Hi fanatics,

I found this great car and the owner still happens to owe the lienholder. She doesn't have money to payoff her car, so I would have to get a cashier check to her. How do you guys approach it?

We both have agreed to do the transaction at the lienholder (bank), my cashier check will be made out to the lienholder, notarized contract that says the car will be mine once the cashier check is made out to the lienholder, and her personal info as well.

What else am I missing?

Thanks!

Chris

 

Doing the process at the bank should help insure it's done right. The title, which the bank should have, would need to be signed over to you.....and will be yours unless you also have a loan somewhere using the car for collateral, then it would stay with that leinholder until paid off. Least I think that's the way it works.

Can we assume this "car" in a MINI?

 

the bank normally doesn't have the title there, especially if it's an electronic title. if they do keep a paper title, ask the seller to have the bank pull it and have it ready. my credit union does this, but the bank my wife used to finance her car way back did not. we paid that off ahead of time and we had to wait over a month to get teh title before selling it. it took two months for Chrysler Financial to send the title for her Durango that we also sold.

 

Make sure you get the correct payoff amount made out to the bank. I don't forsee any problems, other than experiencing a delay in getting the title so you can register the car with the DMV. Also, call MINIUSA and have them change the owner information to be put under your name. This is especially important if the car still has warranty coverage and for recall notices. Transferring the balance of the warranty to a second owner is free of charge and well worth doing.

 

Make sure the bank releases the lein on the title..........which they will not do if you're paying less for the car than she owes, unless she can pay off the difference............

 

thats what i did and it worked out well. love my MCS

 

thanks guys! i feel better now.

yes, it's a 2006 Mini with only 13K miles!

i will have the car tomorrow...

 

If the bank doesn't hold the title they will probably just give you a lien release. One of my cars has the bank and myself listed on the title. When I paid it off they sent me a lien release to go with the title.

I'd also have her sign a bill of sale just to get some added documentation.
(Microsoft probably has a template for Word that you can modify and use_ )