swclown

I just looked at my new car last night and I am waiting for the bank to call me back about the loan. The guy I'm buying the car from has had it for only one year so he obviously doesn't have the title, the financing company does. So how do we go about this?
Can my bank contact his bank or whoever and pay them off, and then his bank sends him a check for the difference if there is any?



thanks

Shoofin

If it's a finance that he has, he should have the title, only it would say that there is a lien on it (At least in NY that's the case). Generally to buy the car from him, the bank has to be paid off for the remaining balance on his account, you get a lien release that allows you to register the car, and you're done.

swclown

^^^ That's kind of what the seller descibed to me, but it meant me giving him a check for the total and then him paying off his finance company.
This means I have to give him a check, wait for it to clear, wait for him and his finance company to do their stuff, wait, wait, wait while I have no title, no car, and no check, and have to trust that he won't roll to Belize with my money

fuzzy02CLS

iTrader: (2)

Each state is different. You need to contact your DMV & ask them what to do. In FL you don't get a title untill the car is paid for. The finance co holds the tilte.

But what I've done to sell a financed car is to get the buyer to give me a cashiers check for the sale price, Have him make it out to me. I deposit it & then write a check to the finance co for the payoff amount, or call them & do it over the phone. I give him the car with a bill of sale, make copies of everything, make sure he has insurance on the car, & leave my plate on it, or have him put a plate of his on it.
I get the title in 2 weeks, I sign it over & overnight it to him.
When he gets it he send my plate back to me if given.
DMV also has forms you can fill out that transfer ownership pending a title payoff & other ways to do this. My way is only 1.

bigman

getting a car that is not paid for really sucks. Maybe it would be better for you to go through your bank and his financing bank/company to try and take over the financing of the vehicle. I would personally look for the car on a dealer lot and buy it that way.

juniorbean

iTrader: (5)

I'd write out a check to his bank to pay off his loan, then a check to him for the balance of the sale price. That way you know the lien is paid off and you should be able to get your hands on a clean title pretty quickly.

fuzzy02CLS

iTrader: (2)

Check with the fin co. Some won't let you do this. It has to come from the person who's name is on the loan.

supraken

iTrader: (1)

I think you can have the lien holder to transfer the title into your name. Of course that probably has to be handled by the lien holder, and you'll have to work that out with the seller.

I'm sure you can ask the lien holder and they can tell you how to handle it