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Risks related to vehicle liens

Wednesday, February 19th, 2020

Risks related to vehicle liens

What exactly is a lien

Once you purchase a used car from a dealer or from an exclusive vendor, know that there may be a lien registered against it. Along side automobiles, cash america pawn shop and also this applies to other used vehicles such as for example ships or engine domiciles.

A lien is a lender’s claim for payment this is certainly registered against an automobile. Lenders and garages have actually the ability to spot a lien in your car.

Liens stay registered regarding the automobile before the debt happens to be compensated in complete as well as the lien is eliminated.

A car or truck may have one or more lien about it.

Why you ought to search for liens

Before buying a used car in a personal purchase or through a dealer, make sure that there wasn’t a lien from the automobile.

Subscribed car dealers are lawfully needed to make yes liens are taken out of utilized automobiles.

It’s important to test for liens if you’re purchasing an used vehicle through a personal purchase. Before you can register the car with your province or territory if you find that there is a lien, it must be removed. (more…)