joon82

iTrader: (18)

Trying to buy car that I saw on autotrader.
Buyer doesnt have title in hand(bank finance).
What do I need to get from buyer?

I did google search and found I need Bill of Sale.
Anything else that I need?

I already have loan approved by my bank(USAA).
Have bank check in hand to give it to buyer.


Check matching registration/vin/owner name
write bill of sale
hand seller a check?

golgo13

iTrader: (134)

Accompany the seller to their lien holder and have them sign the title over directly if you have the funds.
If the lien holder isn't local, then you will have to do it via fax or email.
The bill of sale is the only thing protecting you, so make sure that you have one filled out correctly and that you have the original copy signed by the seller.
Once the bank check clears, the lien holder will forward the title over to your bank.
When you go to register the vehicle, you will probably need the bill of sale, proof of insurance, vehicle inspection/emissions (where applicable) and the old/current registration.

You may also want to check with laws applicable to your state.

Good luck and congrats!

ProPilot04

iTrader: (11)

I would definitely recommend getting the title in hand. If you don't and give the owner a check, and they never pay off their lien, their bank will never give you the title, and your bank will get pissed and someone will repo the car.

impact blue

iTrader: (1)

Interesting and also come to terms and read the fine print if they try to make you sign anything and go over it before you sign over and try to find out how much does the car have left to pay off. You dont want anyone pocketing all of the money leaving you to pay off a big bill.

ProPilot04

iTrader: (11)

Technically its a federal offense to sell a car with a lien on it... so you wouldn't get stuck paying anything off. The bank would repo the car and sell it off. The bank can't hold you liable at all, but you COULD get charged with theft in a roundabout sort of way (depending on the state). Thats WAY rare (and off topic) though...

Bottom line. GET the title from the bank with the guy BEFORE you shell out the loot, or at least while doing it.

apexnine

Agree 100%. I flew out to CA to get mine and everything was closed because of Labor day.(didn't think things out to well) I took a chance and luckily the guy sent me the title after he had the lien released. Total mess though. Make sure you have the title.

impact blue

iTrader: (1)

I never knew that but some people be doin that **** I remember when another person who I used to know got caught up in that ****.

ToddRhodes

iTrader: (6)

In my case, I am buying from a private owner. I will take the check down with me, meet him at the branch of his credit union that holds the title (this is very important), have the CU verify the check with my CU, then they can release the title, sign it over to me, and I drive away with the car. Make doubly certain you have a signed purchase agreement with you. If possible, have the credit unions/banks work together to sort out the liens and title, then it's just a matter of picking up the car once you have confirmation that the title is in yours or your financial institutions possession. No matter how trustworthy someone seems to be, you have to protect your *** at all times.

Also, I *never* take cash for a car, way too risky. I opted not to sell my S4 to a man who wanted to bring me 18K in cash on a Friday night (no way to deposit it). Eff that noise, call me paranoid but I don't know you from adam, and have no recourse if you come back and rob me of the money, then you have my car also. Didn't trust the dude anyway so it was an easy decision.

Todd