I’m loaning money to a freind, and want to file an auto lien against his car as collateral, in additional to a executing a standard promissory note. All I can find on the net about liens has to do with construction type liens. Is an auto lien possible?
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{ 4 comments… read them below or add one }
yes both you and the owner can go to the county court house and have that lien on that automobile, if it is for a considerable amount of money i would have a lawyer intervene. but lets say under 5k you two can handle it.
No
Sure. You can have a lien on tangile property. Might want to check to see if the car is paid off or not because the banks lien would likely supercede yours.
Yes you can place a lien on a car.
You should have a lawyer prepare one and make sure it is registered in the proper place, usually the county clerk’s office.
Another way to secure the loan would be to take physical possession of the title.