negotiating with a bank for a title/leinholder question

[stevo]

Is it possible to negotiate with a bank for title on a vehicle that they have a lien against that is in default?

Short story, I have found a very cheap deal on a PWC (basically free) that a bank (Transamerica) has a lien against. Seller's story is he was separated from his wife, she took the title and borrowed money against it, now they are divorced. I assume the note is in default. What would be the process (if any) to contact the bank and inquire if they would "sell" (for the lack of a better term) me the title for a negotiated amount? Will they even discuss such a thing, me being a third party? Does anyone here work for Transamerica?

Stevo

[Baron Von Crowder]

It might happen. Assuming the loan is reasonable, and is in default, they might settle with you.

I bought my brother's truck from the bank when he passed, and it was an interesting process. We told them to come get it for about 8 months, they kept asking us to sell it or find someone to take over the note. The issue was that he paid WAY more than he should have for the truck, and I litterally could have gotten one brand new off the dealer for the same or less. I let them know that I would be willing to buy it outright but didnt have any need to pay what they wanted. Eventually they called and asked me to make them an offer, and after 3 months of me telling them the same thing, they finally agreed.

Now if they are seeing a check every month, different story.

[beefed88]

MechanicS lien.

[stevo]

MechanicS lien.

It already has a lien on it from the bank. I'm just curious how I should go about discussing it with them. I thought someone here worked for Transamerica and could give some input.

Stevo

[stevo]

I figure I'll pop this up one last time for the fresh work week.

Stevo

[War Machine]

I think CJ works for a finance company.

As a rule, any lending company will negotiate when a loan is in default. Theyll really negotiate when they can't secure the property thats in default.

How long has the loan been in default?

[beefed88]

It already has a lien on it from the bank. I'm just curious how I should go about discussing it with them. I thought someone here worked for Transamerica and could give some input.

Stevo

No, place a mechanics lien on it. From what I heard 30 days and you will own it free and clear.

[sc281]

I think CJ works for a finance company.

As a rule, any lending company will negotiate when a loan is in default. Theyll really negotiate when they can't secure the property thats in default.

How long has the loan been in default?

This. I bought an 01 bmw 325ci for $1200.00 back on 08 because it was wrecked in the front a bit and they couldn't find where to repo it at.

[sosoe]

If the vehicle has value and still a large amount is owed good luck on letting them let go of the lien. They would rather continue to try to recover for their losses or if it has enough value and they know such person has said vehicle maybe they can or will file a replevin to get the unit back. But of course, if you are getting it really cheap it must be a POS?

[sosoe]

But if its a pos call them up and see what they will let it go for. Strings can be pulled if they are making a couple bucks and know they won't get shit in the future

[stevo]

I think CJ works for a finance company.

As a rule, any lending company will negotiate when a loan is in default. Theyll really negotiate when they can't secure the property thats in default.

How long has the loan been in default?

I'm not exactly sure, from the description I'd say 2005-ish.

If the vehicle has value and still a large amount is owed good luck on letting them let go of the lien. They would rather continue to try to recover for their losses or if it has enough value and they know such person has said vehicle maybe they can or will file a replevin to get the unit back. But of course, if you are getting it really cheap it must be a POS?

It is a "two-for-one" type of deal, I'm mainly buying the other but they both go together. The main reason I am even taking it is for spare parts, like the ignition box, pump, etc if the need arises. Supposedly it runs fine, I'll know when I pick them up, I plan on priming each one and make sure they at least fire.

Stevo

[War Machine]

I'm not exactly sure, from the description I'd say 2005-ish.



It is a "two-for-one" type of deal, I'm mainly buying the other but they both go together. The main reason I am even taking it is for spare parts, like the ignition box, pump, etc if the need arises. Supposedly it runs fine, I'll know when I pick them up, I plan on priming each one and make sure they at least fire.

Stevo

wow, thats a long time. Hide the car, and ask them how much the'd settle for. It being that long, they are willing to take a hit

[4king]

PWC = personal water craft? You can buy seadoo shells with titles for $200 just swap some parts

[stevo]

PWC = personal water craft? You can buy seadoo shells with titles for $200 just swap some parts

Yeah, but in the State of Texas you are required to have the title (or proof of purchase from the manufacturer) to the motor of the boat/PWC as well.

When you do an ownership search on the TP&W site, you can look up the information via the TX numbers, the boat serial number, or the engine serial number, TP&W keeps track of it all. I even had to title the old 18hp Mercury on my flat-bottom when I bought it.

Stevo

[sosoe]

I'm not exactly sure, from the description I'd say 2005-ish.



It is a "two-for-one" type of deal, I'm mainly buying the other but they both go together. The main reason I am even taking it is for spare parts, like the ignition box, pump, etc if the need arises. Supposedly it runs fine, I'll know when I pick them up, I plan on priming each one and make sure they at least fire.

Stevo

Well shit. I was clueless when I sen PWC, I was like WTF is that, but from reading post, Id say call them up. I'm sure they know they have taken a loss and let them know the situation and negotiate for release of lien for X amount of money. I was under the impression on value of an asset well over $10k Lol ooppss.