Buying a car from private party with a lien

norseone · 09-21-2009, 01:05 PM

My bank sends his bank the check, when can I take the car? And how do I register it without the title?

Never done this before.

Thanks

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SkirtBoy · 09-21-2009, 01:06 PM

http://forums.nasioc.com/forums/showthread.php?t=357921

nayeliesuncle · 09-21-2009, 01:09 PM

Go and get it at midnight. You dont need keys, you are the owner.

norseone · 09-21-2009, 01:12 PM

TY mang.

DoctorNick · 09-21-2009, 01:14 PM

run away

jblaze5579 · 09-21-2009, 01:27 PM

You have to have a little bit of trust with the seller and they have to have trust in you.

skingfreak · 09-21-2009, 01:31 PM

take cashiers check to his bank
pay off car
...
...
...
Profit?

jblaze5579 · 09-21-2009, 01:34 PM

Your bank sends a check directly to his bank, once the payoff is confirmed he hands you the keys and you get the title from his bank (or they send it directly to your bank). You take the title and register it and record a lien from your bank.

Jack ffr1846 · 09-21-2009, 02:22 PM

You pay him in cash.
He writes you an informal bill of sale on the back of a Wendy's napkin
He pays off his car
The bank sends him the title
He sells the car to someone else
and profits

How do you figure into this? Well......let's just say.....

norseone · 09-21-2009, 03:13 PM

His credit union doesn't allow payoffs in the branches, they will just forward to some other address.

Is too much to take possession of the car when I know my bank has sent the check? I have nothing after I put the wheels in motion to show for it. He could skiddadle with my money and the car.

jblaze5579 · 09-21-2009, 03:22 PM

give him the number to your bank and make sure you give him clearance to discus the loan with the bank so he can verify the funds himself. We recently bought a car in this situation and we took ownership as soon as the bank sent the funds.

The seller was given clearance to discuss the loan with my bank so he could verify himself.

norseone · 09-21-2009, 03:27 PM

Cool thanks man.

STR8OUT · 09-21-2009, 04:29 PM

This is easy and not a big deal. I just sold my 01' BMW 325ci to a fellow last week like this.

I owed $10,100 on the car still to www.up2drive.com (awesome rates by the way, financing by BMW Bank of North America, was at 5.7% for 5 years), sold the car for $12,500. The buyer sent a bank check to up2drive for $10,100 and I drove the car over to the buyers house. He gave me the remaing $2400 in cash and I gave him the keys and we signed waivers stating that the car was 100% his responsibilty now and that I agreed to sign the title over to him as soon as I received it. I left the car and keys with him (took my plates) and we both waited for the title to show up which was 1 week later. The day the title showed up I met him at a tags place to do the actual transfer. All is done

-=C=- · 09-21-2009, 04:54 PM

Quote:

Buying a car from private party with a lien

Easiest way to do this is just take off 1 shoe.

Brewhaha · 09-23-2009, 06:25 PM

Im glad I found this because I was wondering how to do it myself. Its time to get a truck.

09-21-2009, 01:05 PM	#1
norseone Scooby Specialist Member#: 16350 Join Date: Mar 2002 Chapter/Region: MAIC Location: Annapolis MD Vehicle: B6 S4 Avant	Buying a car from private party with a lien My bank sends his bank the check, when can I take the car? And how do I register it without the title? Never done this before. Thanks * Registered users of the site do not see these ads.

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09-21-2009, 01:06 PM	#2
SkirtBoy Scooby Specialist Member#: 11056 Join Date: Oct 2001 Chapter/Region: TXIC Location: Sugar Land, TX Vehicle: 2007 BMW 335i CPO Black on Black	http://forums.nasioc.com/forums/showthread.php?t=357921

09-21-2009, 01:09 PM	#3
nayeliesuncle Scooby Newbie Member#: 165137 Join Date: Nov 2007 Location: Puerto Rico	Go and get it at midnight. You dont need keys, you are the owner.

09-21-2009, 01:12 PM	#4
norseone Scooby Specialist Member#: 16350 Join Date: Mar 2002 Chapter/Region: MAIC Location: Annapolis MD Vehicle: B6 S4 Avant	TY mang.

09-21-2009, 01:14 PM	#5
DoctorNick Scooby Guru Member#: 7022 Join Date: May 2001 Chapter/Region: MWSOC Location: Miami, Fl/Evanston, Il. Vehicle: 05 CTS-V '10 H6 Outback. 02 WRX	run away

09-21-2009, 01:27 PM	#6
jblaze5579 Scooby Specialist Member#: 83473 Join Date: Mar 2005 Chapter/Region: TXIC Location: DFW, TX Vehicle: 91 91 XJ, 07 Camry 04 R1150RT	You have to have a little bit of trust with the seller and they have to have trust in you.

09-21-2009, 01:31 PM	#7
skingfreak Scooby Specialist Member#: 152591 Join Date: Jun 2007 Chapter/Region: MWSOC Location: East Lansing Vehicle: 2004 WRX Wagon Stg 2 WRB	take cashiers check to his bank pay off car ... ... ... Profit?

09-21-2009, 01:34 PM	#8
jblaze5579 Scooby Specialist Member#: 83473 Join Date: Mar 2005 Chapter/Region: TXIC Location: DFW, TX Vehicle: 91 91 XJ, 07 Camry 04 R1150RT	Your bank sends a check directly to his bank, once the payoff is confirmed he hands you the keys and you get the title from his bank (or they send it directly to your bank). You take the title and register it and record a lien from your bank.

09-21-2009, 02:22 PM	#9
Jack ffr1846 Ernie Ball Music Man Moderator Member#: 13699 Join Date: Dec 2001 Chapter/Region: NESIC Location: Hopkinton, MA Vehicle: 2008 LGT Having Vendor Relations	You pay him in cash. He writes you an informal bill of sale on the back of a Wendy's napkin He pays off his car The bank sends him the title He sells the car to someone else and profits How do you figure into this? Well......let's just say.....

09-21-2009, 03:13 PM	#10
norseone Scooby Specialist Member#: 16350 Join Date: Mar 2002 Chapter/Region: MAIC Location: Annapolis MD Vehicle: B6 S4 Avant	His credit union doesn't allow payoffs in the branches, they will just forward to some other address. Is too much to take possession of the car when I know my bank has sent the check? I have nothing after I put the wheels in motion to show for it. He could skiddadle with my money and the car.

09-21-2009, 03:22 PM	#11
jblaze5579 Scooby Specialist Member#: 83473 Join Date: Mar 2005 Chapter/Region: TXIC Location: DFW, TX Vehicle: 91 91 XJ, 07 Camry 04 R1150RT	give him the number to your bank and make sure you give him clearance to discus the loan with the bank so he can verify the funds himself. We recently bought a car in this situation and we took ownership as soon as the bank sent the funds. The seller was given clearance to discuss the loan with my bank so he could verify himself.

09-21-2009, 03:27 PM	#12
norseone Scooby Specialist Member#: 16350 Join Date: Mar 2002 Chapter/Region: MAIC Location: Annapolis MD Vehicle: B6 S4 Avant	Cool thanks man.

09-21-2009, 04:29 PM	#13
STR8OUT Scooby Specialist Member#: 15533 Join Date: Feb 2002 Chapter/Region: Tri-State Location: W.C., PA - taco heaven Vehicle: 2006 CPO E55 AMG KX250, 25' Fountain, GP12	This is easy and not a big deal. I just sold my 01' BMW 325ci to a fellow last week like this. I owed $10,100 on the car still to www.up2drive.com (awesome rates by the way, financing by BMW Bank of North America, was at 5.7% for 5 years), sold the car for $12,500. The buyer sent a bank check to up2drive for $10,100 and I drove the car over to the buyers house. He gave me the remaing $2400 in cash and I gave him the keys and we signed waivers stating that the car was 100% his responsibilty now and that I agreed to sign the title over to him as soon as I received it. I left the car and keys with him (took my plates) and we both waited for the title to show up which was 1 week later. The day the title showed up I met him at a tags place to do the actual transfer. All is done

09-23-2009, 06:25 PM	#15
Brewhaha Scooby Specialist Member#: 180677 Join Date: May 2008 Chapter/Region: MAIC Location: Dover, DE Vehicle: 06 Chains n Whips 06 WRX CGM	Im glad I found this because I was wondering how to do it myself. Its time to get a truck.