I am buying a car from a person that still owes money on the car.?

Question

I am worried about the title and how I am going to get the title after I pay him. I am sure this is a normal, routine process, I just have never purchased a car from someone that didn't have the title in-hand. The bank actually owns this car, and I want to make sure I get the title after I pay him for the car.

Answer 1

go to the finance comp with the person and pay them nd him at the same time so you get the title and have it put into our name

Answer 2

call the bank who financed the car and ask them if any liens are imposed on the car

  thy may want you to make the check payable to them.If not , they can take the car from you and you are screwed

Answer 3

I am not someone who has been through it and I am sure you will hear from someone who knows--but I would not give any money blind like that. Why not meet him at the bank with cash in hand to settle the deal? He could be honest or not.

  I do know for a fact that a lienholder will be listed on the title. What I have only heard of is the practice of the bank holding on to the title. Asking a bank's advice is the best way to go.

Answer 4

Meet the seller at the bank that holds to note to the car. Pay off the bank with the seller there. If there is anything left over, give that to him. The bank may have the Transfer of Ownership and Transfer of Liability  forms that must be signed by you and the seller. But to be sure, go online and download them, or go to your nearest DMV and get them.

The bank will send the Ownership form to their central office that takes care of car loans. They'll release the title and send it to you. It's the seller's responsibility to take the Liability form to the DMV and have it recorded.

Some banks will do all the paperwork for the transfer. But if they don't, it's up to you to get the car registered and titled in your name, once you get the title from the bank.

Private parties tend to take short cuts on the paperwork. They hate to face the DMV. But with an appointment and all the papers in place, you'll be in and out within 30 to 40 minutes. And it will save you from a lot of stress and headaches caused by not following through properly. That always seems to end up biting you in the butt and it can takes weeks or months and a lot of your time to straighten it out.

Answer 5

i've got news for you. the bank owns the car and they're not giving up the title till they get their money. as far as they are concerned he has the car and HE owes for it. if you buy it from him without the title, you'll never get till the bank is paid. don't be stupid. how are you going to explain that to the law when they pull you over? it looks like you stole it. buy a car from an honest person.

Answer 6

Unlike some of the poor answers here, I simply suggest going to the bank or calling them and ask how to safely complete the transaction. This type of transaction is very common.