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Old 01-03-2013, 02:04 PM   #1
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Question about buying a car with Loan

Hi im looking to buy the 2007 tacoma that i have a few questions about before i buy. Im hoping that some people might have some insight on how to do the transaction. I live in California and the car is located here. The owner originally bought the car CPO from Toyota in Oregon. He is the 2nd owner and moved to cali 2 years ago but did not register the car. Now he wants to sell the car but the car still has a loan / lien on it. Toyota Financial still owns the car. questions i have are:

1.what is the best and safest way to purchase the car since i will be paying off the car for him first and plan on having a bill of sale, power of attorney form, lien satisfied/legal owner/title holder release form all going to be signed and notarized. he will then give car over to me and we will wait for the title to go to him and then sign it over to me.

2. the car is from oregon and i will need to register it in cali. any fees i need to know about or problems with registering the car, smog. etc.

Thanks in advance for any input would be great. i just want to make sure im protected. anything i should get from him?

SORRY EVERYONE I MUST HAVE GOT THEM CONFUSED THE CAR IS FINANCED THRU TOYOTA AND I THOUGHT LIEN WAS THE SAME THING.
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Old 01-03-2013, 03:21 PM   #2
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Quote:
Originally Posted by bareefer View Post
Hi im looking to buy the 2007 tacoma that i have a few questions about before i buy. Im hoping that some people might have some insight on how to do the transaction. I live in California and the car is located here. The owner originally bought the car CPO from Toyota in Oregon. He is the 2nd owner and moved to cali 2 years ago but did not register the car. Now he wants to sell the car but the car still has a loan / lien on it. Toyota Financial still owns the car. questions i have are:

1.what is the best and safest way to purchase the car since i will be paying off the car for him first and plan on having a bill of sale, power of attorney form, lien satisfied/legal owner/title holder release form all going to be signed and notarized. he will then give car over to me and we will wait for the title to go to him and then sign it over to me.

2. the car is from oregon and i will need to register it in cali. any fees i need to know about or problems with registering the car, smog. etc.

Thanks in advance for any input would be great. i just want to make sure im protected. anything i should get from him?
If you didn't or don't know this dude very well. I would not do it, way too much trouble.
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Old 01-03-2013, 03:24 PM   #3
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if he has a lein on it, it means he screwed someone out of money they were owed.. what makes you think he wouldnt do that to you.. i would walk.
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Old 01-03-2013, 03:30 PM   #4
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Don't know the answer to your question but many legitimate sales of vehicles happen where the current owner still has a remaining balance on it. The fact that the seller lives in California and hasn't registered it in California leads me to believe that they are avoiding taxes by keeping the registration in a state they formally resided in. If you pay attention you will find many high ticket vehicles in California with Oregon tags for that same reason.

If you still want to go through with this I'd say get ahold of Toyota Financial yourself to see what they would require to relinquish the title to you instead of their current borrower.

Toyota Financial contact page.

Regardless, I hope you find something that works out for you and you enjoy your truck.
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Old 01-03-2013, 03:31 PM   #5
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Quote:
Originally Posted by Beavis0076 View Post
if he has a lein on it, it means he screwed someone out of money they were owed.. what makes you think he wouldnt do that to you.. i would walk.
x2 .. if the truck has a lien against it that he isn't paying the truck will get repoed sooner or later. It's possible this is a contractual lien between him and Toyota, but unlikely.

If it's just a regular loan I would work through his financial company to see if it can be transferred to you before the payoff and title issuing.
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Old 01-03-2013, 03:32 PM   #6
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a lein is diff than the remaining balance on his financing.
*edit*.. i think.. lol
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Old 01-03-2013, 03:33 PM   #7
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And you might be liable for California tags and title...
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Old 01-03-2013, 03:34 PM   #8
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Quote:
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And you might be liable for California tags and title...
Definitely. Have to pass CA smog and pay an import fee.
Also there might be sales tax collected as well.
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Old 01-03-2013, 03:35 PM   #9
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run
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Old 01-03-2013, 03:37 PM   #10
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Here is a fee calculator from CA DMV for importing cars from other states: https://www.dmv.ca.gov/FeeCalculator...esidentForm.do
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Old 01-03-2013, 03:37 PM   #11
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Quote:
Originally Posted by Beavis0076 View Post
if he has a lein on it, it means he screwed someone out of money they were owed.. what makes you think he wouldnt do that to you.. i would walk.
Quote:
Originally Posted by NoSoup4You View Post
x2 .. if the truck has a lien against it that he isn't paying the truck will get repoed sooner or later. It's possible this is a contractual lien between him and Toyota, but unlikely.

If it's just a regular loan I would work through his financial company to see if it can be transferred to you before the payoff and title issuing.
Quote:
Originally Posted by Beavis0076 View Post
a lein is diff than the remaining balance on his financing.
*edit*.. i think.. lol
Ummm anytime a bank owns a vehicle (or anything else) they are the lein holder of the title. It has been this way for about 10 years that ALL creditors are the lein holders until the loan has been paid off. It in NO WAY means he has or has not made payments on time
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Old 01-03-2013, 03:39 PM   #12
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^ yup,that is true.. I read this as some other type of lein, like he didnt pay someone, and they won a judgment and a lein was placed on the truck.... maybe im wrong
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Old 01-03-2013, 03:41 PM   #13
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Also OP, when you purchase a vehicle that has a lein you make special instructions that the check you provide can only be used to satisfy the loan and by cashing the check they must release the lein on the title to YOU. That is what happens anytime you re-finance a vehicle as well, its called a lein release people
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Old 01-03-2013, 03:43 PM   #14
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Sounds kinda shaddy to me.
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Old 01-03-2013, 03:44 PM   #15
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Quote:
Originally Posted by Cr250jumper View Post
Ummm anytime a bank owns a vehicle (or anything else) they are the lein holder of the title. It has been this way for about 10 years that ALL creditors are the lein holders until the loan has been paid off. It in NO WAY means he has or has not made payments on time
Pretty sure most of us thought of this when he mentioned lien:

Definition of a lien sale.

If a person has repaired, furnished supplies or materials, towed or stored a vehicle AND has not been paid for the services rendered, that person has a lien against the vehicle. The lien arises at the time the registered owner is presented with a written statement of charges for completed work or services.

If it's just a regular loan, there are easy options to get it transferred to you.
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Old 01-03-2013, 03:46 PM   #16
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Quote:
Originally Posted by NoSoup4You View Post
Pretty sure most of us thought of this when he mentioned lien:

Definition of a lien sale.
If a person has repaired, furnished supplies or materials, towed or stored a vehicle AND has not been paid for the services rendered, that person has a lien against the vehicle. The lien arises at the time the registered owner is presented with a written statement of charges for completed work or services.

If it's just a regular loan, there are easy options to get it transferred to you.
That would be a mechanics lein in which they have the right to sell your vehicle because they rendered services you didnt pay for. This a lein to Toyota financial, not the same thing
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Old 01-03-2013, 03:55 PM   #17
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Seems nothing wrong to me just cause its from another state, 75% of vehicles on the road have a lein, I sold a vehicle before with a balance owed on it doesnt mean im doing something wrong. I work at a bank I see this all the time I say its fine some people are looking to hard into it.
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Old 01-03-2013, 03:57 PM   #18
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Quote:
Originally Posted by Cr250jumper View Post
That would be a mechanics lein in which they have the right to sell your vehicle because they rendered services you didnt pay for. This a lein to Toyota financial, not the same thing
yeah, I was just trying to clarify why some people including me jumped right to "no" when they saw the word lien.
I'll admit it threw me because I don't deal with loans that often. Honest mistake.
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Old 01-03-2013, 04:18 PM   #19
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I would make sure he knocks a good chunk off the price for import and registration fees your going to have to pay up the ass for.
Why? People have to pay for taxes and registration in there respective state regarless if its new or used or from another state. Why would anyone sell a vehicle in there right mind consider ones taxes and registration. Its unheard of unless there family.
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Old 01-03-2013, 04:24 PM   #20
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Quote:
Originally Posted by Gincoma View Post
Why? People have to pay for taxes and registration in there respective state regarless if its new or used or from another state. Why would anyone sell a vehicle in there right mind consider ones taxes and registration. Its unheard of unless there family.
X2. In Arizona the seller keeps the license and paid registration to put towards your next set of tags. So even if the registration is good and I sell you a vehicle, I keep the plates and you have to purchase new ones for yourself
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