My auto loan check hasn't cleared in the dealership's bank acc't, but he'll let me take the car off the lot of I can give him the lien-holder's address and phone number from the bank that issued me the auto loan. ??? Someone please explain what he means. Thanks.
2007-10-29 05:37:58 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
I don't think it's just the BANK'S address & phone number. I can get that off their website. I think he's looking for something more specific... or maybe not.
2007-10-29 05:51:56 · update #1
You must have got your own money.
The lien holder is th bank that loaned you the money to buy the car.
What he is looking for is your banks address and phone number.
2007-10-29 05:45:46 · answer #1 · answered by ? 7 · 3⤊ 0⤋
Both of the previous answers are right. The lien-holders name and address is the bank where you got the money.
A bank is willing to lend you money to buy your car, but they hold rights to the car until it is paid off. These are ownership rights and it is conveyed by putting a lien against the property (in this case the car). If you try and transfer ownership or sell the vehicle before the loan is paid off, they, as lien-holder have to agree. When you are done paying the loan, they will send you a document called a lien release and you will be able to get a new title that shows you as the only owner. It will be a proud day!!
good luck!
2007-10-29 06:45:34 · answer #2 · answered by Rush is a band 7 · 0⤊ 0⤋
1
2016-09-27 19:42:22 · answer #3 · answered by ? 3 · 0⤊ 0⤋
The lien holder is who ever loaned you the money.
2007-10-29 06:14:21 · answer #4 · answered by bdancer222 7 · 1⤊ 0⤋