2006-09-23 05:26:44 · 20 answers · asked by K<3C 2 in Cars & Transportation ➔ Buying & Selling
A lien basically means that even though you are in possesion of a certain item, until that item is paid for or released by the lien holder, that particular item is not legally yours to keep.
For example, a lien on a car means that even though you are the one paying for the loan, your bank is actually the legal owner of that car, until your loan is fully paid. That's why when people don't pay for their car loans or mortgage payments, the bank has the right to repossess your car or your house.
A lien is basically a "security or guarantee" that a loan will be paid or that an obligation will be satisfied by the debtor.
good luck...
2006-09-23 18:13:14 · answer #1 · answered by jade_lewis13 2 · 0⤊ 0⤋
It means that you still owe on the car. They will not take the lein off till the car is paid in full.
2006-09-23 05:35:25 · answer #2 · answered by smiley 4 · 0⤊ 0⤋
it means who ever put a lein on u can take the car from u, better pay up
2006-09-23 05:29:10 · answer #3 · answered by cc 4 · 0⤊ 0⤋
the lein on the car is like a security deposit for the lender. Would you like to lend something to someone and not get paid back. The car would be given to the lender if one fails to make payments to pay for the car.
2006-09-23 05:27:29 · answer #4 · answered by Anonymous · 0⤊ 0⤋
that means you cant sale the car untill the lein is paid. someone has borrowed money and put the car up as collateral
2006-09-23 05:28:57 · answer #5 · answered by Billy T 6 · 0⤊ 0⤋
That is lien. It means that the car has been used as collateral for a loan. If you have not done this, I suggest you track down the lien holder and ask him what the hell is going on. If whoever has taken out the loan defaults on payments, your car will be seized, no question.
It is not unheard of for satellite members of a family to do this, without the owners permission. My mother had an elderly friend whose daughter took out a loan with her mother's brand new Cadillac as collateral. When she defaulted they seized it.
And I have heard of people doing this with an elderly person's home as well, although I don't know anyone personally that this has happened to.
2006-09-23 05:39:03 · answer #6 · answered by Anonymous · 0⤊ 0⤋
They put the lien on the title of your car to insure that you dont sell the car, or they are taking payments for the car and will sign over any titles/ bill of sale when the car is paid for. Its really a common practice.
2006-09-23 05:36:43 · answer #7 · answered by ncgirl 6 · 0⤊ 0⤋
The "call" is possession. that could be a theory. you haven't any longer have been on condition that. you have slightly bit paper. The paper is a "certificates of call". That certificates, if it has the lein recorded, of course shows who owns the vehicle (and it ain't you). The call isn't comparable to a certificates of call interior the comparable way a marriage isn't comparable to a marriage license. P.S. - no longer all of us buys a vehicle the comparable way. some human beings purchase vehicles they might have sufficient funds to pay for. they are uncommon, I admit it.
2016-10-17 12:22:35 · answer #8 · answered by ? 4 · 0⤊ 0⤋
A lien is a way to have the car as security for a loan.
2006-09-23 05:27:57 · answer #9 · answered by Anonymous · 0⤊ 0⤋
That means money is owed to someone & you cannot sell that car without consent of the person owed money to. Time to pay the debt!
2006-09-23 05:29:11 · answer #10 · answered by lisalikes70scheese 3 · 0⤊ 0⤋