vtsteevo

Not sure if this is the right forum, but I need some advice. I agreed to buy a used Z06 from a private party seller, whom I just met and who still owes money to Bank of America on it. So the bank is holding the title at the moment.

My thoughts are that I get a cashier’s check made out directly to Bank of America, and then another cashier’s check to the seller for the balance. What worries me is that I called the branch directly, and they informed me that the title would still be sent to the seller first, since he has to sign-over the title to me. The title isn’t held at the branch, so it has to go through the mail. I bank of Bank of America as well and inquired if they can facilitate the transaction, but it’s not a service they offer according to them.
Is there anything I can do to protect myself in this situation? Others buy and sell used cars all the time on here. How is this situation normally handled?
Thanks guys

BillH2121

The way its worked for me in the past (as owner or seller) - Pay full amount to BOA, BOA cuts check to seller for the difference - seller comes to bank and signs title, bank notarizes and sends you the title and the lien release.

Top_Fuel

If you are nervous or aren't sure how to handle the transaction, go to your credit union (or other lender) and just get a loan to buy the car. This will put an interested third party between you and Bank of America and will take the risk out of your hands for the most part.

The lenders will work out the specifics of the money and title transfer with eachother since they do this type of transaction all the time. The lenders will basically call the shots and you (and the seller) don't have to be concerned about getting ripped off. Then when the deal is done, just pay off the loan and you're good to go.

sabastian458

pay the bank the full asking price. Give them a copy of bill of sale so they title will come to you. The bank will send the extra funds to the seller. I prefer to do it this way if the seller does not have a title.

I have bought and sold a few cars this way and I have never had an issue with not getting my title. I just had to provide the bank with a signed bill of sale showing the car was sold.

paydirt

Just get a notarized bill of sale when the transaction happens. Meet the seller at the bank. I've never had an issue with receiving the title from the purchaser. I've also sold a few cars privately and always sent the title out as soon as I received it. In one instance the credit union sent the title to the purchaser I sold the car too and he FedEx'd it to me, I signed and returned it. He preferred it be done that way for some reason. Everything should work out fine for you!

brooklync5

If you go to the bank with the seller and get notorized paper work of everything then your all good to go. I did this with my old c5 and got the title in a little over a week.

ALS 08

I have a loan on my current car & I have the Title. It has the banks name along the bottom as Lien Holder.
When I once sold with a loan I signed title over & received a letter from bank at the moment loan was paid off no matter which party paid it. That was enough to take to DMV to issue new owner a new clean title & get plates.

ATC399

nailed it

tim414

I would have the seller find out from BOA what it is that he needs to do to sell the 'Z....seems like they should have some sort of document that can be notarized there at BOA.....it's the seller's worry/issue to facilitate the sale if he really wants to sell it. He owes the bank and they have the title, therefore you need to be satisfied that the title will change hands. The bank will not release the title until they get their dough obviously. Sellers issue to make this work if he wants to sell.

bearphoto

The registered owner must receive the title because he/she has to sign it off. If the bank does not have the title on site it will get mailed to the r/o. not a big deal, happens every day.

phileaglesfan

A lot of dealers won't release the MSO of a new car until they are paid AND the payment clears.

I agree with going with your bank to finance the loan then they'll make sure everything is done right. Even if you have cash that is probably the smart thing to do, then you pay the loan off next month once it is in your possession.

Sabre34

I have followed this procedure when buying from a private party. Makes the whole process a lot easier.

Licit

I was in the position the OP is and was across the country, had the car shipped to me. The seller and I verified our home addresses, work info and basically everything necessary to track each other down if things went bad. A legit seller won't have any problem giving all their personal info since they know the title usually gets mailed to them and that can be a stressful thing to a buyer. They are out all that money until the car and title and are in their hands. The seller and I were both surprised that neither of our credit unions were very good at making a bulletproof transaction and debated having a dealership facilitate for us. In the end a fellow CF member that lived out there met the seller for me and was able to verify all the info and things went fine.

not08crmanymore

Move to NY and you wont have this problem.

jnx911

vtsteevo

Thanks for the advice... will keep you guys posted

mike100

I tried to get a title sent to the new owner's address once, but the state of CA knew where the car was registered at so they still sent me the title (The guy went to my bank and paid off the loan).

we tried, but what can you do? Of course I signed it and fedex'd it to the new owner, but there is always going to be anxiety over if I get hit by a Mack truck before I get a chance to put my John Hancock on it or maybe get a shady urge to repo the car after dude just paid it off, but sometimes you just have to make a leap of faith...

or have a bank, credit union, or car dealership buy it for you as mentioned in previous posts.

vindicator

And when you leave the bank be sure you not only have the bill of sale but esp have the keys and drive your new car home.