URGENT OT - Buying a car - need help
#1
Racer
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URGENT OT - Buying a car - need help
Good afternoon all,
I'm purchasing a car from a private party. He does not have title as he has financed vehicle. He claims he can draft a "bill of sale" stating purchase of said vehicle - VIN # Year Model, etc - and we can sign it. I will receive title in 2 weeks time.
Is this legit? Should it be notorized? Should I not do it? Problem is, I sold my other car and need to get something ASAP.
A VERY sincere Thank YOU!!
I'm purchasing a car from a private party. He does not have title as he has financed vehicle. He claims he can draft a "bill of sale" stating purchase of said vehicle - VIN # Year Model, etc - and we can sign it. I will receive title in 2 weeks time.
Is this legit? Should it be notorized? Should I not do it? Problem is, I sold my other car and need to get something ASAP.
A VERY sincere Thank YOU!!
#3
Is his bank a local bank? I've done a few transactions like this, and ideally he would have the lien holder/bank send the paper title to a local branch, and you just do the deal there (pay him, he pays the lien off, you get the title).
If this is not an option, I'd start digging on your home state's DMV website to find out what your options are - I think requirements for this sort of thing vary from state to state.
Good luck!
If this is not an option, I'd start digging on your home state's DMV website to find out what your options are - I think requirements for this sort of thing vary from state to state.
Good luck!
#4
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Just did that except I had the title sent to sent from his credit union to mine and all the title transfer was handled by the third parties. I knew it was legit but in your case how are you going to ensure you get the title and when do you send in the money?
What I didn't get was anything showing that I had legal title to the vehicle, just a bill of sale. We figured that it would only be a problem if we got stopped. Here we were in this "pull me over Red" BMW with no license plates (in Utah, the seller keeps the plates). Sure enough the second day out on a 8 day trip:
Good thing it was a "catch and release" situation. I have to say the Utah cops are much more reasonable than the ones in Washington.
What I didn't get was anything showing that I had legal title to the vehicle, just a bill of sale. We figured that it would only be a problem if we got stopped. Here we were in this "pull me over Red" BMW with no license plates (in Utah, the seller keeps the plates). Sure enough the second day out on a 8 day trip:
Good thing it was a "catch and release" situation. I have to say the Utah cops are much more reasonable than the ones in Washington.
#5
Three Wheelin'
As a banker I'd suggest contacting his lender for a payoff demand and inquire as to the status of title. Also confirm with the DMV. Pay the lender directly and not the seller and you should be safe. If there's a difference between what is owed and what the purchase price is I'd hold the balance in escrow somehow pending transfer of title. Its much cleaner paying cash to a seller who holds title. Rental car in the meantime.
#6
Rennlist Member
Whenever I've sold my cars, I always paid off the car so I can hold the title. As 2ndof2 says, it's much cleaner. I'm always very wary of not a seller not having the title and, as suggested, prefer to pay the seller's noteholder directly. All sale documents should note what action will occur if you do not receive the title within a certain time frame.
#7
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Good afternoon all,
I'm purchasing a car from a private party. He does not have title as he has financed vehicle. He claims he can draft a "bill of sale" stating purchase of said vehicle - VIN # Year Model, etc - and we can sign it. I will receive title in 2 weeks time.
Is this legit? Should it be notorized? Should I not do it? Problem is, I sold my other car and need to get something ASAP.
A VERY sincere Thank YOU!!
I'm purchasing a car from a private party. He does not have title as he has financed vehicle. He claims he can draft a "bill of sale" stating purchase of said vehicle - VIN # Year Model, etc - and we can sign it. I will receive title in 2 weeks time.
Is this legit? Should it be notorized? Should I not do it? Problem is, I sold my other car and need to get something ASAP.
A VERY sincere Thank YOU!!
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#11
Rennlist Member
Best thing to do is find a dealer to do a "in-and-out" for you. When my brother and I have either bought or sold cars we ususally find a dealer to handle the paper work for us. They will charge you but it's worth it. Takes the hassle out of it. They know what they are doing also. Honestly the best way to go.
#12
The lienholder, the seller and you should sit down and sort it out. If you simply give the owner the whole amount, you're trusting that he is going take the cash and to pay the lienholder instead of taking it to his bookie or making a mortgage payment.
#13
Rennlist Member
Call a dealership where he lives. They will handle it for you. Seriously. I work for a bank. It's a mess when you try it yourself. The will get the title switched for you....etc.
#14
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I just sold my Mom's ML in CA. Her lienholder sent a written release of their interest in the vehicle along with a pink CA DMV form notarized to that effect, but no paper title. The pink form had two check boxes:
[ ] Request for transfer of ownership
[ ] Request for duplicate title
It had all the normal seller/buyer info on it like the back of the CA title certificate.
There was another "reason" check box we ticked:
[ ] Title not received
AFAIK, the transfer has gone through fine on the buyer's end.
[ ] Request for transfer of ownership
[ ] Request for duplicate title
It had all the normal seller/buyer info on it like the back of the CA title certificate.
There was another "reason" check box we ticked:
[ ] Title not received
AFAIK, the transfer has gone through fine on the buyer's end.