bigfatls6

iTrader: (34)

Im looking at buying a car from some one and they have it financed. I am paying cash and they will have to pay the car off. Whats the safest way for me to purchase this car and assure I will get the title to it? I know people sell cars all the time that they owe money on or trade them into dealerships. What can I do to make sure I get the title and the car is paid off?

TechCam97

iTrader: (5)

A friend of mine did this a few years ago. He went with the seller to the bank where it was financed through and the bank had the title sent to my friend once the balance was paid. There may be an easier way to do it (especially if the lender is not local) but I do know that it can be done that way.

03Sssnake

iTrader: (20)

The buyer should tell you who has the lien on the car and what the payoff is. He can authorize his lender to give you the payoff info, so I would call them to verify it. If this seller owes more than the selling price, the lender will not release the title till the balance is paid! You can download a bill of sale and 130U form for title transfer from the DPS website, download and print it off. They have some FAQ there as well....The seller will need to sign the title once it is released.

http://www.tax.co.harris.tx.us/Auto/vehiclesfaq.aspx

99zee

iTrader: (4)

The easiest way is to go to the bank/credit union with them and complete the transaction. They can also issue the title in your name. I have done that before at my credit union.

bigfatls6

iTrader: (34)

Its financed thru citifinancial and I dont think it can be paid off locally. I talked to citifinancial and they said the payment would have to be mailed in or wired to them. I did buy a caar from a guy once that was financed thru his credit union and it was simple we just went to the branch and he paid it off and they handed the title over right there.

TS99V6

iTrader: (2)

I bought a car from a guy that still owed on it and the lender was out of state. I got a cashiers check made out to his lender. I gave him the check, drove off in the car and he mailed me the title when he received it a couple weeks later.

WstTexas

iTrader: (8)

We bought our Tahoe this way a couple of months back. We told our credit union what we were doing, they put all the paperwork together to take with us with post-its attached showing where everyone needed to sign. They sent us to Tulsa to meet the seller with an overnight Fed-Ex letter packaged pre-addressed to the seller's bank. We signed everything in front of each other, sealed the fed-ex envelope and dropped at a drop center together, including the payoff check. My credit union issued a check for the pay-off exact amount and a second check directly to the seller. We mail off the pay off and the seller gets their money there. The out of state bank mailed the title to my credit union. Hope this helps

westtexasbuff

iTrader: (40)

This is how I did it as well.

TXCAMSS

iTrader: (60)

This is how we bought my daughters 02 Z-28, but I went to their house in case was to burn down at later date.

redz_02

iTrader: (4)

Go to the financer, aka, which ever bank they have the loan with. The owner must be present.

CamaroSS27

iTrader: (6)

I sold my car a few months ago and it was financed through toyota (with a lien) and they dont take money at dealerships, so I had the buyer get a cashiers check made out to toyota, and went with the buy to the post office to ship it, we both got tracking numbers, And they took my car.

Also they had a form that the buy could fill out so they ship them the title. Now they will still have to sign the back to get it transfered to you but you physically have the title, also you will need a bill of sale form, this will basically your proof of owning the car until you receive the title.

If you have any questions about the process you can pm me.

CamaroSS27

iTrader: (6)

I sold my car a few months ago and it was financed through toyota (with a lien) and they dont take money at dealerships, so I had the buyer get a cashiers check made out to toyota, and went with the buy to the post office to ship it, we both got tracking numbers, And they took my car.

Also they had a form that the buy could fill out so they ship them the title. Now they will still have to sign the back to get it transfered to you but you physically have the title, also you will need a bill of sale form, this will basically your proof of owning the car until you receive the title.

If you have any questions about the process you can pm me.

bigfatls6

iTrader: (34)

yep met up with the folks tonight and got a power of attorney and bill of sale. Were going to get together tomorrow and either try to go to a citifinancial branch and try to pay the car off there or wire the pay off through western union. I talked to citi today and they told me if I sent the payment for the payoff they would send me the title.

I appreciate all of the help and info guys. If any one else has any thing to add please do.

mitchntx

iTrader: (14)

Stop!

Have YOUR bank wire transfer to Citifinancial.

If you use WU you are 100% responsible for the cash at all times. Anything can happen.

Having your bank electronically transfer the funds is the absolutely safest and most secure way

bigfatls6

iTrader: (34)

Im definetly going to try and do it through my bank.

Dirty 30

iTrader: (96)

Good Save! I was about to say, dont use Western Union.

Cigarette 70

iTrader: (2)

Couple days old, but I have sold cars in which I owed on, though a little bit different than some of the above.

My credit union does not have titles on tap, so the buyer pays off the car via on site or wire, a bill of sale is filled out, and the title is mailed to the new buyer.

I've had a couple buyers kind of leery about purchasing a car and not immediately having a title in hand, but in the end it is a bank and it is what it is.

-Ross-

iTrader: (2)

When I sold my last truck, I still owed $9500 on it. I sold the truck for $15k. I met the buyer at a bank. We both signed a bill of sale that also stated we agreed that I (the seller) would make the final payment to Chrysler Financial and mail him (the buyer) the title when it came in. In turn, he would take the truck upon completion of the bill of sale. We had it notarized. He took the truck. I took the cash and deposited it in my checking account. I then went home, got online and paid the remaining balance ($9500) on Chrysler Financial's website. I received the title about a week later and mailed it to the seller.
By law, we were both protected and the deal was final with the notorization of the agreement and bill of sale.

I believe Citibank has locations/branches all over the place. You could probably just meet the guy there with a cashier's check from your bank and be done with it.

1SLwLS1

iTrader: (6)

Yea do it via your bank. My old 2002 Mustang GT had a lien on it through a bank in California. No local branches at all. The guy who bought it went to his bank, had cash, and told them he wanted to buy my car. I signed papers locally through his bank, Wells Fargo, and I was done. The banks communicated and dealt with the financial transactions and he got the title a week or two later from his bank, Wells Fargo.