Buying used car Question

[Herman]

I am going to go pick up a vehicle off CL, guy says he still owes some $$ on it. He made it sound like I pay him get bill of sale then he pays off car and sends me tittle. What is the norm for something like this?
Thanks

[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.

[Graves]

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.

I've done it this way a few times.

[MED]

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.

^^^this^^^

Unless it is a cash/title in hand deal, I always do it T. B. Turner's way. If you do a title in hand deal, make sure the name the seller(s) sign is exactly the same as the printed name(s) on the title. If it isn't, you have a mess trying to get it fixed.

[Rooskibar03]

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.

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.

[hurley842002]

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.

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.

[Herman]

Yeah that's what I was thinking. The problem is this guys bank is over on the front range.

just wondering if there is any other way I can protect myself.

[Hound]

Sounds like a classic scam. Don't do it. If you must do it TB had some good points. I would add no money till you can physically see the title and also, get the VIN number and call it into the State Police office. Verify that the car is not stolen or otherwise 'an issue'. If they are busy, call the guy up and get the VIN, then go to the DMV. Check the VIN.

[hurley842002]

Like others have said, no title, no cash.

[colorider]

Only way to be sure is to do the deal at the bank,that holds the title. Move along.