Let's say you want to buy a vehicle that the bank still owns. How do you do the deal?
02-25-2008, 01:19 PM
#1
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Let's say you want to buy a vehicle that the bank still owns. How do you do the deal?
Do you go to the bank with the "owner" and give them the money and they give you the title?
02-25-2008, 01:36 PM
#5
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depends on the bank
I would have the owner call ahead and tell them that he plans to pay off the car/pick up the title on a certain date. A lot of banks and especially smaller credit unions keep their titles in a title vault at one central location...meaning you can't just show up at the local branch and get the title. Otherwise make sure someone from the bank stamps and signs the lien release on the front of the title, and you're good to go.
02-25-2008, 01:37 PM
#6
I suppose it depends on the bank.
I bought my car from a guy who had a lien on it. Fortunately he had the cash available to pay the loan off before I bought it. But the sale was delayed by nearly a month while we waited for his bank to send him the title. He was even more frustrated than I was, since he was the one calling them on a daily basis.
02-25-2008, 02:04 PM
#7
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The ones I have done, The owner holds the title. The bank records...
...a lien on the title. You need the title and a copy of the lien release. DMV will issue you a clear title to the car when you register it. In NY you can register the car without the lien release, DMV just leaves the lien on your title.
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02-25-2008, 03:30 PM
#8
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Re: Can this be done in a day? Any branch of the bank?
Usually only go to the the branch that has the physical title, make sure they do. Some banks will to have it tranferred in from cold storage. If no title on the desk, I keep my cash. PS, these days as in times past, buying for below balance owed is pretty common.
02-25-2008, 05:31 PM
#9
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You have to get ahold of the loan holder and make sure that it gets paid or else the lein will,,,
stay on,or worse ,it doesn't get paid and the bank will come looking for the car.
02-26-2008, 07:24 AM
#10
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That differs by state
For instance, in WI the owner of the car holds the title with a lien on it. In NJ as long as the title has a lien on it the state holds on to it.
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