ello13

Hi, I was wondering how thid was normally done? The bank's holding the title and I know it talks 1-2 weeks to get that title once it's paid off, so a bill of sale would have to do in it's place til then? I've only purchased new cars in the past from dealerships so I've never had this problem. If anyone has any experience, please chime in. Thanks

ZoomZoomH

iTrader: (1)

yup, unfortunately that's how it usually works when buying a used car w/ a lien from a bank, you have to wait til the seller gets the title back from the bank before you can take the title to the DMV and re-register it under your name. of course it gets even more confusing if YOU are taking out a loan and YOUR bank will end up with a lien on your newly bought used car.

hey, if you wanna save money on a used car, sometimes it involves more leg/paperwork

ZoomZoomH

iTrader: (1)

and yes, during that time of waiting for the seller's title from the bank, a bill of sale is the ONLY evidence that he took your money, so it'd be wise to have that bill of sale notarized during time of sale so he can't run away from it.

rglbegl

No, No , No . . . .
Go with him to the bank so the title will be sent to you!!!!!! Dont let him pay off the car and get the pink slip in HIS hand. If you are paying it in full, make sure YOU get the pink.( Or whatever they call the title slip in your state.)
Or go to a dealership and pay them the $45 transfer fee. All it really gets you is the notary signature and a DMV rep to do the paperwork.
Wait . . Did you have the bill of sale signed by a notary???

ZoomZoomH

iTrader: (1)

just FYI, VA's vehicle title is this light shade of green with fancy dark green borders, hence why i never call my car's title 'pinks' lol

ello13

From my understanding, the title can and would only be mailed to the person who took out the loan. I would be paying the car in full, using parental contributions at a 0% interest rate. I'm going to get this done over the weekend though.

How easy is it to transfer a loan from the seller's name to my name? I wouldn't mind just "resuming" his loan and just pay it off in a lump sum?

rglbegl

DO NOT PAY HIM!!!!!! Pay his bank. Walking in with him is the best way. And MAKE SURE YOU USE A NOTARY!!!!
If you walk in to the bank with him. You pay off his loan and make the agreement with the bank to send the title to YOU not him. ( it was a scam out here in Cali for a while)
Works really easy. If the bank is closed, give him a deposit to hold the car till the bank opens. And again, get an official bill of sale and use a Notary to make it legal.
The bank will appreciate it. Mazda will appreciate it. The seller will be liability free, and most important, you can not get screwed in any way.

Beagle <-------- Car dealership Finance director

ello13

What's an "official bill of sale"? I think I'll go the notary route since they have them in almost all banks anyways. Thanks for that tip.