Hey guys, i wasnt positive on which section to put this in, but its mainly about Purchasing a used car, when the seller still has a loan out on it.

Some of you may remember my rant a month or so ago, but now, i have finally found the car.

Now on with the questions...

I have never personally done this, so im trying to get all the info i can. The seller is located in another state, across the US.. to say the least. I have way too many pictures of it, and i've spoken with him numerous times, so im not worried about any hidden things, as of yet, until i can actually drive it and inspect it personally. We have agreed on a price and date on when the sale will happen, and everything is fine there.
Now, i plan on buying the car cash. The seller still has a loan out on the vehicle. What am i to do in this situation? Do i go about the sale, and go to a title or notary place, and we just do a bill of sale? Then he pays off his loan, and signs the title, then sends it my way? I'm lost at this point and the dates closing in.. fast.
Also, how long do i have to title and register the car in my state? (or does this vary from state to state?)

Sorry for the "noobish" questions about this, but this is really the only time i have to research this, and by this time, everything is closed.

And if theres anything else you think i should know and/or do.. please feel free

Thanks

 

In order for him to sell it, the lien holder will have to be involved. Chances are you'll have to go to his bank or whoever holds the lien on it. After that, You just pay your agreed price. He'll be responsible for the rest.

The problem is, they probably won't release the lien until it is paid. So if he owes more than you are paying him, you better hope he has the rest of it.

But other than that, the bank should handle everything for you. The bank will release the title to you and you'll have to register it in your state and they'll mail you the title.

 

Like bcs said, you will most likely have to go to his bank/lien holder and pay the loan off and have the title signed over to you.

Make sure he has the remaining balance when you show up.

 

Don't forget pics when you're done.

 

Im dealing with this situation as well. The simple answer is to pay your money to the bank instead of the actual seller. When the title is released, you go pickup the car. Bada bing, bada boom.

 

Also, if it is across the US why not see if a member here will atleast check the car out in person for you?

 

thanks for all of the replies everyone, i appreciate it.

I talked to his bank today, so everything is squared away with the purchase.

to rex leo...
i could have, and quite possibly should have done this, but im aware of what can and may happen.. and well, i only trust myself and few others mechanical skills, and im a technician, and a friend that is taking the trip with me, is an even more knowledgable tech than i am. So if its not up to my standards (which are rather high, and mainly the reason i havent bought one yet), ill cut my losses (plane tickets, food, etc..), and take a trip right back home.

again thanks for all the responses,
and to INCUBUS... if you really are apart of the NOLA S2Krewe, you can see it in person