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Who knows New York Title and Lien Laws?

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    #1

    Who knows New York Title and Lien Laws?

    So i'm buying a '95 M from NY, and the car has a lien on the title.

    I live in CT.

    The seller is saying i have to go with him to the NY dmv so they can satisfy the title? That would be fine but I work 6 days a week and I can't get any days off..

    I always thought the person on the title could just go to his bank, pay the loan off, get proof, give the proof of the loan being paid off and the title to the buyer, and he can bring both of those to the dmv and register the car? Atleast thats how i thought it works..

    Any help would be great, thanks in advance.
    6 E36 M3s, 1 E36 328is, 1 E90, 2 E30s, and 1 E21 later.. :eeek:
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    #2
    just buy my E30, lol
    _________

    Rep Savannah Crew

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      #3
      New York is one of several states known as a "title-holding state" where the owner of the car actually holds the title even if there is a lien on it. To perform a proper transaction, the seller should sign the title over to you and present you with a separate, properly signed lien release. The NY DMV has a special form for lienholders that works as a lien release (MV-901?) that must be kept with the title. Depending on how CT is, you should be able to take the two documents & get a CT title. Make sure the lien has been properly satisfied and that there's no funny business on the back of the title (maybe have him fax you a copy?)

      I would contact the CT DMV and explain the situation so you know exactly what you need to provide for a vehicle titled out of state. I'm not sure why the current owner would need you to be present for the transaction.
      -Geno

      '87 325is (s52'd)
      '95 525iT
      '02 Range Rover 4.6 HSE
      '98 Disco 1

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        #4
        Originally posted by dope View Post
        So i'm buying a '95 M from NY, and the car has a lien on the title.

        I live in CT.

        The seller is saying i have to go with him to the NY dmv so they can satisfy the title? That would be fine but I work 6 days a week and I can't get any days off..

        I always thought the person on the title could just go to his bank, pay the loan off, get proof, give the proof of the loan being paid off and the title to the buyer, and he can bring both of those to the dmv and register the car? Atleast thats how i thought it works..

        Any help would be great, thanks in advance.
        yeah thats basically how it works


        Dope: every state I have ever lived in does it that way, you get the title with the lien on it and when you pay it off the bank sends you a letter of " release of collateral "
        Originally posted by Fusion
        If a car is the epitome of freedom, than an electric car is house arrest with your wife titty fucking your next door neighbor.
        The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money. -Alexis de Tocqueville


        The Desire to Save Humanity is Always a False Front for the Urge to Rule it- H. L. Mencken

        Necessity is the plea for every infringement of human freedom. It is the argument of tyrants.
        William Pitt-

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          #5
          yeah thats what i thought guys, ive bought a M in NY before with a lien and it worked just like that.. i told the seller and hes going to check tomorrow about it all.. thanks guys!
          6 E36 M3s, 1 E36 328is, 1 E90, 2 E30s, and 1 E21 later.. :eeek:

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