Thread: Settling lien on used car?
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Jun 17th, 2006 09:15 PM
#1
Settling lien on used car?
I'm stumped right now, and I figure RFD is the place to go for these questions.
I'm in the process of buying a used car, but the car still has a lien to the finance company. The current owner will use the proceeds from the sale to pay off the loan.
Now, my question is, how does this happen without me getting the short end of the stick (ie. the owner running off with my money without paying off the lien)? I know this type of transaction must happen all the time, but trying to find the proper procedure.
Thanks!
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Jun 17th, 2006 11:02 PM
#2
Instead of writing a cheque to the owner , write it to the financial company dealing with the lien.
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