2007-04-22 12:09:41 · 7 answers · asked by celia m 1 in Cars & Transportation ➔ Insurance & Registration
It means someone other than you has a real interest in the vehicle. This could be a bank or finance company or an individual with no financial interest in the car but some other interest. It means if the vehicle is damaged they have 1st rights to any settlement, such as the vehicle the is totaled in an accident and the insurance company pays out.
A lienholder, or lien, can be asserted on anything by anyone. All it means is they have an interest in the item and their interest can not be ignored.
2007-04-22 15:46:37 · answer #1 · answered by bundysmom 6 · 0⤊ 0⤋
It means you don't own your car until the lienholder releases title to it -- because you paid off your loan. If you default on your loan the lienholder can come get their car -- repossession.
2007-04-22 12:44:37 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It means you owe money on the car, or you have taken a loan, using the car as collateral. It can also mean that you owe someone, or a business for something, you haven't paid and they have put a lien against the car, stopping you from selling the car until the situation is taken care of.
2007-04-22 12:34:04 · answer #3 · answered by fisherwoman 6 · 0⤊ 0⤋
That who you make payments to until what you buying is paid for, car, house those type things. They lend you the money to buy and hold a lien against what you bought until you pay for the loan.
2007-04-22 12:18:43 · answer #4 · answered by Snaglefritz 7 · 0⤊ 0⤋
It means that the bank or financial company where you bought it at holds the title until the loan is paid off.
2007-04-22 12:59:16 · answer #5 · answered by RAF 1 · 0⤊ 0⤋
The legal owner of the vehicle, the bank or finance company that you owe money and make payments to.
2007-04-22 12:18:10 · answer #6 · answered by oklatom 7 · 0⤊ 0⤋
It means that it be- lones to them untile it is paid for. so they
hold a lien on it. ( LIENHOLDER )
2007-04-26 07:50:39 · answer #7 · answered by scsriver 4 · 0⤊ 0⤋