piggydog

I don't want to pay and not get the pink slip. What is my best course of action? Is a bill of sale enough. Do we need to talk to his bank and then do what? BTW his bank of out of state.

Thanks

01tl4tl

You deal with his bank to payoff the loan so they sign off as lien holder- then it can be transferred to him as sole owner (bank is owner now) then sold to you

Call your bank and ask how to handle it- they have a car loan person that knows what to do

01tl4tl

A legal contract is the smart thing- not hand someone 15k and expect the car title to show up

piggydog

isn't that the bill of sale. I've printed that and the title transfer papers.

mistuh_fu

Not necessarily, a bill of sale only proves a transaction took place. In order to guarantee that the owner will transfer title to you, there should be some sort of notarized document between both you and the seller.

I was in the same situation, except the finance company was located like 1000 miles away. Although it was a good deal, I ended up dropping it because its too much money to risk. Only afterward did I find out about this notarized crap.

AnthraciteAspec

iTrader: (6)

When I bought my car private party the guy still owed money on it. I went to his credit union with a cashiers check in his name. They cashed it into his account which paid off the loan, we signed a bunch of paperwork and the credit union mailed me the title a couple days later. I drove home with the car that day.

saintv90

I bought a G35 awhile ago from a guy who still owed over 20k on the car. I wire transferred the money to the bank that held the lien, which paid off the loan. Then I paid the guy the remaining amount. It took like 4 weeks for him to get the title...he signed it and sent it to me.

2K6TSX

you got to clear the lien on the car, otherwise the bank/finance company can take the car.

lakerschamp2000

cal dmw to find out for sure what u need to do

Majofo

wait a minute.. no one asked make / model / year.. is this $15k for an '07 Type-s or an '04 TL A/T?

paliknight

the price of the car isnt 15K. thats just how much is left on the car.

Majofo

I assume.. the full price is not specified either.

vinnier6

iTrader: (1)

that is pretty typical of a private sale, you pay him, he pays off, you get title....he should in the mean time give you a bill of sale, and you shouldnt be paying him with cash either....a cashiers check, or some other kind of bank check....

some states, the bank holds the title, others you hold it but bank has lien on it until you pay it off....

nfnsquared

If he doesn't have the title, the first thing you need to do is verify that a title exists. Call the bank and get verification.

Majofo

OP-

you should check with his bank and the state about the title. Many states like TX are title holding states so it would be a while before you do get the title transferred and in your possession. Definitely get the forms and paper work figured out. This is nothing new so don't worry about the process being legitimate.. but make sure they hand you the keys and all documents are signed before handing over the check.

01tl4tl

When you finance a car- the BANK owns the car and is listed as the `Lienholder` on the registration
Until they are paid and sign off on the title- nothing else can happen
The title should say right on it- signature of corp required

Calling the sellers bank shold resolve questions and see how THEY want payment done and about transfer of title to you

A Bill of Sale on a car that has a lienholder is worthless- it cant be sold until its the actual property of the seller

piggydog

thx

mrsteve

iTrader: (1)

I just sold my car and I still owed a little to the credit union.

The buyer's bank wire transferred the payoff amount to my credit union. I gave my portion of the title to the buyer when he picked up the car. A few days later my credit union forwarded me the lien release which I then forwarded to the buyer.

Pretty simple actually. Let the banks handle the heavy lifting.

ZhenyaF

iTrader: (6)

When I bought my 07 TL-S the buyer still owed the bank $23,000. They paid off the loan and then we went to my bank, where they received a check for that amount.

If you are planning to finance the vehicle, your bank can just pay his bank and get the title. If you are planning to buy with cash then you can pay the bank, take the car and once you receive the title then you register the car

YeuEmMaiMai

personally I would not even deal with crap like that....I would just keep my search to titles that are free and clear

Majofo

???

AnthraciteAspec

iTrader: (6)

I guess if you want to severely limit your options. Its not that big a deal really. I went to my bank and drew out a cashiers check. We drove to the credit union I paid off the car. I then drove home with the car and I got the title in the mail 2-3 days later.

YeuEmMaiMai

lol okay.....

rule #1 if the paperwork isn't in order, do not mess with it.....I don't care if it was the only car of it's kind.....messed up paperwork opens one to a very large risk factor.

and it is a large inconvience to have to go with that person to the bank, pay off their loan, get a letter and title, go to your bank and get things in order, then go to DMV and get all that crap in order. Much easier to deal with a car that is paid off.......

much easier to walk into car dealer, buy car with paper work in order, go to DMV and get plates.

achenator

i sold my 06 tl in 2008 for 18.3. There was no way that the buyer was ever gonna get a deal like that from a dealer. It was worth a days work to do all of this. I'll do a days work for 3k anytime. My car was paid off but still a little legwork.

achenator

banks have people that deal with this everyday, especially if the buyer is financing. The bank has a vested interest to make sure the paperwork is correct.