Need to get lien on a car...any idea how?
 

I have someone who owes me a sum of cash. Their car paid off, with wholesale of low-mid five figures, they have offered for me to take title to the car as security, with a signed Agreement. How can make sure I have rights to that car before anyone else filing a lien on that car?

I mean, I can get a promisary note but if some creditor wants to come and take his assets, including paid off car, I am out... I want to make sure my name is there for first dibs on that car should he not pay.

Any ideas? I mean this is what those title loan companies do in the poor parts of town.... I imagine they take the customer's car,and I could probably do the same.

Any one in legal that knows?:confused:

I assume you are in Florida.
1. Go to Office Depot and purchace a "form" Promissary Note that is applicable to FL - execute the document with the borrower and list the vehicle as collatoral.
2. On the FL title is a "Leinholder" information block -complete that information listing you - then take to DMV and have title re-issued. It probably will go back to owner as I don't believe FL is a title holding state (?), but will list you on title.

If the borrower does not repay to the stipulation in the Promissary note. Beginning October 1, 2001, for a money judgment to serve as a lien, Florida will require filing of a Judgment Lien Certificate with the Florida Department of State, not the local sheriff. Then call Joe the Repo guy and pick your car up.

Thanks
 

That was pretty through, yeah FL.

heading to office depo... I have the title myself, and do rememeber the lien section where banks put their stuff on there. If it goes back to him that is fine. as long as I am listed as the lien holder.

So easyl.... :D

Shouldn't this involve a notary public at some point?

Sixto
95 S420
87 300SDL

notary? Yeah, for the Note.. TItles in the state of FL, don't require to be notorized when being transfered, so I imagine its the same in this case...

Sounded too easy
 

The titles here in FL have a section for Lien holder to sign when they release, but nothing for them to fill in to FILE the lien. Guess it has to be done in person... what a pain to go to a tag agency office

Thanks for the heads up.. yeah, I need to do all this by the book. I don't want to be left out in the end should I need to excercise my right of lien.