Help: Buying a car with a note still and buyer out of state
06-12-2017, 02:36 PM
#1
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Help: Buying a car with a note still and buyer out of state
Hello,
I am looking at purchasing a car that still has a note on it, the bank is located in another state, and the seller is located in a different state from that. Can you tell me the best way of going about making sure everyone is protected in the purchase? I will likely have the car shipped to me.
Bank holds title in State A, Seller located in State B, Buyer in State C.
Any help would be great!
I am looking at purchasing a car that still has a note on it, the bank is located in another state, and the seller is located in a different state from that. Can you tell me the best way of going about making sure everyone is protected in the purchase? I will likely have the car shipped to me.
Bank holds title in State A, Seller located in State B, Buyer in State C.
Any help would be great!
06-12-2017, 02:41 PM
#2
Burning Brakes
Contact the bank that holds to title. I bet they would be the best place to start with how to buy this car.
What is the bank and where? What state is the car in? Where are you?
What is the bank and where? What state is the car in? Where are you?
Last edited by jaredtxrx; 06-12-2017 at 02:42 PM.
06-12-2017, 02:51 PM
#3
Burning Brakes
Find out the bank that is the lien holder. Have your bank make contact. The two entities should be able to take it from there. They go to their bank and sign necessary paperwork. You go to your bank and do the same.
Last edited by MH663; 06-12-2017 at 02:53 PM.
06-12-2017, 02:53 PM
#4
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I was thinking the safest way would be to wire my money to the bank, then have them send me title when car is picked up by the hauler, and send owner the remainder of the balance between purchase price and note. But then a buddy stated to me that they send the title to the name on it (current seller), once it's paid off. I'll see what they will do on that with sending it to me.
06-12-2017, 02:56 PM
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06-12-2017, 02:57 PM
#6
Burning Brakes
Member Since: Oct 2013
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St. Jude Donor '15
Your lender should be able to give you instructions on next steps.
I'd also call his lender, and they will also instruct how to proceed...but I'd definitely explain it all to your bank so there aren't any missing details.
Different states have different proceedings for title changes/lien releases etc.
If you're not taking out a loan and doing this cash, maybe inform yourself with his state's DMV and see if you can find out more there. Doesn't matter where their bank is from, only the state the car is titled in.
I'd also call his lender, and they will also instruct how to proceed...but I'd definitely explain it all to your bank so there aren't any missing details.
Different states have different proceedings for title changes/lien releases etc.
If you're not taking out a loan and doing this cash, maybe inform yourself with his state's DMV and see if you can find out more there. Doesn't matter where their bank is from, only the state the car is titled in.
Last edited by BigMonkey73; 06-12-2017 at 02:58 PM.
06-12-2017, 03:08 PM
#7
Burning Brakes
If it's a national bank that holds the lien. You can go to a local branch with the appropriate info and have them complete the transaction. You pay the agreed upon price, sign documents, receive bill of sale from bank, bank mails you title.
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Amichealhigh (06-12-2017)
06-12-2017, 06:11 PM
#10
safest way might be to finance it thru your own bank, Let them take care of the payments to everyone and title risk, then near the end of the month pay off the loan once everything seems to be ok..
so you did not really finance it.. but no risk to you. There is usually no prepayment penalty in most states.
so you did not really finance it.. but no risk to you. There is usually no prepayment penalty in most states.
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jbc1995fb (06-13-2017)
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Amichealhigh (06-14-2017)
06-13-2017, 08:35 AM
#12
Drifting
safest way might be to finance it thru your own bank, Let them take care of the payments to everyone and title risk, then near the end of the month pay off the loan once everything seems to be ok..
so you did not really finance it.. but no risk to you. There is usually no prepayment penalty in most states.
so you did not really finance it.. but no risk to you. There is usually no prepayment penalty in most states.
That's what i would do.
06-13-2017, 08:59 AM
#13
Burning Brakes
safest way might be to finance it thru your own bank, Let them take care of the payments to everyone and title risk, then near the end of the month pay off the loan once everything seems to be ok..
so you did not really finance it.. but no risk to you. There is usually no prepayment penalty in most states.
so you did not really finance it.. but no risk to you. There is usually no prepayment penalty in most states.
This was the only other option I could think of. Yes, probably a loan fee and possible early payoff penalty but safest way to go. My bank does not have a early payoff penalty.
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reasonable suspicion (06-13-2017)
06-13-2017, 11:46 AM
#15
Melting Slicks
Member Since: Jan 2013
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Take out a loan on the car at your local bank amd let them take the responsibility and possible liability. If you dont take a loan on this car, then dont buy it. Pay it off after amonth if thats what you want to do. Protect yourself, get a loan.
