matttheboatman

Ok, I sell boats, not cars. But here is how a lien payoff works when closing a boat.

We obtain a payoff letter from the lien holder, including 10 days per dium into the future to insure enough funds in case of delays (bank refunds to seller any amount overpaid). All funds are to be paid via bank wire - no checks, no bank checks, no Nigerian bank checks, and we don't want to handle cash.

The difference between the purchaser price, and the payoff is the seller's negative equity. This amount is to be be paid IN ADVANCE by the seller to lien holder via bank wire. Seller will often ask to send money same day, but that leads to delays. Buyer is given confirmation of receipt of seller's payment.

Buyer then pays the Purchase Price, which is the remaining balance due on the lien, directly to the lien holder, thus satisfying the lien in full. The bank then provides the buyer with either a clear e-title in Florida or a satisfaction of mortgage / lien release statement and buyer registers vehicle in the state of use.

Handled the same way by Purchaser's bank in case of financing.

matttheboatman

Most states Banks do not hold a physical title any longer. And, many lobbies are closed. Welcome to the digital world. Everything done via bank wire, and digital lien release these days.

jeffm

Thanks, everyone.
I'm going to attempt purchasing the car this week. As there are no Capital One (lien holder) branches around, I will meet the seller at my bank for the purchase. He will bring the payoff statement and I will payoff the full loan amount, which is approximately $600 more than the purchase price. From there I will have him write me a check (or cash withdrawal) for the difference. This way the entire balance will be paid, by me, with one single payment. Oh, and we will fill out/sign a state bill of sale form with a witness/notary from the bank.

I'm not sure how Capital One handles wire payments, as it's not very clear on their website. The alternative is I can have a bank check (in the full payoff amount) and use their "overnight" mail address and send from a Fedex branch that is nearby the local bank.

I appreciate any additional comments before Thursday.

Cheers

jeffm

**update**

Transaction went pretty much without a hitch. I test drove the car and did a wire transfer from my bank to Capital One. The payoff was slightly lower than the sale price, so I wrote the owner a check for $300 for the difference. He did send me confirmation that the loan was paid off in full, so now I'm just waiting for the title. He did fax a transfer of title/release to the lien holder, so we'll see if they send it directly to me or the seller first.

Props to the seller as he gave me a full tank of gas and kept the XM radio subscription active for the ride home. Drove it home the next morning, no issues!

Great to be back, will post pics soon....

jeffm

deilenberger

Those rims are PERFECT with that color. I'm jealous..

Advisor

Congrats on the purchase. I'm glad everything worked out. I recently did a similar thing where I purchased the car sight unseen in the middle of this lockdown & had it transported to me. Couldn't be happier!

https://rennlist.com/forums/987-981-...s-journal.html

Gotshotgun

Beautiful car!