Quote:
Originally Posted by cjm41
This doesn't help the OP but I'm curious... when buying a car with a lien, is simply giving the seller a check or cash the safest way to go about doing this??
I'd be nervous that money would never make it to the bank. When I bought my M3 a couple months ago I handed the reputable dealership a check and I didn't get the title for three weeks and I was nervous the whole time haha.
I guess I have no faith in people.
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That's where private sales get tricky but to protect yourself get a written contract/bill of sale and notarize it prior to payment, writing out everything and making it as detailed as possible.
IE. "I CJM41 am purchasing a 2009 M3 Vin# xxx from the seller John Doe for the sum of $20,000. Payment shall be in the form of a certified check made payable to xxx Bank in the amount of $15k. The balance payment will be made in the form of a certified check in the amount of $5k payable to John Doe. John Doe shall receive balance check in exchange for the the lien free title and lien release. Etc. "
Always make the check out to the bank not the seller. With transactions it's all about being transparent and making sure to cover all your bases.
Also, many times arrangements can be made to have the title available at a local branch where you and the seller can meet to exchange funds and for you to immediately receive the lien free title.