Buying 4R with a lien on it.

You're a good sport, even with all the ribbing. I didn't intend for this to turn into a heated debate about who actually owns a vehicle with a lien on it, sorry.

 

Remind me never to work with whatever ridiculous bank that is.

Or, is that some weird law that's unique to PA?

Again, I've never heard of a bank refusing to let someone sell their vehicle, or home.

 

nobody said, refusing. Refusing means you’ll never allow it, which is different from getting permission which means you can either get the green light to move fwd or you dont. And if you don’t, it could be because certain conditions under the terms of the contract need to be met. Some banks and states allow pre-payment penalties to be imposed if you pay off during a specified payment term.

 

If they can't refuse, then you don't need permission. Needing to satisfy a debt, or a set of conditions to sell your vehicle is not the same as needing permission.

 

some banks require it and some don’t. The only thing I can say is review the terms of conditions of your contract and speak to your lender. Moving on…

 

What kind of break pads do you recommend?

 

This thread is too funny. And good too. Good because everyone is collaborating and helping. Well done guys!

 

The only way to solve this debate is for all of you to stop paying your auto loan and mortgage and see what happens.

 

Let's do it! Like hands across America, but foreclosures across America!

 

Everyone (ok, hopefully everyone) understands that their vehicle can be repossessed if they default on their loan. There's a difference between owning something and being a lien-holder.

 

Who owns it once it’s repossessed?

 

The bank, because you breached your contract, giving them ownership.

 

OP, don’t buy the truck. Lots of 5th gen’s for sale without a loan attached to it

 

He has to buy it after all of this!!!

 

I think he is going to buy it. He has been giving so much consulting advice and free too! He wants it because this is the truck that is supercharged and regear etc..etc. so there are some goodies coming with the deal. No wonder the truck has a "lien" and probably a lean forward too! This thread has me laugh too much. Great Sunday guys!!! Some really good points by everyone.
P.S. ai gave us a picture of a "lien 4R"..this is what it thinks it looks...kind of like Borracho Loco's unit.

 

Ironically, many people would be able to live rent free for years.

It took years to clear the foreclosure backlog from the Great Recession, and there are still some who are fighting.

Of course, the entire economy would collapse if everyone stopped paying their debts because people actually need credit to continue to support the economy.

 

You are correct. But in the US ( i know there's a few canada and europe peeps on here) the squatters rights are so abundant that if we ALL stopped paying mortgage, we'd really be able to live rent free for QUITE a while after a repo. But i will digress since that is an argument that i don't need to start on here.

 

I don't care what area you are in this won't work.

 

Walk away from the deal. Defies business logic.
Unless there is something else not disclosed in this thread.

 

It's possible, but kind of uncommon because cars are commodities, and the process is cumbersome (and can add extra fees).

It's a three or four-way transaction, just like buying a house. You can even add in a fifth party to hold the money and title, exactly like buying a house (this is where the extra fees come in).

1. Lender provides money for Buyer (optional)
2. Buyer gives money to Seller's lender
3. Seller gives title to Buyer
4. Seller's lender releases the lien on the title

Then buyer can get a new title in their name. You want #s 2, 3, and 4 to happen quickly and not depend on the Seller, and this is impossible if you give the money to Seller directly. But if you really want the car, this is the right way to do it.

If you're unsure what to do, you can work with a closing attorney for vehicles.

 

I'm truly am amazed at what shit people come up with.

Keep posting I'm entertained.

 

There are times when more is owed on the vehicle than what it is worth. Have we addressed this yet? Always makes for a fun time.

 

You had me up until that last part. I'm pretty sure if I haven't heard of something it means it doesn't exist. Ammirite?

 

Yes thats why you get a buyout quote from the lender

 

I don't think this is what he meant.

I thought he was talking about all these guys taking crazy long loans with high interest rates and 0 down. Their monthly does not keep up with depreciation so they are in the hole if they try to sell before its paid off.

These loans should be illegal to even give but it is what it is.

Banks don't give 2 shits how much the vehicle is worth when paying off a loan.

 

Haha, banks aren't in the business of financial education, they are in the business of making money. If they didn't make loans to people that spent years upside down, they'd go out of business.

Worse than that, everyone would start driving the car they can afford, not the one they've always wanted. No one would put up with that, lol.

 

Well they are if it benefits them...

They will educate you how to sign up with them. And all them broke people find the first bank to say yes and sign on the dotted line.

 

Yup. So many people get upside down, and then try to sell their vehicles, only to find that they have to take extra money to the bank to get the lien released. A painful lesson.

 

Disclaimer: I did not change the the title of this thread.

 

Car companies depend on people who spend the majority of their loan duration being upside down on their loan.

That's why most brands no longer offers simple, affordable cars, and even the likes of Nissan Versa are being discontinued.