Buying car with bank loan

[latemodelracer2]

Ok so im buying a 04 coupe off a member on here to replace my white 04 coupe i sold in decemeber. The car is financed through ameri credit, and payoff is less than im paying for it. I have the money in full to buy the car with no loan required. In a typical scenerio i have gone with the seller to the bank paid the loan off and left with the car and title. With this situation there is no branch anywhere near the car. I spoke with the bank and they say if the loan is paid off they will send it him and cant do a garuntee of title, ive used those before with banks and worked great. What do I do in this situation? Me and the seller both are out of ideas, I had my work arranged to let me off next friday to go pick it up also.

 

[SonicDTR]

Im not entirely sure what you are asking.

Are you saying there is no local branch that you can walk into to pay the car off?

I've sold/bought about 4 cars and never went to a physical bank. Always over the phone and through the mail.

So you wire his bank the money, the loan is paid off, they send him the title, he signs the title over to you.

 

[jerrad]

When I did this I was the seller.
The buyer sent a check for the entire amount to my bank. The bank kept the payoff and gave me what was left over. When I went to pick up the cash they had me sign the title and they mailed it to the buyers bank.

 

[thomas91169]

Wheres the nearest branch? Ive traveled up to 2hrs to meet at a buyers branch before.

You *could* only wire the bank the amount of the payoff, and then give the difference to the seller when he hands you the title (in person), but then you wont be driving the car for a bit since no sane human being would hand over keys to a vehicle unless shown proof that it physically is not theirs anymore and has been paid for.

In my dealings, when something is harder than it should be, its a sign that its not meant to be.

 

[Camaro_94]

In my dealings, when something is harder than it should be, its a sign that its not meant to be.

Agreed!

 

[latemodelracer2]

Im not entirely sure what you are asking.

Are you saying there is no local branch that you can walk into to pay the car off?

I've sold/bought about 4 cars and never went to a physical bank. Always over the phone and through the mail.

So you wire his bank the money, the loan is paid off, they send him the title, he signs the title over to you.

That is correct and when paying through the mail it will be sent to the buyer which is 11hrs away from me.

When I did this I was the seller.
The buyer sent a check for the entire amount to my bank. The bank kept the payoff and gave me what was left over. When I went to pick up the cash they had me sign the title and they mailed it to the buyers bank.

Thats how my bank did my last 04 i sold but this bank doesnt work that way it seems.

Wheres the nearest branch? Ive traveled up to 2hrs to meet at a buyers branch before.

You *could* only wire the bank the amount of the payoff, and then give the difference to the seller when he hands you the title (in person), but then you wont be driving the car for a bit since no sane human being would hand over keys to a vehicle unless shown proof that it physically is not theirs anymore and has been paid for.

In my dealings, when something is harder than it should be, its a sign that its not meant to be.

From what ive seen its 2 hrs south to a ameri credit which said they cant do a title forward to me or anything. I honestly see zero foul play on the seller as ive spoken to the bank myself and got these results.

Agreed!

 

[F8LBITEva]

seems like every bank follows their own procedure when it comes to releasing liens. It took three weeks for the guy who bought my cobra to get the title. I was pissed, my bank released the lien but DMV didnt know anything about it, blah, blah, blah. It sucked. Good luck.

 

[TGS2]

Do you live in the same state that the car is currently registered in? If so just make sure to get a signed bill of sale and odometer statement from the seller and make sure the lien is paid in full from his lender.

You'll more or less have to trust him to send you the title once he gets it from the lender (most lenders won't sent it to anywhere but the lien holder's address), but you'd be able to get a dup title from your DMV if need be.

If you need forms check out maryland.mva.gov. Click on forms at the top and print out form VR-181 (Bill of Sale) and form VR-197 (odo statement). Those should be good enough documnetation to get you sorted out should you have to order a dup title. Also make sure to get his DL#, the DMV ahould be able to pull up his title with it.

 

[Camaro_94]

Scammers are always nice until they have your money.

My brother almost got skrewed from a transaction like this. He paid the guy with a bank check and didnt hear from him for a few days after. I had a police officer I knew in the state call the guy and convince him to be a little more "cooperative".

 

[Sliverstang]

Ive sold things before and my bank is out of state. I take the money give them the car when I get the title I sign it and mail it to the new owner. When the buyer picks the car up we do a bill of sale so they have a paper showing ownership.

 

[SVT F15O]

Ive sold things before and my bank is out of state. I take the money give them the car when I get the title I sign it and mail it to the new owner. When the buyer picks the car up we do a bill of sale so they have a paper showing ownership.

This.

Take the vehicle, get a signed bill of sale, get a signed lost title form(just in case) and have the bank fax you over(and mail you) a lien release.

 

[latemodelracer2]

Ive sold things before and my bank is out of state. I take the money give them the car when I get the title I sign it and mail it to the new owner. When the buyer picks the car up we do a bill of sale so they have a paper showing ownership.

This.

Take the vehicle, get a signed bill of sale, get a signed lost title form(just in case) and have the bank fax you over(and mail you) a lien release.

So a signed notarized bill of sale is enough documentation? Me and him have bit called the bank and they refuse to do a lien release to me. They said they will only send it to him or whatever address he specifies, but that does me no good as he will have to sign it. What will the signed lost title form do? My plan as of right now is to take a cashiers check made to bank for pay off with me, then another for the remainder to him, mail bank payoff while me and him are together, get a notarized bill of sale and bring car home with me. Anything im missing?