bought and sold in '11

Steven Carter · **Posted:** Thu Dec 01, 2011 12:07 am

Since everyone seems to be a wheeler-dealer when it comes to car buying, I have a simple question.... What is the best way to buy a car from a private party when the bank owns the title? I have only done car transactions when the car is clear of bank liens, so I am pretty much in the dark about this. I suspect I contact the lienholder/bank and coordinate with them, as I am planning on buying it without a loan. Advice appreciated!

(i figured it was better to slightly threadjack rather than start a separate thread, so apologies on that....)

clinehall · **Posted:** Thu Dec 01, 2011 8:05 am

Stephen Westerfield wrote:

MikeWhitney wrote:

Stephen Westerfield wrote:

Stephen I owe you a beer!

I cheated, I saw them in Rob's trunk on Monday. Doh, I mean I'll take a Hoppyum please!

"Them" would indicate multiple. Bring to the party and we can have races!

steve remchak · **Posted:** Thu Dec 01, 2011 8:51 am

Steven Carter wrote:

Since everyone seems to be a wheeler-dealer when it comes to car buying, I have a simple question.... What is the best way to buy a car from a private party when the bank owns the title? I have only done car transactions when the car is clear of bank liens, so I am pretty much in the dark about this. I suspect I contact the lienholder/bank and coordinate with them, as I am planning on buying it without a loan. Advice appreciated!

(i figured it was better to slightly threadjack rather than start a separate thread, so apologies on that....)

yep. do the transaction at the bank if possible.

i've even sold a car using a State Farm insurance agent. i signed the paperwork and was out of there in 20 minutes.

jeremy gast · **Posted:** Thu Dec 01, 2011 8:52 am

its just the same except the money transaction is done at the bank. The bank will even reassign the title to you. We had to do this when i bought the celica 3 years ago. We meet at the credit union handed over the cash, signed the paperwork and bam I was gone.

Steven Carter wrote:

Since everyone seems to be a wheeler-dealer when it comes to car buying, I have a simple question.... What is the best way to buy a car from a private party when the bank owns the title? I have only done car transactions when the car is clear of bank liens, so I am pretty much in the dark about this. I suspect I contact the lienholder/bank and coordinate with them, as I am planning on buying it without a loan. Advice appreciated!

(i figured it was better to slightly threadjack rather than start a separate thread, so apologies on that....)

RodneyWright · **Posted:** Thu Dec 01, 2011 9:17 am

Steven Carter wrote:

Since everyone seems to be a wheeler-dealer when it comes to car buying, I have a simple question.... What is the best way to buy a car from a private party when the bank owns the title? I have only done car transactions when the car is clear of bank liens, so I am pretty much in the dark about this. I suspect I contact the lienholder/bank and coordinate with them, as I am planning on buying it without a loan. Advice appreciated!

(i figured it was better to slightly threadjack rather than start a separate thread, so apologies on that....)

This was brought up when I talked to the bank. You'll need to work w/ the owner and their bank. The owner will need to call the lien holder bank and ask them to mail the title to the branch where you want to do the transaction. You'll also need a letter from the lien holder for the exact payoff amount and daily interest.

That should satisfy the branch you're working w/ in regard to title and payoff. All you'll need to do as stated is do the title transfer and pay off the owner.

The bank should now give you the old title. You take the old title to DMV where you'll be charged too much money to put the car on the road to get plates and order a new title. Since I bought a car from out of state, I got hit w/ extra taxes. Not sure if you'll be hit w/ that if it's an in state car. My car's title work was almost $500, so count on something near that. Anything less will just be money in your pocket.

Steven Carter · **Posted:** Thu Dec 01, 2011 9:34 am

Thanks guys....that helps a lot. :thumbsup:

JamesShort · **Posted:** Thu Dec 01, 2011 9:48 am

Rodney that's standard 3% HUT (highway use tax) plus tag and title. Applies to instate purchases as well.

If you trade in you only pay 3% on the price of the new car minus trade in price.