Background and Context........................................................................................................... 3. B. Purpose of this Guidance .......................................................................................................... 4. C. Target Audience, Status and Content of the Guidance ............................................................ 5. D. Scope of the Guidance: terminology, Key features and business models................................
A lien holder is someone who has either leased a vehicle to you with an insurable interest, or given you money on loan to buy it. The lien holder is usually a bank or another financial firm. When insuring your car, the lien holder is also included on your policy. This will protect the lien holder in the event that you are in an accident and damage the vehicle. The lien holder has a secured interest in the car.
A mechanic's lien is taken against property to secure the amount of repairs that the property owner has authorized. These liens apply to homes as well as vehicles; both types of liens are called mechanic's liens.An automotive repair facility can place a mechanic's lien against a vehicle, even if the owner of the car has clear title because it is paid in full.fter a certain amount of days, the facility owner can ask the state to issue a new title granting ownership to the repair facility. The mechanic's lien generally takes first position over any other liens against the vehicle. If a lender wishes to repossess, it must pay off the repair bill first.