I have a 3,000 dollar lien on my car. It needs head gasket repairs and it's not worth it for my to pay for the repairs.
I met a mechanic who offered to do work on my car and put a lien on it. He said I wouldn't have to pay the bank off. He even offered me the 500 dollars I wanted for my car. What should I do? I live in California.
2007-10-22 15:22:20 · 3 answers · asked by Aaron H 2 in Cars & Transportation ➔ Buying & Selling
What the mechanic is offering to do is repair the car, and file for a mechanics lien title. The bank will be notified and they will have the option to pay the repair bill and repo the car, or they can not pay the bill and he will get title to the vehicle!
Here is the kicker! The bank will (if they pay the repair) add the cost of repair to your loan balance. They will sell the car, and will sue you for any deficiency! If they do not pay the bill and take the car, then the bank will sue you for the balance you owe!
Either way you are going to have a repossession or write off on your credit, and will have to pay the money you owe anyway! If you do not they will garnishee your wages, and can seize any bank accounts you own!
If the mechanic pays you for the car, and then files the mechanics lien, you both can be charged with fraud!!
2007-10-22 15:45:23 · answer #1 · answered by fire4511 7 · 3⤊ 1⤋
Don't do it. He would most likely fix it and then expect you to pay him some outrageous amount. He cannot legally buy the car as you do not have the title to sell it, because it is still owned by the bank. It sounds too shady. Run....Run away!
2007-10-22 22:40:38 · answer #2 · answered by Otto 7 · 0⤊ 1⤋
run away fast there is no way that you are not going to have to pay off the bank
2007-10-22 22:34:43 · answer #3 · answered by hermitofnorthdome 5 · 1⤊ 0⤋