Buying a vehicle with a lien against it?
 

Next week, I'm picking up a vehicle purchased from a private party in CA.

I sent the seller a deposit and the remaining balance is exactly (as in, to the penny) the payoff amount for a loan the seller has on the vehicle.

I will use a cashier's check to pay the balance -- do I make it out to the seller or to the finance company?

I can't get a title until he pays off the loan, and he needs the check from me to pay off the loan, so is a bill of sale sufficient until the finance company sends me the title?

Just not sure how this works when there is a lienholder involved and the seller is not in possession of the title.

Re: Buying a vehicle with a lien against it?
 

Check payable to both parties....let them figure it out?? ~ Pete

Re: Buying a vehicle with a lien against it?
 

[ QUOTE ]
Next week, I'm picking up a vehicle purchased from a private party in CA.

I sent the seller a deposit and the remaining balance is exactly (as in, to the penny) the payoff amount for a loan the seller has on the vehicle.

I will use a cashier's check to pay the balance -- do I make it out to the seller or to the finance company?

I can't get a title until he pays off the loan, and he needs the check from me to pay off the loan, so is a bill of sale sufficient until the finance company sends me the title?

Just not sure how this works when there is a lienholder involved and the seller is not in possession of the title.

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They only way I have ever done it and would in the future is meet the seller at their finaince institution or a bank. Have the teller/bank personnel assist with the transaction.

You can't get a title transfer until the lein is satisfied.

Re: Buying a vehicle with a lien against it?
 

How are you getting it into Canada without Title ?

Re: Buying a vehicle with a lien against it?
 

In my experience, both parties go the lending institution (if possible), and the buyer pays off the loan for the owner, the lender stamps the title as 'Lien Removed', gives it to the owner, who then accepts the remaining amount of money (if any) from the buyer - and hands over the keys!

Re: Buying a vehicle with a lien against it?
 

Problem is the lender is out of state. We could go to the seller's bank but they don't have an interest in the vehicle.

Re: Buying a vehicle with a lien against it?
 

when I sold the Stang last year same deal, MY banker helped out, we both buyer and seller sat down at my bank and it took a couple of hours of faxes/sighning stuff sending back and forth and phone calls to get it dont safely,

your bank can wire the money to the loan place and they/loan place fax a official letter stating release of the vehicle to you, and they mail the sighned off title to you.

call ahead and set up a manager to help at your bank and call ahead to the loan place and get a manager there and set a tentative time they will be around to do the paperwork and accept funds for the transaction,

I would not just hand the seller the dough...its really not his, its the loan places dough.

Re: Buying a vehicle with a lien against it?
 

[ QUOTE ]
when I sold the Stang last year same deal, MY banker helped out, we both buyer and seller sat down at my bank and it took a couple of hours of faxes/sighning stuff sending back and forth and phone calls to get it dont safely,

your bank can wire the money to the loan place and they/loan place fax a official letter stating release of the vehicle to you, and they mail the sighned off title to you.

call ahead and set up a manager to help at your bank and call ahead to the loan place and get a manager there and set a tentative time they will be around to do the paperwork and accept funds for the transaction,

I would not just hand the seller the dough...its really not his, its the loan places dough.

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Similar to how we handled the purchase of my stepson's used Tahoe last year, although we went to the credit union of the seller who was the title holder.