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Buying a car @ auction with a LIEN on it ??


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I plan on bidding on a 2007 toyota coming up for auction @ a sheriffs' auction...the down side is that it has a lien on it from a bank.Will I still be able to register it and get back a clean title being that i'm the new owner and the bank did not object or remove the car from the sale?

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Most of the time when buying at auction, it's the bank or note holder that's auctioning it off. In that scenario you should be presented with a clean title. If that's not the case why bid on it?

 

I am not real familiar with sherriff sales, but I would think they would have to present a clean title as well because otherwise how can they sell and profit from a vehicle they don't own....I could be totally wrong but that's the way I look at it

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Most of the time when buying at auction, it's the bank or note holder that's auctioning it off. In that scenario you should be presented with a clean title. If that's not the case why bid on it?

 

I am not real familiar with sherriff sales, but I would think they would have to present a clean title as well because otherwise how can they sell and profit from a vehicle they don't own....I could be totally wrong but that's the way I look at it

 

 

normally a drug dealer car or county impound. the bank still holds the lien so it would need to be paid in order to produce a title.

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Most of the time when buying at auction, it's the bank or note holder that's auctioning it off. In that scenario you should be presented with a clean title. If that's not the case why bid on it?

 

I am not real familiar with sherriff sales, but I would think they would have to present a clean title as well because otherwise how can they sell and profit from a vehicle they don't own....I could be totally wrong but that's the way I look at it

 

 

normally a drug dealer car or county impound. the bank still holds the lien so it would need to be paid in order to produce a title.

we bye lots of cars from the auction and they must have a clear tittle . we did get one at the auction , that a lady traded in at a car dealership the deal didnt go threw and we had to send it back..they must have a clear tittle.. i hope that helped you

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My experience with storage/LEO auctions is that the vehicle has sat on the lot for a required period of time with notices that went out to the owner of record. Where a lien exists, notice also went to the lienholder. The lienholder often sat on their hands and did nothing in a timely fashion and found themselves without their collateral after someone picked up the vehicle for a small steal...

 

At least with our auctions around here, once it clears the figurative gavel on a storage/LEO sale, it belongs to the purchaser with a nice clean title, free of encumbrance.

 

That said...on something that new, being sold at a LEO sale, you probably ought to make sure they give it a good going over with the dogs.

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