Buying used car Question

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Originally Posted by T. B. Turner

If it were me ( and I realize everyone is not me) I would handle the transaction at the lien holders place of business. That way he can pay off the loan and get the title cleared all at once, the lien holder will most likely have a notary on the premises. If you don't you could easily lose your money and have a car that you cannot transfer or use. If the seller has a problem with that I would pass on the deal. Sometimes people don't intend to rip you off but they can cause problems from being irresponsible.

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Unless it's a small single branch bank the title won't be on site. Titles are held is secure facilities and when an individual pays off a loan it can take 2-4 weeks for a title to arrive. Even as a dealer we don't get the title for 7-10 days at the quickest.

Persoanlly I wouldn't do it. You could be stuck with a car and no title and he could come back later with title and claim it's his car.

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Originally Posted by Rooskibar03

Unless it's a small single branch bank the title won't be on site. Titles are held is secure facilities and when an individual pays off a loan it can take 2-4 weeks for a title to arrive. Even as a dealer we don't get the title for 7-10 days at the quickest.

Persoanlly I wouldn't do it. You could be stuck with a car and no title and he could come back later with title and claim it's his car.

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Yup this is correct for most institutions, something I never knew. Wife is a banker, and said you'd be surprised how many people think they can just waltz in and collect a title.

I've bought and sold cars on Craigslist this way without issue. That's not to say that you are totally safe (or even moderately well protected) in doing it, but lots of people do. As a seller, I am about to run through this process again.