how to get a title from someone from bank?
Dec 1, 2008, 10:50 PM
#17
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so if i got the bill of sale...gave him the money...drove home with the car...got new plates and sent him back his then hopefully he sends me the title and we are all good?
Dec 1, 2008, 11:05 PM
#18
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Just remember, you are going 200 miles away, probably alone, with $18k in your pocket... There are people who would knock you out and leave with $18k in there pocket and you wondering "what just happened" Don't be dumb. Take that $18k to the bank and get an $18k loan with paperwork to cover your a$$. In my state you cant register a car with just a bill of sale unless its 15 yrs old or older... Which means you'd have your evo sitting in your driveway waiting a week or a month for a title. (took my gf 3 weeks to get her title after she paid off her jeep)
Last edited by sikrsix; Dec 1, 2008 at 11:09 PM.
Dec 1, 2008, 11:10 PM
#19
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yea haha that would suck...im going with my dad and hes a beastly old man. i golf to so ill have a 3 iron in the trunk....but so ur saying get a loan even if i have the dough?
Dec 1, 2008, 11:14 PM
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Go to the bank and ask them a heap load of questions. Don't be afraid to ask questions. They might have more insight to this than we do given they work at the bank and has access to lien information and loan balance etc.
Dec 1, 2008, 11:21 PM
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^^^ What he said. Plus if you are young, getting a loan is a great way to get some credit. You place the full amount in the bank and set up an auto payment from your $18k savings account. You wont make a single "payment" since it will be automatic.
Only downfall of that is a loan on the car usually means full coverage insurance required. Unless your going under your parents insurance and plan to have full coverage anyways.
Only downfall of that is a loan on the car usually means full coverage insurance required. Unless your going under your parents insurance and plan to have full coverage anyways.
Dec 2, 2008, 04:38 AM
#22
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i plan on getting full coverage anyway and i dont know what isurance plan im going to do yet. so basically if i like this car i should make the dude take me to his bank and talk to someone in there about the payment and title stuff
Dec 2, 2008, 10:57 AM
#23
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I want to come back to this bill of sale thing.
Get it notarized. You can get it notarized at the bank or at the post office or a lawyers office ect. It protects both you and the seller. You have legal proof that you own the car. So if you get pulled over or get in an accident the police will want to see this if you don't have the title. Also if it got stolen from you before you got the title tranfered to your name it is proof you are the owner. Without it the police probably will not let you file a stolen car report.
It protects the seller to so if you get in an accident and ran or ran from the police and somone got the plate number. They would come see the seller. All the seller has to do is show the notarized bill of sale and they are no longer responsible because they no longer own it and were not driving it.
Also as far as the insurance you are required to have it from the moment you first drive the car on the road. So get insurance before you go get the car.
You are given 30 days from the date of sale to get plates in your name. The current plates stay with the owner listed on the registration. So take the plates off and give them to the seller. If the plates are not expired chances are the seller can turn them in to his local place where he registers his car and got them and get a pro-rated refund.
Police may pull you over for not having plates but not because it is illegal. They just want to see why you don't have them and make sure you own the vehicle and are aware you only have 30 days to get the title tranfered in your name which is when you get the plates. If you get pulled over they are going to want to see your insurance.
Let the seller know you want to go with him to the bank and pay off the loan. Setup a time during regular bussines hours to do this.
As soon as the loan is paid off and you both have a copy of the bill of sale you should leave with the car, bill of sale, and proof of insurance. He should leave with his plates and a bill of sale.
The bank does not have plates and you don't need them just the notarized bill of sale and proof of insurance. The bank may or may not have the title. Some banks hold the title their and will give it to you with a lein relase paper. Others store it at the county recorders office. If this is the case the bank will send a lein lift notice and it will be mailed to you. Don't worry the bank will explain this part to you.
Your bill of sale should include the following both the sellers full name and address, your full name and address, make model year color and VIN number of the car being sold, the date of sale, and the price the car is being sold for. And of course signed in front of a notary by both you the seller and the notary. Once again the bank can guide you with this.
If you plan on getting full coverage then it should not matter to you. Just know that once you take out a loan for the car you will be forced by the bank to keep full coverage until the loan is paid off. This is a great way to build your credit but it comes at a price since you will be charged intrest on the loan. The length of the loan, amount borrowed, and loan rate, as well as your credit score will determine how much it will cost you.. The bank will be able to explain all this to you. If you play your cards right it will help you get good credit which can save you thousands in the future so think of it as an investment in your future. When you go to buy a house having a good credit score will be more important then you can possibly imagine now.
Get it notarized. You can get it notarized at the bank or at the post office or a lawyers office ect. It protects both you and the seller. You have legal proof that you own the car. So if you get pulled over or get in an accident the police will want to see this if you don't have the title. Also if it got stolen from you before you got the title tranfered to your name it is proof you are the owner. Without it the police probably will not let you file a stolen car report.
It protects the seller to so if you get in an accident and ran or ran from the police and somone got the plate number. They would come see the seller. All the seller has to do is show the notarized bill of sale and they are no longer responsible because they no longer own it and were not driving it.
Also as far as the insurance you are required to have it from the moment you first drive the car on the road. So get insurance before you go get the car.
You are given 30 days from the date of sale to get plates in your name. The current plates stay with the owner listed on the registration. So take the plates off and give them to the seller. If the plates are not expired chances are the seller can turn them in to his local place where he registers his car and got them and get a pro-rated refund.
Police may pull you over for not having plates but not because it is illegal. They just want to see why you don't have them and make sure you own the vehicle and are aware you only have 30 days to get the title tranfered in your name which is when you get the plates. If you get pulled over they are going to want to see your insurance.
Let the seller know you want to go with him to the bank and pay off the loan. Setup a time during regular bussines hours to do this.
As soon as the loan is paid off and you both have a copy of the bill of sale you should leave with the car, bill of sale, and proof of insurance. He should leave with his plates and a bill of sale.
The bank does not have plates and you don't need them just the notarized bill of sale and proof of insurance. The bank may or may not have the title. Some banks hold the title their and will give it to you with a lein relase paper. Others store it at the county recorders office. If this is the case the bank will send a lein lift notice and it will be mailed to you. Don't worry the bank will explain this part to you.
Your bill of sale should include the following both the sellers full name and address, your full name and address, make model year color and VIN number of the car being sold, the date of sale, and the price the car is being sold for. And of course signed in front of a notary by both you the seller and the notary. Once again the bank can guide you with this.
If you plan on getting full coverage then it should not matter to you. Just know that once you take out a loan for the car you will be forced by the bank to keep full coverage until the loan is paid off. This is a great way to build your credit but it comes at a price since you will be charged intrest on the loan. The length of the loan, amount borrowed, and loan rate, as well as your credit score will determine how much it will cost you.. The bank will be able to explain all this to you. If you play your cards right it will help you get good credit which can save you thousands in the future so think of it as an investment in your future. When you go to buy a house having a good credit score will be more important then you can possibly imagine now.
Dec 2, 2008, 11:45 AM
#24
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oh wow thanks a lot man! i think i know what to do now haha. since i have the cash i dont know if im going to take out a loan for it because i probably cant afford the interest payments on it. so if i go down an buy the car ill go to the bank with the guy with 2 copies of a bill of sales and we will both sign it and have someone notarize it for me. i will also show proof of insurance then give the bank the cash to pay off the car. then i will take the plates off the guys car....give them to him and drive home with no plates. if i get pulled over i show the cop the notarized bill of sale and proof of insurance and i wont get arrested haha. if i get in an accident this notarized paper is also proof that it is no longer in the other guys name or whatever. then hopefully i will get the title sent to me from the bank asap. when i get back to my home state i can register my car once i have the title.....will the bank change the name on the title or does the guy actually have to sign it?
Dec 2, 2008, 01:08 PM
#25
don't count on that one! i was face to face with this guy name Ron King, i went to his house and meet both his mother and father, i was going to buy an Toyota Mr2 he gave me the keys i started the car and that M.F! MIA on me with 1k of my dam money! soo good luck with that case.....=\
Dec 2, 2008, 01:18 PM
#26
do what i did i was in the same shoes as you when buying my evo the guy was leaving the country.....but anyways take you money and get a "cashiers check" that way its your money and it can be traced any where and you don't have to pay inters fees. done deal. good luck bro!
Dec 2, 2008, 01:35 PM
#29
its is scary i dont blame you, but i was in that very same shoes as you. the guy didn't have the title the bank had it there was a lean on it so i had to give him the money but i did do a "bill of sale" waited for the title to come in then i went with him to do tags & paper work.......just be real sure!!!!! "about the guy"
Dec 3, 2008, 05:53 PM
#30
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ok so what if i get a car that does have the title? how would i get it back home legally? someone told me to take the plates from the car i just sold and put them o there but then if i get pulled over ill get screwed. can i like..go to my DMV and get temporary plates then drive to pick up the car then bring it back to the DMV to get it inspected and registered in my state?