russian rocket Posted December 21, 2016 Report Share Posted December 21, 2016 hey guys i was seeing if you could give me some advice or recommendations. i found a car that i like and it is privately owned and out of state. the car does have a lien on it, but his bank is in a different state than the vehicle. i plan to fly out to him in the next day or so, my bank will issue me a check in his name to pay for the car. he is going to have to pay off the car, they will mail him the title, he will have to sign the title and then mail it to me along with the lien release form. is there much of anything i can do to cover my ass aside from making up a bill of sale and having it notarized? for the most part i have covered my bases, i pulled a carfax report on the car, i whitepaged his name and his wifes name, both came back to the same address, i google street viewed his address and the house matches the background of the car pictures, also in some views you can see the car in the driveway. so basically everything seems legit, i just want to know if there is anything else i can do to cover my ass. can he get a duplicate title printed? Quote Link to comment Share on other sites More sharing options...
BStowers023 Posted December 21, 2016 Report Share Posted December 21, 2016 The notarized Bill of Sale should be good, but just to ensure any potential issues I would call his bank when you meet up with him so you're both there. He should be able to authorize you permission to discuss the transaction regarding his account and they might even be able to notarize something for you to cover both of you just in case. Quote Link to comment Share on other sites More sharing options...
russian rocket Posted December 21, 2016 Author Report Share Posted December 21, 2016 The notarized Bill of Sale should be good, but just to ensure any potential issues I would call his bank when you meet up with him so you're both there. He should be able to authorize you permission to discuss the transaction regarding his account and they might even be able to notarize something for you to cover both of you just in case. ok cool, i just did a little more digging and it looks like there is a co op branch near him, so him and i can just go there and pay off the loan. Quote Link to comment Share on other sites More sharing options...
Green Bastard Posted December 21, 2016 Report Share Posted December 21, 2016 Is it a rare car or something that is easily found and obtained? If it is the latter of the two then it may not be worth the headache imo. Quote Link to comment Share on other sites More sharing options...
Cordell Posted December 21, 2016 Report Share Posted December 21, 2016 When I sold a car privately with a lein on it to someone else who was getting a loan, here's how it went down, I met him at his bank, provided all info about my loan, bank issued a check to pay off loan, issued check to me for the equity, and I walked away. Of course this was easier because while he was from Dayton it was all done in state, if dude wants to sell you the car he should be willing to go to the nearest branch of your bank and do paperwork. Most banks that issue a check want the title pretty quick, and the process of paying off a loan and issuing said title takes a lot of time. Besides giving this guy a check to pay off his loan leaves too much up to the individual in my opinion. Quote Link to comment Share on other sites More sharing options...
cdk 4219 Posted December 22, 2016 Report Share Posted December 22, 2016 Yes I agree, you are putting a lot of faith in someone you don't know, and even worse is a distance away. A bill of sale notarized or not, is in no way shape or form proof of ownership of a vehicle in the state of Ohio. What if he takes that check in his name and buys Christmas presents with it, and what would be stopping him from doing so? In situations like this the only way to go is protect yourself 125%. If you can't get the clear notarized title in hand with the car itself, don't be alarmed if you have a car you can't title or drive. There are title insurance bond companies that will charge you for "insurance" or you could contact his bank and pay them directly and have them send the title. There is nothing you can do with a car and leined car and a "notarized " bill of sale, especially when you are writing a check to an individual. If you are willing to lose the money and fight to get the title to a car you may never own, I would go for it, other than that if I write a check to a person for a car, I want a free and clear title to go along with it. Quote Link to comment Share on other sites More sharing options...
russian rocket Posted December 22, 2016 Author Report Share Posted December 22, 2016 Is it a rare car or something that is easily found and obtained? If it is the latter of the two then it may not be worth the headache imo. its not necessarily rare, but the price for the mileage is extremely attractive and is currently worth the headache, but my patience is starting to run thin though lol Quote Link to comment Share on other sites More sharing options...
russian rocket Posted December 22, 2016 Author Report Share Posted December 22, 2016 Yes I agree, you are putting a lot of faith in someone you don't know, and even worse is a distance away. A bill of sale notarized or not, is in no way shape or form proof of ownership of a vehicle in the state of Ohio. What if he takes that check in his name and buys Christmas presents with it, and what would be stopping him from doing so? In situations like this the only way to go is protect yourself 125%. If you can't get the clear notarized title in hand with the car itself, don't be alarmed if you have a car you can't title or drive. There are title insurance bond companies that will charge you for "insurance" or you could contact his bank and pay them directly and have them send the title. There is nothing you can do with a car and leined car and a "notarized " bill of sale, especially when you are writing a check to an individual. If you are willing to lose the money and fight to get the title to a car you may never own, I would go for it, other than that if I write a check to a person for a car, I want a free and clear title to go along with it. his bank has a co op location near him, my current plan is to meet up at the bank, his bank can verify the check is legit and then he can pay off his loan right there and then. then have his bank notarize my bill of sale. then i will have to wait for his bank to mail him the title, he'll have to sign it and mail it to me along with the lien release paper. ill look into the title insurance bond, thank you Quote Link to comment Share on other sites More sharing options...
mmrmnhrm Posted December 22, 2016 Report Share Posted December 22, 2016 he'll have to sign it and mail it to me along with the lien release paper. That's the scary part right there... nothing which forces him to sign and mail those papers :no: Quote Link to comment Share on other sites More sharing options...
downingracing Posted December 22, 2016 Report Share Posted December 22, 2016 The bank should be able to have the title sent to you if the loan is paid off with the transaction. You should contact the bank holding the title and see what their process is for situations like this. I'm guessing they do this often and will make it an easy process for you both. Quote Link to comment Share on other sites More sharing options...
BStowers023 Posted December 22, 2016 Report Share Posted December 22, 2016 Yeah if it's a lien shouldn't the bank be able to just sign the title over to you? What if the bank mailed the title to that co op location so if he did need to sign the title he could sign it there in front of you and hand it to you that day? Quote Link to comment Share on other sites More sharing options...
Turbs3000 Posted December 22, 2016 Report Share Posted December 22, 2016 When I did this I gave him a check, we went to his bank and deposited it. That way on my end I can see his acct and routing info and can fight it with my bank if needed. I left with the car and a notarized bill of sale. Probably better ways of doing this all but it all worked out and he only owed like 5k so it wasn't like he could run off with 20k per say. Quote Link to comment Share on other sites More sharing options...
zeitgeist57 Posted December 22, 2016 Report Share Posted December 22, 2016 If your financing the car or using the bank to issue a check, can't you have your bank just send payment directly to his bank? Whatever is in excess will be cut to the seller, and you have assurance that both financial institutions successfully complete the lien transfer before you even fly out. When I bought my CTS-V in California, Bank of America financed the amount I wanted and combined with cash from my 5/3 account into one payment that went to the seller's credit union in Cali. Both banks did everything, including releasing the title to me with the seller's information...all he had to do was sign in front of a notary at his bank that it was being released to me. I had a notary sign in Ohio once I received title, and the car came via auto carrier a week or so later. He got the balance of equity from our deal after his loan on the V was paid off by his credit union. Funds were entirely controlled by our banks as escrow agents. Smoothest transaction ever and I never even met the guy. Now, me not getting a PPI on the car (bought it after only seeing photographs!) is another story I woudn't trust anyone out-of-state to pay off the lien with your money, get title released and sent to you, yikes....this whole process only benefits the seller with no real assurances for you. If your bank won't do it (Fifth Third wouldn't), find a bank that will. If the seller won't do it, find another f**king seller you can trust. My guy was more than happy to let our banks figure it all out for free. Quote Link to comment Share on other sites More sharing options...
russian rocket Posted December 22, 2016 Author Report Share Posted December 22, 2016 Yeah if it's a lien shouldn't the bank be able to just sign the title over to you? What if the bank mailed the title to that co op location so if he did need to sign the title he could sign it there in front of you and hand it to you that day? i could be wrong, but even though the bank owns the car, the seller is still the only person on the title, hence doesnt the seller have to sign off on the title and not the bank, doesnt the bank simply provide a lien release form with the title? Quote Link to comment Share on other sites More sharing options...
russian rocket Posted December 22, 2016 Author Report Share Posted December 22, 2016 When I did this I gave him a check, we went to his bank and deposited it. That way on my end I can see his acct and routing info and can fight it with my bank if needed. I left with the car and a notarized bill of sale. Probably better ways of doing this all but it all worked out and he only owed like 5k so it wasn't like he could run off with 20k per say. this is currently my plan, we go to his bank and he pays off the vehicle right there and then. just need to figure out a better way for the whole title issue. Quote Link to comment Share on other sites More sharing options...
zeitgeist57 Posted December 22, 2016 Report Share Posted December 22, 2016 i could be wrong, but even though the bank owns the car, the seller is still the only person on the title, hence doesnt the seller have to sign off on the title and not the bank, doesnt the bank simply provide a lien release form with the title? Seller has a memorandum title (or memorandum certificate). Bank owns the car and has title to the vehicle, with implied ownership/use to the borrower who has the car and uses it. Bank doesn't want a car - merely to use this guy's desire to own his car as collateral to loan him money. Once the loan is paid back by the owner, he gets title of the vehicle....and the bank's interest in the car as collateral against a loan (the lien) is released. Quote Link to comment Share on other sites More sharing options...
zeitgeist57 Posted December 22, 2016 Report Share Posted December 22, 2016 this is currently my plan, we go to his bank and he pays off the vehicle right there and then. just need to figure out a better way for the whole title issue. How long are you planning on being there? What if there is an issue with the Credit Union releasing title? Payment issues with the current owner? You could be there for days...or have wasted a flight and your time to only get part-way to a closing....or lose the deal altogether. Not trying to get all Geeto'd up in hurr...just providing perspective. Quote Link to comment Share on other sites More sharing options...
zeitgeist57 Posted December 22, 2016 Report Share Posted December 22, 2016 http://www.thetruthaboutcars.com/2016/12/ask-bark-thrill-gone-will-soon/ Quote Link to comment Share on other sites More sharing options...
Forrest Gump 9 Posted December 22, 2016 Report Share Posted December 22, 2016 I didn't read everything above. But don't get the check in his name, get the check pay out to the bank that hold the title. The couple times that I bought my car out of state, I made sure I got the title with the car before I head home. Good luck Quote Link to comment Share on other sites More sharing options...
russian rocket Posted December 29, 2016 Author Report Share Posted December 29, 2016 well im flying out in the morning, i will request the bank to mail the title directly to me. hopefully no problems arise and 12 hours later i will be back home in my new car, pictures to come if everything works out just fine. Quote Link to comment Share on other sites More sharing options...
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