I've never bought a car with the seller still owe the bank money before. Can someone explain to me what the process to get the title on my name? thanks in advance

12/16/2010 5:38:06 PM

pay the bank

12/16/2010 6:36:33 PM

damn he still owe the bank money, fuck son

12/16/2010 7:25:16 PM

What the 2nd guy said. Sometimes the dudes are like.... Let ^me get that money and I will get the title from the bank.... I say fuck that... Let me roll with you to the bank with the sea shells in my hand and I will hand them over once bank duder gives me the title

12/16/2010 8:17:57 PM

he needs to talk to the bank and have the title sent to a local branch
meet him at the local branch and fill out paperwork
leave with car

i've bought two cars like this, never anything shady about it

12/16/2010 8:22:12 PM

ok, what we're gonna do is meet up at my bank, since his USAA, which doesn't have a physical branch. He's gonna call USAA, pay the loan off, and then I'll tell USAA to send the title to my address. Any flaw in plan?

12/16/2010 9:23:38 PM

seems sketchy.

id get it all written out on paper, get a notary public to stamp it as well.

12/16/2010 10:02:37 PM

yea, we're also have a bill of sale as well.

12/16/2010 10:11:50 PM

Basically you will give him the money for the car. He will then use that to pay off the loan. His bank will then start the process to release the title of the car (from my experience could take 2-3 weeks). During this time you will have no title, and will not be able to register the car in your name.

12/16/2010 10:38:19 PM

Quote :

"ok, what we're gonna do is meet up at my bank, since his USAA, which doesn't have a physical branch. He's gonna call USAA, pay the loan off, and then I'll tell USAA to send the title to my address. Any flaw in plan?"

most banks have partner banks for things like this and will transfer the title to one of those banks for them to do the transfer. at least, thats what they told and offered to do for me. i would not give them money without receiving the title.

12/17/2010 1:15:48 AM

Quote :

"i would not give them money without receiving the title."

this...but i'm a suspicious and untrusting mofo

12/17/2010 8:31:14 AM

Last time I did this, my bank gave the seller the difference in selling price and what they owed, and then sent what he owed to his bank along with the bill of sale and the title transfer/release form whatever.

12/17/2010 11:06:42 AM

apparently i commented in this thread 4 years ago

i'm (possibly) looking at a car that has a lien on it...no idea who it is (bank or manufacturer financing) and they're definitely asking too much (i'm betting they're asking what's left to pay)

if i can talk them down to market value and they really do have more money left on the loan, how would that work for me? the only thing i can think of is that they'd have to pay off the loan in full (so add money to whatever i would give them for the car) before i could get the title...correct?

10/8/2014 10:48:20 AM

yes, they have to pay it off

10/8/2014 11:19:09 AM