buying a used car, owner does not have the pink slip and owes 15k+ on the car
#1
buying a used car, owner does not have the pink slip and owes 15k+ on the car
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
Thanks
#2
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
Call your bank and ask how to handle it- they have a car loan person that knows what to do
#3
A legal contract is the smart thing- not hand someone 15k and expect the car title to show up
#4
#5
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.
#6
RPF1+RS3 FTW
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.
#7
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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.
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#10
Chapter Leader (Southern Region)
wait a minute.. no one asked make / model / year.. is this $15k for an '07 Type-s or an '04 TL A/T?
#11
Burning Brakes
#12
Chapter Leader (Southern Region)
#13
Safety Car
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....
some states, the bank holds the title, others you hold it but bank has lien on it until you pay it off....
#14
Race Director
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.
#15
Chapter Leader (Southern Region)
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.
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.
#16
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
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
#17
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
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
#18
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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.
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.
#19
Off roading in his
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
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
#20
personally I would not even deal with crap like that....I would just keep my search to titles that are free and clear
#21
Chapter Leader (Southern Region)
???
![Ninja](https://acurazine.com/forums/images/smilies/ninja.gif)
#23
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.
#24
Three Wheelin'
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.
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.
#25
Three Wheelin'
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.
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Mike Bertram
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09-10-2015 09:27 AM
bank, bought, buy, buying, car, lienholder, nys, owner, person, pink, registered, slip, title, transfer, transferred