So I stumbled across a prelude on craigslist for $4500. After looking at it today I managed to bargain him down to $3000. I wasn't serious about buying it until he said he'll take $3000. My gut is telling me no but geez a 97 prelude 117k mi for $3000? But anyway here's whats wrong with it that i know of right now:

-Engine cranks but won't start. The camshaft spins so I'm not worried about a snapped timing belt.
-The area where the drivers quarter panel meets the drivers tail light has a dent and rust where the paint has chipped.
-Needs new driverside tailight.
-Had a dent between the right fender and headlight. I think i have to replace both of those.
-One of the wheels had rust on its lug nuts.
-I was looking for the sticker on the hood that states if the car meets california emissions requirement but i couldn't find it.

The guy thats selling it says he bought it from the junk yard. I asked if he had the title and he said he has a lien sale or something like that and he said it was the same thing. He says it has a clean title. I haven't done a compression test on it but i'm hoping its a cheap fix to get it started. But i'm more worried about the transfer of title. Anybody know how this lien sale thing works?


Modified by 92greensr at 7:26 AM 10/24/2005

 

I think you should buy it so we can laugh at you.

 

^^^Haha
Realistically, it sounds like a pita. I would continue to search.

 

yea it is a pita. I guess its just one of those quick money making schemes hehe.

 

hmm i'm looking for a cheap race car shell...97 bb6 would be nice...

but sadly, 3000 is more than i'm willing to spend. i don't know, if it was me i'd buy it. but i'm a dumbass so, keep that in mind.

 

Is a lein sale like a lein on the title like hear in ny? I wouldnt buy it until you get the title straightened out. If it has a lein on it like a loan out on it and a title is transferred the new own actually will owe money on the car. PLus the fact that the engine doesnt run. and the body isnt perfect.

So actually find out if anything will be owed on the lean. and try to find out if you can get the car started without him knowing so you can still get the low price.

I would low ball even more. I mean how many people will buy a 5th gen that doesnt run and doesnt have a title and doesnt have a mint body for 3000?

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by 92greensr &raquo;</TD></TR><TR><TD CLASS="quote">
-I was looking for the sticker on the hood that states if the car meets california emissions requirement but i couldn't find it.

Modified by 92greensr at 7:26 AM 10/24/2005</TD></TR></TABLE>

This is always a dead giveaway that the vehicle has been in an accident.

 

That quarter panel fix is likely to be expensive if it needs a new quarter.

I'd just use the 3000 as a down payment on a loan, get another 5000 grand from the loan, and get a nice, reliable, clean 8000 dollar Prelude. You'd be making like 130 dollar payments for 4 years.

 

The lien is something you want to get squared away first. Because just like in houses if your title company doesn't do there job and don't see an old lien, you the new buyer will be held accountable.

don't do it, I don't think it is worth the hassle

 

yea i would stay away from that car for sure. the lien and the body damage are the two factors that put it in cold water for me. As someone said above, you could end up oweing more money than the 3,000 also there is sometimes legal deals where you dont actually own the car, because the bank or whoever holds the lien is actually the owners, and your a part owner.. scary deals..

 

Defiantely stay away. I about got ripped off on a 3rd. gen. RX-7 that way. Turns out the guy was a wanted felon for car theft.

 

If the headlights are ok you can sell them on ebay for about $200-$240 each.

My advise, don't buy it.

 

for $3k i think you can do better....you will probably spend half that or more fixing it....

 

If you're good with motor work and body work, I'd say go ahead and buy it..I bought my car for $3800 w/83K miles on it, but it was wrecked. I probably spent almost an extra $1300 or so to buy body parts, paint, and have it all fixed

 

I wouldn't buy it either, unless you're planning on parting it out. You can't even register/title the car in your name until the lien is discharged. That won't happen until the loan amount is paid back. The likely reason why there is still a lien on the car is because the loan amount is higher than the value of the car...

 

Wow you guys are very helpful. Appreciate the time you guys put out to respond. You guys knocked some sense into me. I thought my greed has taken the best of me.

 

My brother bought his car on a lien title, it took him almost a year though to finally get the transfer done.

 

my friend bought a lein car and got it registered and stuff. does that mean that it legally belongs to him now?

 

he owns the car but he might owe someone money for it. unless the lein has been covered but not fixed on the title.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by kulrevon &raquo;</TD></TR><TR><TD CLASS="quote">he owns the car but he might owe someone money for it. unless the lein has been covered but not fixed on the title.</TD></TR></TABLE>

in lamens terms

so in this case you might buy the car for $3,000 and owe someone else $4000 for it so u will have paid $7000 for it (shafted)

 

I agree that you should NOT buy this car-even if you happen to be a bodyshop.
Why-2 things. First the word 'junkyard' appears in your original post-big hint there. This is a salvaged car in some way or another. Second-the magic LIEN. I know of no slavagers that 'lien' a car unless it is for storage fees. A junked car can be issued a Salvage Title in many states making it almost worthless except to someone using it for parts. Then again one can restore/reconstruct the car and get a "reconstructed Vehicle" title as my neighbor did after his Jeep was rolled (can harly tell it happened now).

Do yourself a huge favor and run a Carfx and even go to the DMV with the VIN. That is if you really want this car. For that matter-the next deal you look for do a Carfax. It isn't perfect, but better than some other possibilities.

For everyone on this board-be leary of deals out of state from where you are. PA and CA along with a few others are very strict about certain situations. There are thousands of cars that will be recovered from the hurricances-this includes Preludes. Many of them are not worth parting out. Buy a flooed car and plan on problems. Just a warning.

 

i would do a carfax on the VIN.
Also see about going down to your local DMV or a title company and ask them to check the background on that vin/lien.

A car from a junkyard is not always a bad thing, it depends on if the yard did any work to it, or if they just passed it on. Trying to find out why it was junked in the firat place will help.

I work part time at a junkyard that sells 2-5 cars a month most of which are rebuilts cars and so far in the past 2 years teh worst that has come back was a failed alternator and an AC leak.