Buying an impreza with a lien on it
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This is a discussion on Buying an impreza with a lien on it within the Car Purchasing Forum forums, part of the ClubWRX.net Marketplace category; ok so maybe you guys can help me, i went to go look at this 2011 subaru impreza wrx sedan ...

  1. #1
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    Buying an impreza with a lien on it

    ok so maybe you guys can help me, i went to go look at this 2011 subaru impreza wrx sedan from a private seller, i really like it its probably the best one for the price I've looked at so far. I want to buy the car but i found out theres an outstanding lien on it, or in other words the finance is still outstanding. can someone walk me through the steps of buying a car in this situation?

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    Captain James of the SS Impreza has gone down with the ship Drews's Avatar
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    Seems like something you could have Googled or asked your bank about. But, if you're getting financing for it, your banks should be handling the transaction. If you're paying cash for the vehicle, you'll need to have the seller contact the bank and get a payoff amount. You'll then need to work with the bank to pay off the amount of the existing loan and give the remainder of the agreed price, that did not go towards the lien, to the seller.
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    MAINEiac 11blackSTi's Avatar
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    Also make sure the bank signs off on the title to acknowledge that the lien has been released (or issues an official lien release letter). Most state's won't allow you to register a vehicle that has a lien on it in someone else's name. I dealt with this when I purchased by motorcycle and it was a pain in the butt.

  5. #4
    Registered User AFP520's Avatar
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    Have the seller contact whomever they financed the car through. Tell them you want a payoff amount that's good for 10 days and also have them give you a lien release and/or title release form to complete.

    I'd then send the check directly to the financial institution along with the lien/title release so they mail it to you and not the seller.
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