The Texas Department of Motor Vehicles notes that to put a lien on a car, an individual needs to go to his local county tax office with the vehicle title and an application for a title in his specific state. There is also a fee. However, the steps to put a lien on a car could vary depending on the state.Know More
Attorney Bryant Martin on Avvo also notes that the original owner of the vehicle might want to list himself as the legal owner on the pink slip so the vehicle's new owner is not able to sell the vehicle again without fully paying off the promissory note. It is also a good idea for the legal owner to require the vehicle's new owner to have property and liability insurance and make sure the legal owner is listed on the policy as an additional insured.
According to the Virginia Department of Motor Vehicles, a lien may be placed on a car if it is refinanced or if the buyer does not pay for the car with his own money. If the original owner is listed as the holder of the lien, the DMV can refuse to retitle the lien if the new owner claims the title was lost and applies for a new one, notes business attorney Mark Klinkenberg on Avvo.Learn more about Credit & Lending
A consumer can sell a car if they still owe money on it, but the balance must be paid in full to release any liens against the title. That's why car owners always want to sell a car for at least as much as the balance of the loan.Full Answer >
To become a child psychologist, an individual needs to earn an education specialist degree, a doctoral degree in school psychology or a master's degree, in addition to becoming certified or licensed in a specific state. Child psychologists who work in schools usually receive training in education and psychology.Full Answer >
A mechanic's lien is a security on property held by someone who has invested material or labor on the property until he is paid for the work that was done. The lien holder can have possession of the property, such as a car, until he is paid.Full Answer >
Your creditor can place a lien on your home if you are behind in your payments. A lien is a right to possess a piece of property until the person who owes the lienholder settles the debt.Full Answer >