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What is a lien holder?

I have a letter stating they are going to put my name on the title of my car and that carmax will be the lien holder.

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A lien holder is an institution that holds a legal claim on a certain property of another person as security for a debt. The lien holder has legal right to take possession of that piece of property until you repay the debt. In other words, the lien holder can sell your car, if you do not pay back your debt as agreed.

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