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Author
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Topic: Buying a car that has a lien on it advice.
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Mr.10psi
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Member # 11062
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I will be flying to north carolina next week to pickup a car that has a lien on it. Has anyone ever here bought a car from a private seller with a lien on it from a lender/bank/credit union etc. Was it simple? What was all needed? How long once you showed up did the process take as the person im buying the car from has the lender in the same town as him. What paperwork do i get saying i paid off the remaing balance of his loan. Is it a bill of sale or do i get the actual title or do they mail it to me 2 weeks later. If you have any information please let me know or hell even contact me at 5307748968. Thanks everybody
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02 white saleen(sold) 347 stroker in the works
Posts: 1337 | From: 530 | Registered: Jul 2011
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ed650
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Member # 9897
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posted
Are you getting a bank loan for it? For me it took 2 days because I was buying a car off my dad he had bank of America as a lienholder but since I used bank of America as my lender They were able to get the payoff balance on the spot since it was the same bank and they asked me to upload the current registration on to this link that they give you and they review it once the review it they payoff the seller and issue me the title in the mail so I can update it with my name and have to put Bank of America as a lien holder on the title as well.
First day I got approved for loan and uploaded the registration to the link
Second day the seller gets funded and the car was mine.
Prior to this, I had bought another car that the seller had a lien with a credit Union and I was using bank of America, same they approved me asked to get payoff balance and upload registration. Once it clears they made me sign the documents and mailed me a check for the seller in exchange for the keys, bank of America requested that the credit union send me the title via mail so I could update it with my name and bank of America as a lien holder.
[ 2017-10-17, 06:28 PM: Message edited by: ed650 ]
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410w Hatch
306Ci Coupe
Posts: 1744 | From: menlo park | Registered: Apr 2010
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[SHO]TIME
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Member # 8962
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posted
you better make dam sure you come back to california with the actual paper title in your posession, as california dmv will not register an out of state vehicle without the actual title.
Posts: 631 | From: marin | Registered: Feb 2009
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1996 GT
I'm Joe Yates
Member # 4992
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posted
Like showtime says get the title and before you get the title you better get a payoff or you’ll be sol
Posts: 9308 | Registered: Oct 2004
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venomous99
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Member # 1917
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deal with the bank directly so they ensure that the title release is in your name and a bill of sale reflects that.
Posts: 4811 | From: dc | Registered: Oct 2002
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