle until that lean is removed from the trailer or you may become responsible for the debt - though this depends on the area that you live.

I sold a motorcycle to a person without realizing the original lending company had a lien against it. In that case, he wasn't responsible for the loan but anyone doing a title search found the lien and were hesitant to buy it until it was removed (which I promptly did by the way).
__________________
Booker B. is offline   Reply With Quote
Old 05-14-2009, 11:04 AM   #4
Member
 
Trailer: 1972 13 ft Boler American
Posts: 86

Well a lot depends if your state is a lien holding state. Minnesota is not so your titles are shipped out to you, with the Bank as the lien holder. When I have sold things with a lien, I've simply met the people at the bank, they give me the check - I go into the bank and get the "lien release" form right from the bank.

Othertimes I've actually mailed the lien release form to the new owners...

With the lien release form, and the old owners title saying that the lien is to xyz bank - you'll be able to re-title the scamp into your name.

I don't see a problem at all with buying a scamp with a lien, just be careful and I would suggest to meet at their bank so you can do the whole process there and get the lien release form from the bank, versus waiting for the seller to mail it.

good luck




__________________
Tim M is offline   Reply With Quote
Old 05-14-2009, 11:13 AM   #5
Senior Member
 
Name: Joe
Trailer: 1989 17 ft Bigfoot Deluxe / 2004 Ford Ranger
Ontario
Posts: 115
Bought a Trillium once that came with a lean...I ended up having to replace the axle....!!!!

A lien on the title is not a laughing matter; get the owner to clear it before you touch it; never buy a house, car, trailer, etc. without a clear title.

Sorry.....just couldn't resist !!
Joe
__________________
Joseph Olajos is offline   Reply With Quote
Old 05-14-2009, 11:40 AM   #6
Senior Member
 
Kevin K's Avatar
 
Name: Kevin K
Trailer: 17' Casita
Mpls,Minnesota
Posts: 3,052
Registry
Find out who the lien holder is and see what is owed on the trailer.
__________________
Kevin K is offline   Reply With Quote
Old 05-14-2009, 12:35 PM   #7
Senior Member
 
Trailer: Former Casita 17 ft owner
Posts: 1,498
Tim has the right idea. Meet the seller at the bank and get the lien release as you turn over the money. It would pay to find out the amount of the lien to be sure it is below the selling price. Otherwise the seller has to come up with the rest of the money at the time of the sale.

Call the lien holder (bank) for information.
__________________
Morgan is offline   Reply With Quote
Old 05-14-2009, 01:36 PM   #8
Senior Member
 
james kent's Avatar
 
Name: james
Trailer: Boler 1984
Ontario
Posts: 2,938
If you buy something with a lien against it,you might be buying the lien as well and YOU could be held responsible for the payments owing on the lien, as well as the cost of the trailer.
__________________
james kent is offline   Reply With Quote
Old 05-14-2009, 03:54 PM   #9
Member
 
Trailer: 1972 13 ft Boler American
Posts: 86
Quote:
If you buy something with a lien against it,you might be buying the lien as well and YOU could be held responsible for the payments owing on the lien, as well as the cost of the trailer.
again -
As long as you have a clear lien release form, that is all you would need. I would not worry about it as long as you have that in your hand at the time of sale.

search the MN DMV site - or give them a call....
http://www.dmv.org/mn-minnesota/rv-motor-homes.php


To register an RV or motor home in Minnesota, the following must be brought to a Minnesota Driver and Vehicle Services (DVS) location:
  • Current valid title
  • If current valid title is not available, the current vehicle registration
Just as with other motor vehicle registration, if an RV or motor home's [b]<span style="font-size:12pt;line-height:100%">Minnesota title reflects a lien and it has been paid, you can submit a lien release at the same time that you </span><span style="font-size:12pt;line-height:100%">[b]register</span>[b]<span style="font-size:12pt;line-height:100%"> the vehicle.</span>
__________________
Tim M is offline   Reply With Quote
Old 05-14-2009, 08:14 PM   #10
Senior Member
 
Pete Dumbleton's Avatar
 
Trailer: Scamp
Posts: 3,072
Send a message via Yahoo to Pete Dumbleton
Morgan has the right general approach in my experience; that's essentially the same thing you do when you buy a house with a mortgage -- All three parties meet, you pay the owner, the owner pays the bank off and the bank gives you the lien release.

That saves the owner the trouble of paying off the lien, then applying for new title only to sign it over to you, and you don't have to wait for his new title to arrive before you complete the transaction.
__________________

__________________
Pete Dumbleton is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Buying a trailer out of province Charles Santos Care and Feeding of Molded Fiberglass Trailers 3 09-07-2009 09:54 PM
Buying T.V. for Trailer Chester Taje General Chat 35 07-30-2007 07:16 PM
New York trailer registration/title Roy in TO Problem Solving | Owners Helping Owners 15 05-14-2006 08:41 AM
Buying a trailer Legacy Posts Care and Feeding of Molded Fiberglass Trailers 29 03-26-2003 07:31 PM
Buying a trailer out of province Charles Santos General Chat 0 12-31-1969 07:00 PM

» Upcoming Events
No events scheduled in
the next 465 days.
» Virginia Campgrounds

Reviews provided by


Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -6. The time now is 02:31 AM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.