man2004

iTrader: (1)

I was not sure where to ask about this question (sorry if it is in the wrong section). I have never purchased a vehicle from an owner that does not have the title in hand. But, I came upon a nice F body for a fair price (not a steal) listed by an owner that has a bank loan on the vehicle. How do go about completing the transaction if the seller does not have the cash/assets to pay off the loan without the sale proceeds? Do you go to the bank together and give the seller the cash to pay off the loan. Or, do you get the loan information form the seller and pay off the loan yourself - get the title - then pick up the vehicle? Furthermore, how do you make the deal if the bank is closed or if it is located in another city? I realize the easy answer is to just walk away from the deal. But, I thought there might be a safe solution. I would expect to at least leave with the car (and all sets of keys/remotes) and the bill of sale. Any thoughts would be greatly appreciated.

colinpd137

iTrader: (17)

Go to the bank TOGETHER, and trade the cash for the title there. Thats the only safe way to do it imo.

Starz T/A 17

iTrader: (6)

Thats what I did when I bought mine, only thing is that usually the seller needs to give the bank some notice b/c the banks don't always keep the titles on hand at your local branch. And honestly that is the best way to approach it. If you are serious about buying it and he is serious about selling it no reason you can't both make time to meet during banking hours considering how much money is exchanging hands for the car.

anthony.fatica

iTrader: (10)

Also depends on if you have the cash or if you are taking out a loan. If you're taking out a loan for it then your bank will pay his bank and they will mail your bank or you the title to go get transferred to your name at a notary. At this point it could go several ways. If he is located out of town, even if you have the cash, I would still go to your bank and do the money transactions through them. And depending on the seller/insurance issues, you may not be able to drive away with it until you or your bank has title in hand. When I bought mine last year the guy worked for the state police so he used the state credit union and it took them WEEKS to release the title even though I went through my credit union for the money. Talk about a looong wait, I waited 4 years before that to even look for the car...This is in PA btw...

Bottom line, go talk to your "go to" person at your bank for the best answer

udienow

iTrader: (18)

I just bought a car from a person who did not have a title in hand, and it was an out of state sale too. What I did was get a cashiers check made out to the bank that the current owner has the loan at. This forces the current owner to have to pay off his car, and whatever is left over will be send back to him as a refund. Once this is done the bank will release the title and send it to the current owner (this might take a week or 2). Once he gets it, it will be his responsibility to sign it and then send it to you. If you have to wait for the title, ask the seller if you can drive around on his plates until you get a title. Since you are trusting him with getting you the title, he should be ok with trusting you with his plates. This is exactly what I am doing. I bought the car on 4/18 and still do not have a title. I am currently driving around on the previous owners plates.

spydermonkey

I just did this. Flew to Portland and drove it back to Chicago! Checked out the car and headed to the bank. He had his checking account at the same bank as the loan. Had a cashiers check made out to him for the price. Bank deposited it into his account and paid off the car from there. Left town with a bill of sale and the car of course. Took my own plate with to drive it home. Obviously had it insured with proof on me. Got pulled over in Idaho for speeding (84 in a 75, real **********) and all of that checked out just fine for the officer. The bank mailed the tittle directly to me, it arrived yesterday. I'll sign his name and take it into the DMV here. Bing bang done.

topgeer

iTrader: (2)

i would def try to go to bank with him. and writing a check to bank is a good idea. no matter what you do get a bill of sale and have it notarized.

mhorn0817

definatly try to do it at bank, if ya cant then just write up a little contract and bill of sale with both of your names,addresss,license numbers and signatures, etc so on, ive done both buying and selling, guy that bought truck went to bank and depositied money, and i called loan bank an paid off over phone with the buyer, expidited the title for exxtra 20 bucks, had title in few days and guy picked it up....just be sure to get the other persons info and have something in writing