| Author |
Message |
Michael C. James (Mjames)
Junior Member
Username: Mjames
Post Number: 155
Registered: 6-2003
| | Posted on Thursday, October 23, 2003 - 1:17 pm: | |
I sold my Porsche to a gentleman and still had a lien on the car here in SC - we made the transaction at his bank. His bank took my lienholder information, and paid off the note for me using the funds provided by the buyer. I had to do nothing further - the title was provided to the new owner through his bank. Easy as pie. |
Roy (Tpup)
New member
Username: Tpup
Post Number: 7
Registered: 10-2003
| | Posted on Thursday, October 23, 2003 - 12:26 pm: | |
I just have my banker (VP at the bank) handle it with the other parties banker or finance company...
Roy |
John Striegel (John328)
New member
Username: John328
Post Number: 46
Registered: 1-2003
| | Posted on Thursday, October 23, 2003 - 12:09 pm: | |
A cashiers check is not the best way to purchase any item (its cash in a smaller package). It has some down sides, if it get lost a really big mess, if it is a forged cashier check, you have almost no recourse. Pay the leinholded, and get the title from them. |
Bruce Wellington (Bws88tr)
Advanced Member
Username: Bws88tr
Post Number: 3443
Registered: 4-2002
| | Posted on Thursday, October 23, 2003 - 12:04 pm: | |
CHRIS
DOESNT WORK THAT WAY IN NJ...I HATE THIS F$%#$IN STATE......... |
Chris Parr (Cmparrf40)
Member
Username: Cmparrf40
Post Number: 769
Registered: 3-2002
| | Posted on Thursday, October 23, 2003 - 11:51 am: | |
you guys make this way too hard... you pay the lien holder the entire purchase amount.
The lien holder hands you a lien release and the title. If, as in our state, the car holder holds the title, the car owner signs the title over at the same time, very easy.
Always pay the leinholder, the car owner gets his payment from them. It guarantees a clear title... |
Bruce Wellington (Bws88tr)
Advanced Member
Username: Bws88tr
Post Number: 3440
Registered: 4-2002
| | Posted on Thursday, October 23, 2003 - 10:07 am: | |
FRANK
I HAD THE SAME SITUATION WHEN I BOUGHT MY WIFE A MB..
THE OWNER STILL OWED MONEY ON HIS LEASE AND THE PRICE OF THE CAR WAS 24K...
I PUT THE MONEY IN HIS/ MY LAWYERS ESCROW ACCOUNT UNTIL HE SATISFIED THE LOAN
THATS THE SAFEST THING TO DO...DONT TRUST ANYONE
REGARDS,
BRUCE |
Alan Leach (Speedy308)
Member
Username: Speedy308
Post Number: 299
Registered: 12-2002
| | Posted on Thursday, October 23, 2003 - 9:55 am: | |
Your bank will have to pay off the previous note carrier, replacing it with a purchase agreement of your own. Pretty standard stuff. Have your loan officer work it out for you.
If you are paying in cash it would be a little different. I'd set up a note anyway just so the title work gets done properly, then pay off the note with your lender.
Happiness is a cute loan officer. I always start off with "We would look good in this car!" |
Jay Grande (Jay)
Intermediate Member
Username: Jay
Post Number: 1561
Registered: 10-2001
| | Posted on Thursday, October 23, 2003 - 9:53 am: | |
I sold a van many years ago for less then I owed on it. It was only about $1000. I went to my bank and had them write up a letter of release stating that they had no more interest in the vehicle. Once that was signed the new owner took the vehicle and I paid off the loan over a few months. I would imagine that for larger sums of money the bank would want some sort of assurances that the remainder of the loan would be paid. |
Jim E (Jimpo1)
Advanced Member
Username: Jimpo1
Post Number: 2736
Registered: 7-2001
| | Posted on Thursday, October 23, 2003 - 9:52 am: | |
Cashiers check or electronic transfer of funds to the lien holder if it's a bank. Otherwise, maybe an escrow account? |
Frank Foster (Sparta49)
Member
Username: Sparta49
Post Number: 549
Registered: 3-2001
| | Posted on Thursday, October 23, 2003 - 9:48 am: | |
It looks like I am purchasing a vehicle where the owner still owes money on the car therfore he does not have a title to sign over. If anyone has experience with this what is the best way to get the title? |