Purchasing a used car with a lien...
Purchasing a used car with a lien... I am looking at purchasing a 06 Trailblazer that still has a lien on it. The seller would be using the funds I provide to payoff the loan and then send the title to me. What is everyones experience with this and how long does the process take.
Thanks,
Mike
Thanks,
Mike
There is a transfer of title form that you can get from most car lots. This can go along with the bill of sale. You are still trusting them to pay the car off though. I think this title transfer form mostly protects the seller from liability if there is an accident.
Some banks will hand over the title immediately when you pay it off. Houston community bank did that with my truck. Others make you wait. It depends on the bank.
Some banks will hand over the title immediately when you pay it off. Houston community bank did that with my truck. Others make you wait. It depends on the bank.
On The Tree
Joined: Feb 2007
Posts: 113
Likes: 0
From: Keller, TX
Why don't you request the lender information and send them a payoff check yourself and then if there is anything left over write onther check to him. I do not think you can register it unless the lien is clear.
Just my thoughts.
Just my thoughts.
I bought my SS like this. We went to his bank and wrote up a bill of sale and something along the lines of (basicly saying he's not going to **** you) then had it noterized. Then when he recieved the title (by mail from his bank...based in CA) I went and picked it up. I had to wait about a week and a half to register the car though.
TECH Resident
Joined: Mar 2003
Posts: 754
Likes: 0
From: Texas...that says it all
You need to go to the bank and pay them. No personal checks take to damn long to clear. You don't want that in this case. Don't just take over payments. Banks don't like 3rd parties. Plus you would have to get that guy on the insurance policy. (This is what I do for a living! LOL Deal with people who refuse to pay banks!)
Go to his bank with him,
they will do it all at once,
just like closing on a house,
of course you may have to make two trips,
1 to set it all up, 2nd to actually sign/transfer, etc.
they will do it all at once,
just like closing on a house,
of course you may have to make two trips,
1 to set it all up, 2nd to actually sign/transfer, etc.
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