Need help about an auto lien.

[sweetansimple7]

I bought a car from a towing company auction. They gave me a bunch of paper work to take to the D.M.V. to get it registered. Come to find out that when it was purchaced from a car lot it was financed through a bank. The bank (lien holder 1) was notified of the auction and did nothing. The lady who originally was buying the car, did nothing, but the car lot (lien holder 2) is also listed as a lien holder was not notified. Now that they have been they may want the car back after the debt against it is paid. Can they do this even though it was financed through a bank that the car lot uses? I am lost on what to do here and I know they have got 10 days from the date of notification to either pay the debt or let it go, but then again so do I. Please let me know if there is any thing I can do. Don't want to lose my car. Thank you. we live in New Mexico.

 

[seniorjudge]

If the loan is paid off, they will not want the car.

All they want is their money.

Make sure you get a clear title after the liens are paid off.