Quote:
Originally Posted by rldzhao
Hey guys,
I am buying a used M3 from a private seller. The vehicle is currently financed, so the bank has the title.
What steps should I take to pay for the car and receive the title? I am paying in cash.
I am located in TX, the buyer (and car) in FL, and the bank is in NH.
Thanks!
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Just call the seller's bank where the lien is located and do all the transaction paperwork and payment thru them. They will tell you exactly what to do, how to do it, and when to do it.
That's it.
The beauty of this is that if the seller starts giving you a hard time about you doing everything thru the bank then that's a pretty good sign that this deal stinks... walk away if such a thing happens.
I have sold two cars (Indiana and Texas buyers) that way with absolutely no issues for either me or the buyer. I told them this is the bank where the lien is located and they take care of the rest within a week. I receive a couple of papers to sign by mail or by fax, any excess money (the difference between the payoof and the selling price) and that's it.