has anyone ever beena lien holder on a car? owner financing?
07-19-2009, 10:52 PM
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has anyone ever beena lien holder on a car? owner financing? I was just wondering if anyone has ever sold a car and been put as a lien holder on the title?
they would register the car and the title would get mailed back to me untill it was paid off.
seems simple to me but I am just wondering if there may be some regulatory issues. maybe the state requires lenders to be licenced or somthing like that.
anyone have any experience with this?
they would register the car and the title would get mailed back to me untill it was paid off.
seems simple to me but I am just wondering if there may be some regulatory issues. maybe the state requires lenders to be licenced or somthing like that.
anyone have any experience with this?
07-20-2009, 05:55 AM
#3
no liscense required, yes it will be mailed to you. As long as you have the original title it will override any duplicate title someone may aquire. Only problem is a title isn't any good if the car has been ragged out or destroyed by who ever is noting it from you. Make sure that they furnish you with a current copy of insurance on the car monthly.
07-20-2009, 09:45 AM
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If you list yourself as a lien holder, the title goes to you and they can still register the vehicle because its in their name. Once the car is paid off, you sign the area on the front where the lien holder is listed and give them the title.
If the title has a lien on it, they cannot apply for a lost title unless they have a release of lien by the lien holder.
If the title has a lien on it, they cannot apply for a lost title unless they have a release of lien by the lien holder.
07-20-2009, 01:51 PM
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07-28-2009, 05:16 PM
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back to the car talk.
here is a twist on the lein holder question. lets say that the person is gettign a loan to buy a car from me and I am also going to be seller financing part of the sale. I could maybe see the financing bank having a problem with there being another lein holder on the title. does anyone have any experience with this or any ideas?
I dont think I have ever heard of a car with dual lien holders.
I would let the bank be the holder of the title (primary lien holder?)
07-28-2009, 06:33 PM
#9
Banks will never finance a vehicle and not want the lein/title. The only way you could get a loan to do this would to be a personal loan that has no item tied to it. Chances are, if someone needs the Bank of Brook to finance a beater car, they aren't likely to get approved for a loan anyways at a real bank.
NEXT get rich quick scheme coming soon!
NEXT get rich quick scheme coming soon!
07-28-2009, 08:44 PM
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Banks will never finance a vehicle and not want the lein/title. The only way you could get a loan to do this would to be a personal loan that has no item tied to it. Chances are, if someone needs the Bank of Brook to finance a beater car, they aren't likely to get approved for a loan anyways at a real bank.
NEXT get rich quick scheme coming soon!
NEXT get rich quick scheme coming soon!
this idea could be used when you have a buyer that is a little short on cash to meet your asking price but has enough cash to meet your "bottom dollar". you could offer to owner finance the remainder of the amount. if he does it then you have a bit more money and if he defaults then you allready got what you needed for the car and you may be able to repo it.
Tony, what is your next get rich quick scheme? I would be more interested in hearing abotu yours because we know they work.
07-29-2009, 12:52 AM
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"See what sets us apart from other "banks" is that other "banks" are "banks". Just sign over your house as collateral and we can get all the appropriate paperwork going....." 
07-29-2009, 01:55 AM
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so what your saying is. You own the car, but you want to sale it. You financed the car through bank xyz. They have the lien and you want to sale the car to some one else and be come the sencond lien holder. Without paying bank xyz.
Right....Well I dont know if you can or not. But chances are you will end up getting fucked.
Right....Well I dont know if you can or not. But chances are you will end up getting fucked.
07-29-2009, 08:00 AM
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so what your saying is. You own the car, but you want to sale it. You financed the car through bank xyz. They have the lien and you want to sale the car to some one else and be come the sencond lien holder. Without paying bank xyz.
Right....Well I dont know if you can or not. But chances are you will end up getting fucked.
Right....Well I dont know if you can or not. But chances are you will end up getting fucked.
lets say I own a car (no loan, title in hand) and I need to get 10k for the car but have it listed for 15k. a buyer comes along and is approved for a loan for 13k and does not have 2k cash to get to my asking price. many people would lower the price to 13k since it is still above the 10k amount that they need for the car. another option may be to sell them the car for 13k up front and put yourself as a lien holder on the title and have the guy make payments to you for the remaining 2k.
I just dont know if the bank that is givign him the loan would have a problem with it. they would get teh title just like they would if I was not a lien holder but I could maybe see some issues down the road if the guy defaults on their loan. the bank would repo the car but then they would have to deal with the other lien holder.
another tip for getting a bit more money when selling a car is to eliminate the tax the buyer will have to pay.
if they are planning to pay 2k in taxes for the car you are selling them then you can offer to eliminate the 2k in taxes and insted have them pay you 1500 or so. you then give them the car as a gift and they can give you a gift of money. it works on cars where you get a loan also.
07-29-2009, 12:14 PM
#14
Geez Brook. You are always trying to get around the system. Ever heard of doing things legit? I know it sucks to be ethical, but come on. When you "gift" a car or money, you still have to file it on your income taxes. You don't think it will look suspicious to the IRS when you have 20 gift vehicles per year? Or even 2 gift vehicles per year? Use some common sense here. Messing with the IRS is something you do NOT want to get involved with. If they put a red flag next to your name, you will be scrutinized your entire life, even if you do decide to do things legit later. Worth it just to help out some chump who can't get a loan because they earned a ****-poor credit score on their own? Worth it to make an extra grand being unethical?
As for my own get rich quick schemes, I don't believe in that ****. No such thing. You actually have to put some mega hours into anything for it to be a success. There are dozens of ways to make extra money without being lazy about it. Its called getting off your *** and working, even in the evenings. Find 10 ways you can use your skills or resources to make additional income, some will work, others will not. Quit trying to find the easy way out, or the quick way to scam. Instead of focusing on robbing the broke dicks out there, how about trying to earn the income from people who actually have good credit and good income to spend? I know, brilliant idea.
As for my own get rich quick schemes, I don't believe in that ****. No such thing. You actually have to put some mega hours into anything for it to be a success. There are dozens of ways to make extra money without being lazy about it. Its called getting off your *** and working, even in the evenings. Find 10 ways you can use your skills or resources to make additional income, some will work, others will not. Quit trying to find the easy way out, or the quick way to scam. Instead of focusing on robbing the broke dicks out there, how about trying to earn the income from people who actually have good credit and good income to spend? I know, brilliant idea.
07-29-2009, 12:32 PM
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Geez Brook. You are always trying to get around the system. Ever heard of doing things legit? I know it sucks to be ethical, but come on. When you "gift" a car or money, you still have to file it on your income taxes. You don't think it will look suspicious to the IRS when you have 20 gift vehicles per year? Or even 2 gift vehicles per year? Use some common sense here. Messing with the IRS is something you do NOT want to get involved with. If they put a red flag next to your name, you will be scrutinized your entire life, even if you do decide to do things legit later. Worth it just to help out some chump who can't get a loan because they earned a ****-poor credit score on their own? Worth it to make an extra grand being unethical?
As for my own get rich quick schemes, I don't believe in that ****. No such thing. You actually have to put some mega hours into anything for it to be a success. There are dozens of ways to make extra money without being lazy about it. Its called getting off your *** and working, even in the evenings. Find 10 ways you can use your skills or resources to make additional income, some will work, others will not. Quit trying to find the easy way out, or the quick way to scam. Instead of focusing on robbing the broke dicks out there, how about trying to earn the income from people who actually have good credit and good income to spend? I know, brilliant idea.
As for my own get rich quick schemes, I don't believe in that ****. No such thing. You actually have to put some mega hours into anything for it to be a success. There are dozens of ways to make extra money without being lazy about it. Its called getting off your *** and working, even in the evenings. Find 10 ways you can use your skills or resources to make additional income, some will work, others will not. Quit trying to find the easy way out, or the quick way to scam. Instead of focusing on robbing the broke dicks out there, how about trying to earn the income from people who actually have good credit and good income to spend? I know, brilliant idea.
speaking about being ethical when doing car sales, I believe someone told me about fudging the sales price of a car to avoid full taxes
As for your get rich quick schemes, I never said they were easy. they did seem to have good results as can be seen by your posts about your toys and the time frame you achieved this in is what most people would consider quick.
I know you have put a lot of hard work and time into it and it is paying off for you. i would say your scheme worked very well.
07-29-2009, 12:34 PM
#16
Geez Brook. You are always trying to get around the system. Ever heard of doing things legit? I know it sucks to be ethical, but come on. When you "gift" a car or money, you still have to file it on your income taxes. You don't think it will look suspicious to the IRS when you have 20 gift vehicles per year? Or even 2 gift vehicles per year? Use some common sense here. Messing with the IRS is something you do NOT want to get involved with. If they put a red flag next to your name, you will be scrutinized your entire life, even if you do decide to do things legit later. Worth it just to help out some chump who can't get a loan because they earned a ****-poor credit score on their own? Worth it to make an extra grand being unethical?
As for my own get rich quick schemes, I don't believe in that ****. No such thing. You actually have to put some mega hours into anything for it to be a success. There are dozens of ways to make extra money without being lazy about it. Its called getting off your *** and working, even in the evenings. Find 10 ways you can use your skills or resources to make additional income, some will work, others will not. Quit trying to find the easy way out, or the quick way to scam. Instead of focusing on robbing the broke dicks out there, how about trying to earn the income from people who actually have good credit and good income to spend? I know, brilliant idea.
As for my own get rich quick schemes, I don't believe in that ****. No such thing. You actually have to put some mega hours into anything for it to be a success. There are dozens of ways to make extra money without being lazy about it. Its called getting off your *** and working, even in the evenings. Find 10 ways you can use your skills or resources to make additional income, some will work, others will not. Quit trying to find the easy way out, or the quick way to scam. Instead of focusing on robbing the broke dicks out there, how about trying to earn the income from people who actually have good credit and good income to spend? I know, brilliant idea.
1:44
http://www.youtube.com/watch?v=qvA7I4YWmXI
07-29-2009, 12:43 PM
#18
You can't "fudge" a sales price, Texas uses the Presumptive Value program and they use the VIN# in a database. It spits out what Texas feels the car is worth, sight unseen, and you pay the 6.25% sales tax on 85% of that presumed value.
http://www.txdot.gov/drivers_vehicle...tive_value.htm
Personally, I think sales tax on used cars is stupid as hell anyways. I would never say I agree to our dumb laws all the time. But, I'm also not trying to make a buck off of some chump by bending the IRS loopholes around in my favor. Saving yourself a buck is socially acceptable every time, but trying to exploit other people is generally frowned on. You are trying to make a business/profit from exploiting a loophole, and doing so repeatedly. That isn't like being frugal about your taxes and saving your own money.
There are indeed ways to "get rich". Some people just have a hard time accepting that it isn't overnight. I started LS1Tech back in 2001. Probably spent an average of 8 hrs a day getting it to where it grew now. Why did it succeed? Because we ran it better than the other sites. I believe in the "Better, Faster, Cheaper" philosophy. If you can start a business that does at least two of those better than your main competition, you have a valid idea to pursue. The problem with 99% of the population is that they are just too lazy or unwilling to do extra after 5pm. Sitting on the couch is easier than trying to figure out more ways to earn income. You have to try things, and fail a few times, in order to succeed. If you don't try, well you never give yourself a chance.
http://www.txdot.gov/drivers_vehicle...tive_value.htm
Personally, I think sales tax on used cars is stupid as hell anyways. I would never say I agree to our dumb laws all the time. But, I'm also not trying to make a buck off of some chump by bending the IRS loopholes around in my favor. Saving yourself a buck is socially acceptable every time, but trying to exploit other people is generally frowned on. You are trying to make a business/profit from exploiting a loophole, and doing so repeatedly. That isn't like being frugal about your taxes and saving your own money.
There are indeed ways to "get rich". Some people just have a hard time accepting that it isn't overnight. I started LS1Tech back in 2001. Probably spent an average of 8 hrs a day getting it to where it grew now. Why did it succeed? Because we ran it better than the other sites. I believe in the "Better, Faster, Cheaper" philosophy. If you can start a business that does at least two of those better than your main competition, you have a valid idea to pursue. The problem with 99% of the population is that they are just too lazy or unwilling to do extra after 5pm. Sitting on the couch is easier than trying to figure out more ways to earn income. You have to try things, and fail a few times, in order to succeed. If you don't try, well you never give yourself a chance.
07-29-2009, 12:44 PM
#19
It just sounds like a lot of paperwork and headache for $2k. If the guy can't come up with the money, than I would not sell him the car. It is his responsibility to come up with the rest of the amount, not yours. If he is that desparate to get your car, than he will find some way to come up with the extra money, ie personal loan, credit card advance, etc.
