Hey guys,
I need your help figure something out. Long weekend and DMVs are closed but i'd like to get an idea rather sooner then later:
I am looking to buy a car from a private party and the person has a lien on his car. I know he needs to pay it off first, but how should i go about it? I think i should not give him any money until he signs the title over to me. But he cannot until he pays the loan and gets the lien release papers.... And I would not feel comfortable giving him money to payoff HIS car. After all, he can just disappear after taking my money…
Any advice? i am sure that i am not the first one who's questioning this.
BTW: in an NY if that makes any difference.
T H A N K S !!!

Also, i'd like to offer 2+1 speakers for sale. Harmon/Kardon almost new. used them few times. Black. PM for pictures. Only asking $20 + shipping to your zip from 11214. about 12 lb. Original price tag $120.

 

ummmm..... he won't have title, the bank will have the title...... rIGHT? i think thats how it is. or! on the title, there will be the banks name. i suppose you give them the money that is left over, and the remainder goes to the private seller. so your title will be clear from the banks name.

 

So what are YOU selling?

Nothing? Then this doesn't belong here.

 

Uh... you might wanna present this question in the proper forum (i.e., General Discussion, Off-topic, etc..) before a mod decides that you need a bit of "corrective training" (read - BAN)

Don't hate the messenger, just trying to educate.

 

Thanks for the advice, do you know how can i move it or delete it if you think it does not belong here? But i do want to sell PC speakers.

 

PM one of the mods - they'll be happy to do it.

 

You both sign a Bill of Sale. You keep his tags and a copy of the bill of sale. Make sure that the registration and documentation match his ID, and then you give him the money and you take the car. he has X days (as specified in the bill of sale) to release the lein. I would advise that you have him call the bank to verify how long it will take to get the title to him after he pays it off.

After you get the title, you give him the tags. Both partys are wise to KEEP insurance on the car until the deal is finalized. I have both bought and sold cars in this manner. I can email you the Bill of Sale that I used.