I'm currently looking at buying a car that has a loan on it and the car is out of state from me. What is the best way to go about buying the car. I'm sure there's people on here with experience from doing this. I really like to take the title when I buy it. Please give me all you people know thanks!!!
Buying car with loan on it still
- Thread starter Rockman2012
- Start date
The banks name is on the title. In order to transfer it, the loan needs to be paid off. So you gotta pay first to get the title. Never done it out of state. But normally need to go to the DMV to transfer the title.
if it's a private sale, get a photo of the drivers license. And if he doesn't have the title of the car, don't do it.
if it's a private sale, get a photo of the drivers license. And if he doesn't have the title of the car, don't do it.
I had to wire the money that he owed on the loan to his bank that game him the loan. The rest was given to him by check, but first I made him sign the title over to me.
Have your bank buy it from his bank.
This.
However, if you decide to get it without your bank being involved, call the seller's bank and ask to speak to a loan officer. They can set it up to make it as seamless as possible, and confirm that the car's title is held by them and that the seller isn't trying to scam you.
How did he sign over a title that he didn't have? If there's a loan on it, the bank owns it and has the title...and I don't think banks sign over the titles to cars that have not been paid off.
Or did he sign over the title after you paid off his loan?
Go through the banks. My family was scammed this way back in the day.
Yup, go directly to the bank that owns the car. The biggest problem with these types of transactions is that the car is being sold for less than what is owed on the loan.
Going through the bank itself will stop that from happening. They can work with you and the seller to make sure that the note is satisfied and that the title is transferred to you or the bank you're financing through.
Going through the bank itself will stop that from happening. They can work with you and the seller to make sure that the note is satisfied and that the title is transferred to you or the bank you're financing through.
Thanks for your feed guys I just want to make sure it's not a hassle getting title
When I bought my Z06 it had a loan on it. My bank cut a cashier's check for me made payable to his bank ONLY. He sent them the check, wrote a bill of sale for me and everything was cool.
If the seller has a lien on the car, he WILL NOT have the title. Buying a car with a loan is very common. The best way to handle the situation is to have all parties involved on a phone conference: the seller, the seller's lien holder, the buyer and the buyer's bank (or loan orginator if needed). With everyone on the phone, there is not shady business. All the numbers and procedures are discussed with everyone at the same time. This allows all questions to be aired at the same time and eliminates confusion (which also eliminates the feeling you are being scammed).
I have bought several cars this way--both in state and out of state. IF the seller is unwilling to have a conference call with all parties, I would not even consider buying the car from them. If the seller is willing to have that conversation, I feel they have nothing to hide and are a legit seller.
Depends on the state.
I would contact the seller and his bank and set up where you can both meet at the bank. The bank should be able to make it an easy transaction even though there is still a loan on the car. That way you won't get screwed either.
Someone bought a car from me once with a loan on it as well. The buyer brought a bank check for the amount, and I took it to my bank to verify funds. I then wrote up a bill of sale and the buyer left with the car. I Immediately payed off the loan, and when I recieved the title, I had it next day aired to the buyer. He had no problem doing it this way as he had the vehicle and the bill of sale, but had to wait for the title to be released. The loan was through Toyota, so I was not able to just go to the bank to get the title.
Someone bought a car from me once with a loan on it as well. The buyer brought a bank check for the amount, and I took it to my bank to verify funds. I then wrote up a bill of sale and the buyer left with the car. I Immediately payed off the loan, and when I recieved the title, I had it next day aired to the buyer. He had no problem doing it this way as he had the vehicle and the bill of sale, but had to wait for the title to be released. The loan was through Toyota, so I was not able to just go to the bank to get the title.
08mojo that's what i plan on doing
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