Title Question
Thread Starter
Cruising
Joined: Aug 2009
Posts: 12
Likes: 0
From: Vienna VA
Title Question
As I search for my C2, a thought crossed my mind. Let's assume the person selling the car has a loan on the car. The bank then holds the title.
How can the seller give me the title when the bank holds the title? I have to wire him the money so he can pay off the bank. I guess I could trust him to pay off the car loan and deliver the title. I would feel exposed. I have no interest in fighting it out in court. Is there a more secure process when a loan is involved?
How can the seller give me the title when the bank holds the title? I have to wire him the money so he can pay off the bank. I guess I could trust him to pay off the car loan and deliver the title. I would feel exposed. I have no interest in fighting it out in court. Is there a more secure process when a loan is involved?
Le Mans Master
Joined: Nov 2008
Posts: 5,691
Likes: 12
From: columbus oh
As I search for my C2, a thought crossed my mind. Let's assume the person selling the car has a loan on the car. The bank then holds the title.
How can the seller give me the title when the bank holds the title? I have to wire him the money so he can pay off the bank. I guess I could trust him to pay off the car loan and deliver the title. I would feel exposed. I have no interest in fighting it out in court. Is there a more secure process when a loan is involved?
How can the seller give me the title when the bank holds the title? I have to wire him the money so he can pay off the bank. I guess I could trust him to pay off the car loan and deliver the title. I would feel exposed. I have no interest in fighting it out in court. Is there a more secure process when a loan is involved?
Race Director
Joined: Jan 2002
Posts: 15,340
Likes: 2,716
From: Close to DC
C2 of the Year Finalist - Modified 2020
Contact the bank, make arrangements to pay directly via wire transfer to them and the owner and they would release the title to the owner who would sign it over to you. Anyone here think otherwise? Did I miss anything? If your in pursuit of a car, make sure you have it checked out by an experienced person. Dennis
Dennis
Safety Car
Joined: Nov 2000
Posts: 4,761
Likes: 138
From: Clinton Township MI
Cruise-In III Veteran
Or better yet. If the lender is local to the seller, meet the seller in person at that bank and close the deal face to face. Title is signed over, lien is released immediately and seller and lender get their money on the spot.
Jim
Jim
Race Director
Joined: Jan 2007
Posts: 13,671
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From: Down on the bayou in south Louisiana
St. Jude Donor '10
The best situation.
Platinum Supporting Dealership
Joined: Aug 2004
Posts: 3,582
Likes: 13
From: St. Marys Ohio
That is the best situation. If it is a big banking institution you'll have some real trouble talking with anybody about another person's loan. Privacy Policy.
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Tom Hendricks tom@budschevy.com
http://www.facebook.com/pages/Buds-Chevrolet-Buick-Corvette/176730955684255?ref=hl
Corvette Specialist Since 1993
BUDS CHEVROLET
St. Marys, Ohio
800-688-2837
WEBSITE WWW.BUDSCHEVY.COM
HOURS MON-WED 7:00AM - 5:00PM
FFRIDAY AND SATURDAY BY APPT.
OFF THURSDAYS
NCRS # 23758 Miami Valley Chapter ( Ohio )
NCM Founding Member #1143
NADA Classic Car Guide Advisiory Board Member
C5/C6 Registry Corporate Member # 5
My Corvettes. 63, 71, 73, 78.
Administrator
Joined: Jul 2000
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From: About 1100 miles from where I call home.
This is what Ive always done. Meet them at their bank, and close the deal in person with title in hand.
