shaaark89

hi all,
i'm buying another car (not a 928, i have enough of those for the time being) that has a bank loan on it. what is the best way to go about getting the deal done since the owner does not hold the title and the bank won't release it until paid.
the car is in florida and i'm in virginia, so i can't easily go there except to pick it up.
anyone btdt.
tia,

Gretch

hire a lawyer to handle the escrow. Prolly can be done for a couple a hundred bucks.........only sure way of avoiding getting burned.

Jim R.

If the bank is local to where you are picking up the car, I have had good luck with paying off the balance of the loan with a certified check(and a second certified check made out for the balance to the owner) and getting a lien release right then at the bank. It helps to notify them in advance, and the owner can get the payoff number from the bank. At that point,the title is signed over and you have a lien release for the title. When you register the car for the first time, give the release to DMV with the title, and it comes back with no lienholders listed.

This has worked for me several times, but the safer way is probably to hire a lawyer.

Jim

BrianG

Escrow!! The seller pays!