OP, the fact you're working with Penfed is a huge advantage, they are hands down one of the best if not the best bank I've worked with. They are very patient with the title and very helpful if you are unsure of what to do.
What you need from the seller is the title and the original copy of the lien release. The lien release will be in the form of a letter or will be signed on the title, depending on the state/title. The bank will typically send it to the owner of the car/seller once it's paid off. Once you have that you go to the NJ DMV with the title and lien release and transfer the title in your name. You will then pay NJ taxes on the car, registration and the title fee. You will put penfed as your lienholder on the title and the NJ DMV will mail the title to penfed (ask for a photocopy of the title for your records).
I advised a friend on this who bought a car from the dealer and also took a loan through penfed, the dealer sent the title to penfed and it delayed everything, because then they had to send the title back to my friend, so he can go to the DMV and do what I just told you above.
If you have any other questions feel free to ask/PM, I've dealt with the NJ MVC often through the years so I'm familiar with the process.
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Originally Posted by evilpinkeye
I want to say you need to make sure the seller takes care of that lien asap and make sure to have the bank get all info from the other bank once done. your new bank may need to fax a copy of the title, with your and bank name on it, to the DMV directly to prove registration is kept accurate.
Honestly, unless this E90 is the best you could find and you got a stupid deal, I would just walk away. liens are a headache and when multiplied by 2 banks...ughh
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Passing on a car because of a lien is foolish. I've had a car I was buying with a lien, purchased from someone with a power of attorney (seller was in the military), I was taking a loan and I still managed to work it out without issue the first go around. Just make sure all your paper work is in a row and its effortless.