Lien Sale for a K5

[Vicente Aceves]

Hello, while picking up some truck parts this weekend I got to talking with the seller and he mentioned that his uncle had a K5 that he wanted to sell. He told me his uncle had acquired it through a lien sale and if I wanted to buy it, he could write me up a receipt.

Sounds like a bill of sale like usual to me. The nephew didn’t know too much more about the truck other than the fact that it starts drives and stops. He also mentioned that it didn’t have much rust. I haven’t seen it in person, but the nephew told me his uncle wants around 9k for it.

Anyone familiar with lien sales? Does this mean there is no title in the uncle’s name? I thought if the uncle got it through a lien sale, then he could get the title in his name. Any help is appreciated. Thanks -Vinnie

[Vicente Aceves]

The nephew sent me these pictures today

[Vicente Aceves]

A few more. Does it look like the floors were replaced up front?

[Vicente Aceves]

The nephew also said that someone put a mid 70’s column and wheel for the cruise control, but weren’t able to make it work. I sent the info to my buddy, but he’s not looking for a project.

It’s not the same as finding a real survivor, but i’m still interested ****pending advice from you guys****

[LEEVON]

That's a lot of dough to be on the hook for unknown title issues, especially in CA.

[Vicente Aceves]

I agree that it’s a lot of money. I guess I should have posted it on the WIW section, because a lot of the issue comes down to what it’s worth with a clean title.....

...The other part to that would be if it’s worth the gamble/hassle of dealing with a lien sale. Which is mostly what I’m wondering. I can deal with a hassle and inconvenience for the right car. But if it’s a gamble and there is a chance I can’t get it in my name then that’s another story.

I’m hoping someone on here can share a story good or bad related to a lien sale from another private party. I’ve heard of lien sales from tow yards, which must not be too bad for the buyers because they have them monthly where I live.

Thanks for the help

[truckster]

I'd contact your local DMV office. Around here you can title a car with just the lien paperwork, but laws vary from state to state.

[DeadheadNM]

Can you ask for a detailed pic of the pillar with the VIN? Curious what year this is purported to be. Also, hole on pan looks like that for an auxiliary fuel tank - torsion box might have been removed. I wouldn’t write it off yet, keep digging.

[DeadheadNM]

Maybe former site of a Hickey winch?

[pound41]

69/70 front buckets in it be interesting to see which handle the passenger seat has on it

[DeadheadNM]

Originally Posted by pound41

69/70 front buckets in it be interesting to see which handle the passenger seat has on it

The VIN tag arrangement seems like 69 - 70, doors not 72.

[1rippen6]

I'd say the rear seat is also 69-70, the 2 middle legs are close together.

[Killer Bee]

How To: Conduct a Lien Sale for a Vehicle Stored at a Self-Service Storage Facility or Valued Over $4,000 (HTVR 8)

for future reference-

How To: Conduct a Lien Sale for a Vehicle Valued at $4,000 or Less (HTVR 7)

if you get serious, I know a local tow company owner and repo business owner.. or you could call one you know.. I'm sure they're familiar with lien transfers..

good luck!

[Vicente Aceves]

I really appreciate all the comments guys. I want to be as informed as I can be when I go to take a look at it. You guys see a lot that I don’t.

Based on the comments, it seems like it hasn’t been just a weathered truck with some used interior. I don’t necessarily mind it the way it is . I just want to make sure the price reflects that.

Looks like I’m going to have to do some homework tomorrow on lien sales in California.

[Vicente Aceves]

Thanks. I may take you up on that. I’ll try to do some reading tonight and tomorrow. The nephew said the uncle has had it for about 5 years and was planning on fixing it up as a 2wd. He’s lost interest or time and is now wanting to sell it.

Maybe I’m just over anxious because he hasn’t listed it and I feel like I get first crack at it. Which would only be a good thing if the title stuff is ok and the truck can be purchased for the right price. That could still be the case, but it’s better for me to be skeptical when it comes to this stuff. That’s why I’m glad you guys have been able to point out the little things that will make me ask more questions.

[Vicente Aceves]

Like I said I’ll have to do some reading tonight, but I thought it was a lien sale once which would be in this case the Uncle and whoever put the lien on the truck. And then it would be a regular sale once the uncle goes to sell it. i didn’t think it would always be a lien sale, whatever that entails...

[Vicente Aceves]

DeadheadNM, the parts that I bought from the nephew were from this blazer. The nephew told me it was from his uncle’s truck that he wasn’t going to use, as his plans were convert it to 2wd.

The winch was a sidewinder III but I bought it anyway. And the gas tank was 15 bucks so I got that too. At the time I kinda felt like I was paying for a lead on the uncle’s blazer, so I was ok with it.

[Rickysnickers]

Lien titles can be from a number of sources. Generally, the cars are purchased from tow yards and a lien obtained by the tow yard, in this example. The purchaser then has to go to the DMV and pay all late fees and such on the vehicle. It can be a real pain in the butt. If you are a AAA member, it would be easier to get the registration taken care of through their office. However, as they say, "Buyer beware." There could be a lot going on behind the scene that you don't know about.

[Killer Bee]

I saved myself $850 standing in the street in Ojai just about to shake on a deal for my 71 K20 burb when I noticed the 5 year old tags..

fortunately I had this in my phone and the seller realized his mistake and took the back reg straight off the top.. stand up guy!

Vehicle Registration Fee Calculator

don't know if that'll work on a lien sale/auction but worth a shot.. you'll need vin, plate, and zip but uncle should have all that..

good luck!

[SeventyOne]

Just one note from someone who knows nothing of liens - so this opinion is from the POV of just 9K for that K5...

I like it! I don't see much if any rust, body looks straight, it seems to be complete, and would be a great driver just as is. That said if you can get it for say $7500 it would be a steal.

If you can check for rust around the windshield frame, in the b pillar (maybe even take the rocker box end cap off to peek in there), and like you said really examine the floor pans. IF they are replaced thats not necessarily a bad thing BUT i see all to often the pans are replaced but the support pillars, A pillars, and inner rockers are just left like swiss cheese.

My 900,000 cents

[Vicente Aceves]

Thanks for the info. What Rickysnickers said is about how I ended up understanding the process after I read a few things online.

Last night I tried pulling up the registration fee calculator like suggested but I didn’t have the vin. I’m not too worried about getting the total for back fees owed. It looks like something I can do when I get there and see the vin.

I think the bottom line for me is that there could be 3k owed in back fees to the dmv and if that’s the case I’ll need 3k off whatever price I think is a deal to begin with.

Like Seventy One said, if it’s a running and driving truck and there isn’t a large amount of hidden cancer then $7,500 is a deal to me. And if 3k is owed to the dmv to get it up to date and in my name then i’d need that off the price.

The problem is if the uncle knows that’s it’s worth say 8,500 but can’t get through his head that a buyer WILL have to pay an additional 3k to get it square with the dmv then it might sit for a while.

It’s a whole bunch of “what ifs” but good for me to think about so I’m not blindsided when I get there. Thanks again for the help

[Ol Blue K20]

Have you looked at the line sale paper work? It should be a stack of papers. Make sure all the signatures have been signed.

[Vicente Aceves]

No. Haven’t seen any paperwork or the truck in person. The nephew just Said it’s in his uncle’s name and “has all the paperwork”. Thanks for the reminder