You will likely want to check with AutoCheck to verify what having a lease and lien record mean when you see these items listed on the vehicle history provided by them. The information on the AutoCheck site states that a lease listed on the record means that the vehicle was registered as a lease vehicle at some point during the life of the car thus far.
A lien by definition is the legal right to take and hold or sell the vehicle of a debtor as security or payment for a debt. A lien record normally means that the vehicle had a lien due to a loan since when financial institution loans money to someone purchasing a vehicle, the financial institution puts a lien on the vehicle.
Other types of liens against a vehicle may include mechanic's liens and child support liens. If the Autocheck does not have a beginning and end dates for the lien and lease then I would suggest looking into this yourself.
Your state's Department of Motor Vehicles should be able to tell you if there is currently a lien against the used car you are interested in purchasing. If this comes back clean you may still way to purchase the titleguard protection from AutoCheck or some other company. According to their site this insurance option will protect you undisclosed title brands such as someone else having a lien on your title not registered with the DMV for the state where your title is registered (as of the date of the policy you would purchase).
|