Buying car with lien - Striper Talk Striped Bass Fishing, Surfcasting, Boating

zacs · 12-04-2005, 11:18 PM

Need some advice.

I have found a truck, but the current owner still owes $ on his loan.

What is the safe way to complete this transaction? This person is a stranger, so obviously I am not going to give him the money and wait for him to pay of the loan and send me the title. I mean he seems totally legit, but I guess I am just not the trusting type.

I am guessing I have to go to his lienholder and somehow arrange with them to payoff the loan and transfer the title to me.

Does anyone have any experience/knowledge in this area? I have done a google search but there isn't really any definitive info out there.

Thanks

Zac

MAC · 12-05-2005, 05:22 AM

You have the right idea. Go to his bank with him and pay off the note. He then gets the difference and you get the title.

redneck24 · 12-05-2005, 06:18 AM

Quote:

Originally Posted by MAC

You have the right idea. Go to his bank with him and pay off the note. He then gets the difference and you get the title.

only way to do it.

JohnR · 12-05-2005, 08:33 AM

Yep - only thing to do. Also, you need to confirm with the bank that when you pay off the loan, the title is imediately available for you. Even go so far as trying to have the title at the location you pay off the loan...