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Clutchcargo 08-14-2012 04:30 PM

buying vehicle that the bank owns the title to.
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Does anyone have any idea on how to buy a used vehicle that is being sold privately and the owner is still paying it off?
The bank has the title and the owner needs the money from the sale to pay off the note to get the title.
I don't trust people I don't know. Should I walk away from this?

joecaption 08-14-2012 04:35 PM

Go directly to the bank that holds the title with the person to complete the transaction.
It would be best to call ahead to the bank, unless it's a really small bank there going to have to find the tile, could be stored at a differant location.

Clutchcargo 08-14-2012 04:52 PM

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That's a problem, I forgot to mention, it's not a local lender.

DangerMouse 08-14-2012 04:55 PM

Walk away Clutch.... walk away.....


user1007 08-15-2012 06:13 AM

The deal may be legit but you need to check with the bank to make sure funds from sale of the car are enough for them to release the title. It may only be a part of pledged security. If it is not local and you are not getting a stellar deal on the vehicle, walk away and wait for another deal. Your time to sort it out is worth something. However, if you are getting a deal, you should be able to work out an escrow situation with the bank and the seller. Just escrow the check to the bank contingent on getting the title mailed, FedExed or whatever. I certainly would not hand it to the seller if he does not have physical title to hand you! That's just asking for something in your Southern region.

bbo 08-15-2012 07:18 AM

you do need to ensure you get a release of lein from the bank when you hand over the money.

DO NOT trust the seller to get that for you. the bank itself should have procedures for you to do this. just make sure you all the right bank and have the right VIN number. Also check with your DOT to ensure you have the right leinholders for that VIN.

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