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JT's selling his car?

Z

Z-licious

Guest
Car is not paid off. You need an escrow service. It's the only way to make this safe for both parties.
 
Z

ZoomZoom Diva

New Member
Or you do it at the bank if the loan is through a local lender. Have two money orders, one for the payoff and one for the excess, and the bank can release the lein on the spot.
 
Z

Z-licious

Guest
ZoomZoom Diva said:
Or you do it at the bank if the loan is through a local lender. Have two money orders, one for the payoff and one for the excess, and the bank can release the lein on the spot.
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Depends on if the bank has the lien on site. I know for the car that I was going to buy in Florida I had to pay off the lien at one site and go to a 2nd site to pick up the title, with no guarantee that I'd get the title once I paid off the loan.
 
Workdawg

Workdawg

NARWHAL
Assuming it's a local branch, I think you can call them and ask them to send the title to your branch and they'd usually do that.
 
Z

ZoomZoom Diva

New Member
Workdawg said:
Assuming it's a local branch, I think you can call them and ask them to send the title to your branch and they'd usually do that.
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The seller should have the physical title, and the bank should only need to write a letter (probably notarized) stating they release the lein. I've never needed to have the actual physical lein papers to have it released.
 
Z

Z-licious

Guest
Workdawg said:
Assuming it's a local branch, I think you can call them and ask them to send the title to your branch and they'd usually do that.
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That's the first thing I asked them to do. They told me they couldn't do that because payments are handled through one location and titles and liens are handled through another location. I told them they are dumb. They told me to go F myself.

There's a serious lack of safe ways to buy used cars private party. Someone needs to start a nationwide escrow service for this.
 
Z

ZoomZoom Diva

New Member
I disagree that the expense of an escrow service should be needed for what is a simple transaction. I think it's crazy to have to pay someone to handle what should be an integrated process. The bank should be able to provide the simple service of releasing a lien when the debt is paid in full instantly, so the title process can continue, with the other papers following as merely a formality.
 
Z

Z-licious

Guest
But not all banks do that. And you still have to wait for checks to clear, etc.
 
JohnnyT

JohnnyT

New Member
Ok guys, I'm consulting your help. He just e-mailed me this morning:

Hey John,

I never got a reply from you from my previous email. Are we agreed on $17.5. This is for everything i.e. extra set of wheels, stock parts, receipts, paperwork, ect. Also, can you provide the VIN number? Thanks. I hope to get the check package today or tomorrow. Then we can move forward.
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Do I call the bank, finalize the payoff amount, and move forward? Can someone provide a 'template' with bullet points to step-by-step the process?
 
Picklz

Picklz

SUDO Make me a SAMCH
Before anything I'd be tempted to get a signed contract outlining what you are selling, what you are doing, what the seller is to do, and what the seller is paying you, etc. Signed and notarized.

I've not dealt with buying/selling a car that still had a lein on it so I can't really help you there.
 
Z

Z-licious

Guest
Ask the bank for the payoff amount and make sure you can get the lien release at the same location that you payoff. If the guy still wants to use up2drive to pay you, call them and ask them how the process works. Let them know you have a lien on the title and ask if that makes a difference.
 
JohnnyT

JohnnyT

New Member
Ok, he sent me this e-mail, should I even bother with this guy anymore?

Artemis told me you were worried about the transaction. Basically, what would happen is Up2drive.com will send me a blank check, it's similar to Capital One Auto's blank check. They will verify our identify by faxing them our driver's licenses and you will have to fax them a copy of your title to prove you own it. They will then have me write the check out to your bank. Then I will send it to you or your bank, I'm not sure yet. Once you have verified that the funds cleared by your bank. I will setup to have the car shipped. My only concern is how I will get the set of wheels and stock parts here. Artmemis was saying if you put them in thick bags or something and put them in the trunk and backseat, but we can work that out. Once the package comes, I will call you and we can move forward.
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Z

ZoomZoom Diva

New Member
what is this up2drive.com?

Shipping the car? I wouldn't deal with it, FBO your house is too risky still without him getting his ass here to at least look it over and sign the papers.
 
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