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All loans on a car with a lien must be paid off before the seller can transfer clear title to you to complete the transaction. Check Out: 6 Unusual Ways To Make Extra Money (That Actually Work)
There are other forms of security over goods such as a pledge and contractual lien which also only give right to a security interest of a possessory nature. An example of a conditional bill of sale can be found where a creditor gives a loan and has transferred to himself, as collateral or security for the loan, the title of the goods or other ...
In addition to the vehicle title, lenders often also require the borrower to provide a set of keys for the car and/or purchase a roadside service plan. Car title loans frequently involve high interest rates, a short time to repay the loan (often 30 days), and a loan amount less than the car's monetary worth. The borrower also risks losing the ...
A title loan (also known as a car title loan) is a type of secured loan where borrowers can use their vehicle title as collateral. [1] Borrowers who get title loans must allow a lender to place a lien on their car title, and temporarily surrender the hard copy of their vehicle title, in exchange for a loan amount. [2]
Involuntary property liens: These are liens placed without your consent, typically as a result of unpaid debts. If you cannot pay your property taxes, for example, your county or state tax ...
The document used by lenders to obtain a lien on real property is a mortgage or deed of trust. The security agreement sets out the various rights the grantee will have with respect to the collateral, which are in addition to all other rights which the lender may have by law, such as those rights contained in Article 9 of the Uniform Commercial ...
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