new owner getting the title
Thread Starter
Drifting
Joined: Feb 2008
Posts: 1,573
Likes: 12
From: allentown nj
new owner getting the title
traveling out of state to look at a 04 z06 owner still owes $$$ bank holds title anyone no how i should handle this and still be able to drive the car home???? thanks for the help
Le Mans Master
Joined: Feb 2006
Posts: 5,488
Likes: 4
From: USA
Said the bank should mail it to you but heard of situations where they didn't and it was messy due to how far away they lived and being out of state.
Melting Slicks
Joined: Feb 2005
Posts: 2,258
Likes: 96
From: Olive Branch Mississippi
St. Jude Donor '09-'10-'11-'12-'13-'14-'15-'16-'17-'18-'19-'20-'21-'22-'23-'24
work with the bank and the owner. I did it before and they had a certified statement from the previous owner that once I paid the balance that title would be sent directly to me after the old owner went in and signed it over. All at the bank. And they managed it. The statement also had where he would turn over custody of the title. Worked well had the title 3 days after the transaction.
Racer
Joined: Feb 2007
Posts: 403
Likes: 2
From: Glen Allen VA
This is my experience in IL. Even though I had a certified check for the full asking amount, the previous owners bank would not give me the title because:
1. They did not have the title in the bank branch we were at and it would take 2-3 days express mail to get it from their main branch. They did give me a photocopy so I could be rest assured that a real title existed.
2. They had a waiting period of 1 week for the certified check to clear, this pissed me off, since the check was from one Credit Union to another, and yet they did not honor it.
I still drove away with the car with a "Bill of Sale" and a receipt from the bank stating the loan was paid off. Fortunately I got the title in 2 days, the owner turned out to be an honest guy and I kept the car in my garage all along.
1. They did not have the title in the bank branch we were at and it would take 2-3 days express mail to get it from their main branch. They did give me a photocopy so I could be rest assured that a real title existed.
2. They had a waiting period of 1 week for the certified check to clear, this pissed me off, since the check was from one Credit Union to another, and yet they did not honor it.
I still drove away with the car with a "Bill of Sale" and a receipt from the bank stating the loan was paid off. Fortunately I got the title in 2 days, the owner turned out to be an honest guy and I kept the car in my garage all along.
Thread Starter
Drifting
Joined: Feb 2008
Posts: 1,573
Likes: 12
From: allentown nj
wow i dont think its a bank per say think its gmac hope its a local branch hard to get it all done check out the car (really well takes time)test drive neg/price pay off his loan and him to on a sat/banks close early oh boy oh i forgot the 4-5 hr drive i have to get there lol now snow in the forcast
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Burning Brakes
Joined: Dec 2003
Posts: 1,066
Likes: 9
From: Eddy Texas
Put your money in your bank, and let them deal with his bank or with GMAC. They can take care of everything electronically, so you don't have to worry about it. The title can be sent to your bank where you can pick it up. If you are financing, that's probably the only way your bank will do it.
Otherwise you have to trust him to send your money to GMAC and mail the title to you when GMAC releases it to him.
Otherwise you have to trust him to send your money to GMAC and mail the title to you when GMAC releases it to him.
Safety Car
Joined: May 2004
Posts: 4,628
Likes: 397
From: Madison Wi
You know the exact payoff amount?
Make sure you get a copy of the bill of sale as well as some documentation from the lender stating the lein is paid off. Also make sure the lender has assured you that the title will be in the mail quickly and there is nothing the original owner can do to change/prevent that. Everything should be signed and done before you leave the bank.
I think that should be acceptable. If you can't leave with the title in hand, have a guarantee it will be mailed to your house by the lender quickly.
Make sure you get a copy of the bill of sale as well as some documentation from the lender stating the lein is paid off. Also make sure the lender has assured you that the title will be in the mail quickly and there is nothing the original owner can do to change/prevent that. Everything should be signed and done before you leave the bank.
I think that should be acceptable. If you can't leave with the title in hand, have a guarantee it will be mailed to your house by the lender quickly.
Burning Brakes
Joined: Dec 2003
Posts: 1,066
Likes: 9
From: Eddy Texas
Heel & Toe
Joined: Dec 2006
Posts: 17
Likes: 0
From: Waveland In
If you leave without title your nuts...call him and tell him to have the bank pull up title. then go drive the car and if you want it and agree on price go to bank with him have bank officer get title explain what your doing and pay loan off. bank officer gives you the title and you give the balance of agreed price to the seller.Ive bought 3 this way with no problems and bank was happy to help. You got to look after #1 first.
Race Director
Joined: Apr 2005
Posts: 10,179
Likes: 2,306
From: Wesley Chapel, FL Las Vegas, NV
work with the bank and the owner. I did it before and they had a certified statement from the previous owner that once I paid the balance that title would be sent directly to me after the old owner went in and signed it over. All at the bank. And they managed it. The statement also had where he would turn over custody of the title. Worked well had the title 3 days after the transaction.
Best way to go. The Bank does not always have the title in the local branch.Last time I did this we notified the bank we were selling and they said they would call and get the Title sent over to the local branch prior to the transfer. The just went in paid it off and gave the buyer the title.
Thread Starter
Drifting
Joined: Feb 2008
Posts: 1,573
Likes: 12
From: allentown nj
tracez very good advice ill ask my banker how to handle it all ,first for me that the owner not having the title in hand we are talking big bucks at stake for me out of state a little scary thought forum members would have the incite with all the buying and selling going on here thanks for the help
Racer
Joined: Oct 2007
Posts: 480
Likes: 0
From: DFW TX
Lol, people are freaking out about "you have to have the title!". No you don't.
The best way is to have your bank wire the money to his bank. His bank will then credit the balance above what he owes into his account. He can call to verify the deposit has been made...then you take the car. No sweat, I just did this when I bought mine in the fall. This should be able to be done in one day. His bank will then mail you the title.
The best way is to have your bank wire the money to his bank. His bank will then credit the balance above what he owes into his account. He can call to verify the deposit has been made...then you take the car. No sweat, I just did this when I bought mine in the fall. This should be able to be done in one day. His bank will then mail you the title.
Team Owner
Joined: May 2005
Posts: 23,682
Likes: 9
From: Flagstaff Az.
Le Mans Master
Joined: Sep 2000
Posts: 6,101
Likes: 44
From: ABQ NM
Cruise-In II Veteran
I don't understand why people here are talking as though they contemplate simply walking into the bank and expecting to get this done on the spot without any forewarning. I would think that a few phone calls in advance, dealing with the same bank personnel each time, asking what the bank needs in regard to paperwork, bills of sale, etc., would make this a fairly simple undertaking.
Lepus-temperamentalus
Joined: Apr 2004
Posts: 5,827
Likes: 5
From: Roswell Ga
I don't understand why people here are talking as though they contemplate simply walking into the bank and expecting to get this done on the spot without any forewarning. I would think that a few phone calls in advance, dealing with the same bank personnel each time, asking what the bank needs in regard to paperwork, bills of sale, etc., would make this a fairly simple undertaking.This ain't rocket science guys.
