Buying a car without title?

[Kroze]

I don't know what's the process involved in buying a car where the owner still have a lien/doesn't have title in hand.

He said that I would give him the money, he'll pay off the loan and then once the bank send him the title, He'll give it to me.

I'm not sure about this and feel like I can get ripped off big time & never hear/see him again once he took the money.

What should I do in a transaction like this? Take his name, phone # and a copy of his driver license?

Also, should I get phone # of the bank holding the title to verify?

 

[funkymatt]

find another car, it's not worth the risk of him skipping town with your money.

 

[waggy]

hmm i wouldnt do it. seems to much of a pain.

 

[HannibalX]

You meet his ass at the bank when he pays the loan off. The bank gives the title to you then. He better have the car at the bank that day too.

 

[DisgruntledVirus]

You get a loan for his balance, the bank transfers the title to your name with your bank as the lien holder.

Do not go through him to pay for it. Do it the right way and go through the banks.

 

[Deeko]

Is this a parody

 

[EagleKeeper]

Originally posted by: Pale Rider
You meet his ass at the bank when he pays the loan off. The bank gives the title to you then. He better have the car at the bank that day too.

:thumbsup:
The bank can sign over the title to you the moment they get the funds.
Cash or certified check.

Let the bank know 1-2 days in advance so they can have the paperwork ready and provide the final payoff amount.

If you are taking a loan out, let both institutions know of the situation.

 

[Kroze]

Originally posted by: DisgruntledVirus
You get a loan for his balance, the bank transfers the title to your name with your bank as the lien holder.

Do not go through him to pay for it. Do it the right way and go through the banks.

what if the bank is not a local bank & he have to deposit the money into his account and then send in a personal check, wait for 2 weeks for them to send him the title?

 

[BigJ]

Originally posted by: Kroze

Originally posted by: DisgruntledVirus
You get a loan for his balance, the bank transfers the title to your name with your bank as the lien holder.

Do not go through him to pay for it. Do it the right way and go through the banks.

what if the bank is not a local bank & he have to deposit the money into his account and then send in a personal check, wait for 2 weeks for them to send him the title?

You take your business the hell elsewhere.

 

[DisgruntledVirus]

Originally posted by: BigJ

Originally posted by: Kroze

Originally posted by: DisgruntledVirus
You get a loan for his balance, the bank transfers the title to your name with your bank as the lien holder.

Do not go through him to pay for it. Do it the right way and go through the banks.

what if the bank is not a local bank & he have to deposit the money into his account and then send in a personal check, wait for 2 weeks for them to send him the title?

You take your business the hell elsewhere.

QFT. Either you get the title when you give payment or move on. I don't care how "great" the price is, or how "perfect" the car is find another. Don't EVER EVER EVER give payment without getting the title.

 

[mrrman]

I wouldnt even consider it

 

[OutHouse]

Originally posted by: Kroze

Originally posted by: DisgruntledVirus
You get a loan for his balance, the bank transfers the title to your name with your bank as the lien holder.

Do not go through him to pay for it. Do it the right way and go through the banks.

what if the bank is not a local bank & he have to deposit the money into his account and then send in a personal check, wait for 2 weeks for them to send him the title?

dont do it. the chance of you getting ripped off are huge.

 

[SparkyJJO]

If you have to ask...

 

[slag]

to all you naysayers, i did this and it was fine. I sold my 2003 maxima to an out of town guy and he and i each had a copy of the bill of sale, plus all my contact info, etc.

When i got the title paid off, I had it overnighted to him. Its a very normal thing.

 

[xSauronx]

Originally posted by: slag
to all you naysayers, i did this and it was fine. I sold my 2003 maxima to an out of town guy and he and i each had a copy of the bill of sale, plus all my contact info, etc.

When i got the title paid off, I had it overnighted to him. Its a very normal thing.

*you* sold it and had nothing to lose.

OP shouldnt buy unless he can do it all through the banks.

 

[jme5343]

I've done this a few times, always as the buyer. First two times, I had the bill of sale, and the guy I brought from had been in the area for quite some time. Little to no flight risk.

The last time, I bought the car on the guy's last day intown (about 120 miles from where I live) and the dude was moving to Pennsylvania. I took the chance b/c it was a great deal. Still driving the car back and forth to work everyday.


I'm a bit of a risk taker, though.

 

[BoomerD]

Originally posted by: Pale Rider
You meet his ass at the bank when he pays the loan off. The bank gives the title to you then. He better have the car at the bank that day too.

Originally posted by: DisgruntledVirus
You get a loan for his balance, the bank transfers the title to your name with your bank as the lien holder.

Do not go through him to pay for it. Do it the right way and go through the banks.

These posters speak the truth.

This is not a difficult thing to do, but you need to do it right to avoid getting ripped off.
Do the transaction at the bank, WITH a bank employee/officer. You'll need a bill of sale that you both sign, HE will relinquish his ownership of the car, the bank probably won't give you the title, but SHOULD provide you with the proper paperwork to take to DMV showing the car is paid off and releasing their lien on the vehicle. If you're getting a loan for the car, YOUR bank may want to put their own lien on the vehicle, so talk to them as well. If it's just a cash sale, everything except your business with DMV should be able to be handled at his bank.

 

[Rage187]

Eh, isn't this how it usually works?

 

[alkemyst]

Originally posted by: BoomerD

Originally posted by: Pale Rider
You meet his ass at the bank when he pays the loan off. The bank gives the title to you then. He better have the car at the bank that day too.

Originally posted by: DisgruntledVirus
You get a loan for his balance, the bank transfers the title to your name with your bank as the lien holder.

Do not go through him to pay for it. Do it the right way and go through the banks.

These posters speak the truth.

This is not a difficult thing to do, but you need to do it right to avoid getting ripped off.
Do the transaction at the bank, WITH a bank employee/officer. You'll need a bill of sale that you both sign, HE will relinquish his ownership of the car, the bank probably won't give you the title, but SHOULD provide you with the proper paperwork to take to DMV showing the car is paid off and releasing their lien on the vehicle. If you're getting a loan for the car, YOUR bank may want to put their own lien on the vehicle, so talk to them as well. If it's just a cash sale, everything except your business with DMV should be able to be handled at his bank.

QFT, if you are used to buying beaters and 5+ year old economy cars then you probably will be better off with cash as the chances of having a bank account is probably nil anyway.

Just buy insurance mkay.

 

[RaiderJ]

Originally posted by: Pale Rider
You meet his ass at the bank when he pays the loan off. The bank gives the title to you then. He better have the car at the bank that day too.

Exactly what I did when I purchased my truck. The seller never had to do any title handling.

 

[Kroze]

UPDATE: sound even more fishy now...


We meet up at pepboys.

The guy doesn't have the title because he still owe money on the car. When I ask how this is sale is going to work without a title, he said he'll take my money, pay off the bank and then wait for the bank to send him the title so he can mail/give it to me.



I was thinking...once I gave him the money, what's stopping him from disappearing altogether.



So later on, I texted him and ask for the bank phone # & account # to verify that he does in fact have a lien/account with them. His mom called me and said that the car is in her name, again saying how the whole process will work (me giving money, they'll pay off the car and send me the title once he/she receive it.) I that I have a better idea, we can both go to the bank (M&T bank) in philadelphia and she can pay off the loan and sign over the title to me right then and there. She got agitated and said she doesn't have time (not tomorrow, not thurs/fri or weekend) and her son doesn't have time either. She & her son doesn't have time but yet she's willing to drive & meet up at pepboys tomorrow with a notarized paper stating she sold me the car & etc...



I'm like...you know what maybe i'll hold off on this and thank you/hung up.



Her son text me like 2 minutes later and said that I can give him $2500 tomorrow and he'll give me the car. He'll use that $2500 to pay the car off and once he give me the title, I can give him the other $1500.



CLIFF:

So things that doesn't add up:



- Mom not willing to go to the bank with me to do a title transfer. Claimed she doesn't have time.



- Mom claimed doesn't have money to pay car off (son said still owed $4400 on the car still) but now asked me to give $2500 tomrorow to pay off the car. And once he received the title, he'll give it to me and I can give him the other $1500.

 

[0roo0roo]

run....
give them the conditions of meeting at the bank etc.
they don't take it...
forget it.

 

[mrrman]

Its a family scam....lol

 

[HomeBrewerDude]

Originally posted by: Kroze
UPDATE: sound even more fishy now...


We meet up at pepboys.

The guy doesn't have the title because he still owe money on the car. When I ask how this is sale is going to work without a title, he said he'll take my money, pay off the bank and then wait for the bank to send him the title so he can mail/give it to me.



I was thinking...once I gave him the money, what's stopping him from disappearing altogether.



So later on, I texted him and ask for the bank phone # & account # to verify that he does in fact have a lien/account with them. His mom called me and said that the car is in her name, again saying how the whole process will work (me giving money, they'll pay off the car and send me the title once he/she receive it.) I that I have a better idea, we can both go to the bank (M&T bank) in philadelphia and she can pay off the loan and sign over the title to me right then and there. She got agitated and said she doesn't have time (not tomorrow, not thurs/fri or weekend) and her son doesn't have time either. She & her son doesn't have time but yet she's willing to drive & meet up at pepboys tomorrow with a notarized paper stating she sold me the car & etc...



I'm like...you know what maybe i'll hold off on this and thank you/hung up.



Her son text me like 2 minutes later and said that I can give him $2500 tomorrow and he'll give me the car. He'll use that $2500 to pay the car off and once he give me the title, I can give him the other $1500.



CLIFF:

So things that doesn't add up:



- Mom not willing to go to the bank with me to do a title transfer. Claimed she doesn't have time.



- Mom claimed doesn't have money to pay car off (son said still owed $4400 on the car still) but now asked me to give $2500 tomrorow to pay off the car. And once he received the title, he'll give it to me and I can give him the other $1500.

yeah i think i call the cops and let them know who the assholes are

 

[sniperruff]

Topic Title: Buying a car without title?
Topic Summary: Am I getting ripped off??

YES