vinz

hi i am about to buy a nice 2001 cl-type s, for a nice price of 18,000 but the car is on a loan, and we are both not sure how to transfer the title. the problem is he( the seller) doesnt have the pink slip ( title ) with him. he needs to pay off the loan 1st to transfer the car to me and he needs me to pay him the full amount first. is the bill of sale of the car reliable ? im new to this country and im not very sure of how this thing is gonna work, please advise me on this. thanks a lot.



vin

MarkU

This sounds pretty risky to me. I would pass. This is your seller's problem, not yours. There are other CL's out there available at that price. Its about what I sold mine for.

mattg

go to the bank with him.

ktgumbo

I think the bank has the title! Give the check to them, and they should give you the title! Also, how many miles are on the car, and does it have NAV?

4pumpedCL

This is a very common situation. All you do is go to the bank with him with your cash in hand and they'll take care of everything there. There will be no risk to you at all.

-Aaron

CO-CL-S

What Aaron said..

kensteele

California Department of Motor Vehicles

vinz

the car is a 2001 cl type s with 58000 miles, navi, extended bumper to bumper warranty, the price is 18000. i think its a good deal. but he loans from an instituition not from a bank. he said when i give him the money, we are going to sign a bill of sale and hes gonna pay off the loan and then the instituition gonna change the name and everything. damn i hate to pass this deal, the car is nice and awesome but the documentation is shitty. thanks for all the help guys. i think ill have to pass on this one and find another one.

kensteele

Good for you. Because careful when giving people money to pay off their loans.

I have never, ever sold or bought a used car. So I can't speak....

But I would think it was strange that you have to give someone else money so they can payoff their car loan. Unless the three of you did it together....that's fine. But,

Isn't there a such thing as the lien release form? The owner notifies the lender that he intended to sell the vehicle to vinz and the owner gives vinz permission to pay whatever will release the lien and the lender can mail the title to the new owner.

Of course the seller would never sign a lien release form unless he was paid meaning if the outstanding balance was $2,000 and the agreement was for sale for $3,000 then vinz would give the seller $1,000 first. Else the seller can go get the title however he can and transfer it to vinz for $3,000.

Like I said I don't know how this works but I would just not feel comfortable giving someone a cash, check, or money order so that they can apply it to their own loan. You said you're new here (you might not have said it clearly) so when you say "bank" and "institution" it all sounds the same to me and should be the same rules. But when you said "change the name", unless you plan to take over a loan....

BTW, vinz, that car you was trying to buy was a bit too high away.

vinz

yeah doesnt matter, i made up my mind to buy a new car instead. im thinking 2003 honda accord coupe.( cant afford a new cl type s unless i lease or finance which i dont want to). thanks for the help guys.

h2o467

I have sold two of my cars this way. They were both on loan. The person buying it just writes the check to the bank (sellers loaning institution) and the seller. Or just the bank. The bank then sends the title to the owner to sign it over. At least that is how it worked for me.

chef chris

There's usually no way around the time in between payoff & mailed title. Once you pay the owner, the bank must do their part to release any liens from the title...usually takes time. Not too many banks have the titles in hand(off-site files, central vault, etc). While this is done daily all over the US, there is some amount of risk involved. I've sold many cars with liens & never had a problem, but buying one could be a bust if someone was out to fraud you.