I was curious why is it considered a "bad idea" to purchase a motorcycle/vehicle with a lien on it?
It started when I came across an ad on Craigslist where I'm interested in buying a used vehicle. However, the seller mentioned that there is a lien on it. When I searched what a lien was, many people mentioned that it was a really bad idea to buy something with a lien on it, without going into too much detail why.
From what I understand so far, a lien is basically an asset that is owned by an individual but that individual still owes money to a lender. Why is this known to be a "really bad" or "avoid at all cost" type of deal (which was the general consensus)? Can't I ask how much there is left on the lien and negotiate that into the final price?
Update*: I purchased the bike. Pretty simple (so far), I went to the seller's credit union and paid the bike's lien with my cash. The bank clerk signed off the lien on the title and then the seller put my name on the title. I just need to take the title and change it to my name (I'm holding onto the original title and bike). Thanks to all who helped!