SchultzLT1

iTrader: (5)

Hey guys I am looking to trade my car for another SS. The other guy has a lien on his title so the bank is holding it. I am curious as to how this works...

Would we be able to go to his bank and just swap out titles since it is pretty much the same car? Would he have to completely pay off the loan then switch the titles?

Any help would be appreciated.

CamaroZstyle28

iTrader: (1)

Whatever debt he owes needs to be payed for the title to be released by the bank. You probably wont be able to convince the bank to just "switch titles" ..


Good Luck

87gnx

iTrader: (3)

I waited a month for a title, heard a million excuses and my check to him was cashed before the ink was dry.F.W.I.W.

8a8mfh

iTrader: (3)

Got to get him to pay it, no other way. After the lien is released it takes 6-8 weeks for the title to come in his name. Then he can sign it to you.

SchultzLT1

iTrader: (5)

6-8 weeks!?!?! I thought that depends on the bank. Some can release it that day or within a week I thought?

Just an idea...is it possible to take out a loan to "pay" for my car and then just he use the money to pay off his old loan?

SchultzLT1

iTrader: (5)

hahaha ya it is, everybody has different ideas.

I dont think it is 1/2 as hard as everybody is talking about.

2K2WS6TA

iTrader: (2)

He has to pay off the loan on his car plain and simple before the bank will release the title, they will then issue a lien release, and he can then sign over the title to you, along with giving you the lien release (or a copy of it), you then take the title and release to the local DMV and get it titled in your name (with or without a lien attached depending on if you're getting a loan to buy it)
The timeframe depends on the bank/lending institution (could be the same day or 6-8 weeks)

John02Hawk

iTrader: (4)

Whatever you decide to do, make sure you get everything in writing and get him to agree to it and sign the documents.

Better be safe than sorry when you are dealing with this stuff..

SparkyJJO

iTrader: (11)

Must depend on the bank, the bank my bro has his loan from will give him the title the day he brings in the full payment.

Talk to the bank, maybe they will sign out a new loan with your title and use that loan to pay the other one to release the title.

8a8mfh

iTrader: (3)

Yes it does depend on the bank. If it's one you can walk right into then things can get done quicker.
I just paid my car off and CitiFinancial Auto was nowhere close so I just waited, it didn't take 6-8 weeks but thats what they told me.

They also told me that after payment is recieved, the lien release and title is sent to your state electronically, then the state prints up a real title.

It also depends on what type of place has the title.

You could get the money for the lien and give it to the guy, if I'm not mistaken you might both be able to go to the place that holds the lien, pay it off and have his title sent to you in your name.

You can't take out a loan to pay for your car because then your title will have a lien on it.

Tuffguy610

iTrader: (2)

Haha, this sounds like the tale of how I got my 99'. My cousin just wrecked my 92' RS and I was in the market for an LS1. I found the 99' on cars.com and met the guy. I had it looked at and agreed to buy, then he told me that he owed 7500 on it still. We needed to have the title sent to a nearby branch of the bank that he had the loan with (Wilmington Trust, which took weeks and I almsot backed out because I had cash in hand and it was getting rediculous). When it finally arrived, we both went and handed them the check for the amount owed still on the car, and in return received the title for the car. From there on out we went to the auto tags shop to have the vehicle sale process and the title transferred. What a pain in the A$$. Good luck.

HDNVALLEY

It's not that complicated since nearly every car traded at a dealer has a lien on the title. Have him contact his bank and find out what they need to release the lien. It may be pay off the loan or they may accept taking a lien on the car you're trading. Whatever you do, don't pay him and/or do the trade until you have the lien release from the bank. The title won't transfer until you do.

SchultzLT1

iTrader: (5)

The bank said they would have to take out a lien on my car and then they would be able to release his using the money taken out from mine.

The only problem is they would only give him 7k and he owes a little over 10k, so because of that difference we cant do it, at least not for some time. So I'm back out there lookin for someone who wants to trade their SOM.

If not I'll still trade him, just in a couple months