how do YOU by a car/vehicle.....

[plumcrazy]

from another guy who has a loan on it? the kid im looking at buying a jeep from has a 11K loan on it. im buying it for more.

he cant swing to pay it off first. i dont wanna do it.

can i just send chrysler credit a 11K certified check and get the bill of sale 7-10 days later from them? and then when i pick it up, give him the remainder in cash?

anybody got any ideas? im guessing in some way one of us is gonna have to do some serious trusting of the other. i like the kid, he's been brutally honest up to this point. i know where he lives. got friends in his town..just wanna find a safe way to go about this transaction.

im lost.

 

[TampaViper]

i travelled to the sellers bank (with seller) and the title was signed as i paid off the loan.

 

[plumcrazy]

its out of state...thought of that one.

anything else ya can think of?

 

[Gerald Levin]

Quick story. I bought a bmw M6 from some professor in PA that was appx 600 mi. away. I talked to him many times over the phone and asked if would accept a cashiers check and he said he would. I fly into PA (one way ticket), buy the car, go to the bank (Saturday) and just before we finalize the deal, he asks the teller if cashier checks are 100% safe. Teller says no and seller refuses to finalize the deal. My bank of course was closed at the time. Long story short, I had to leave the cashiers check with him, I was "permitted" to drive the car home and only after a couple weeks would the seller release the title. Seller was protected since he still legally owned the car. But what a bunch of crap. Never do it this way again.

 

[Eric H]

I've been on both sides of that type of transaction. I taken a cashiers check for a car and had to mail the title out the next day because the banks were closed or i had to get the title from the bank. I have also had to wait a few days to get a title from a seller. I just make sure i have

1. a copy of their drivers license,
2. know where they live
3. Copy of their registration to prove they own the car.
4. call their bank and let them know what youre doing and make sure they actually have a loan through them.

 

[Lee00blacksilverGTS]

I have used this procedure.....
Make out two checks, one for the payoff the other for the remainder over the payoff. Cashiers checks of course. A little known fact is that a cashiers check can actually be canceled if something goes wrong. A problem for the seller but extra insurance for the buyer.
Go to FedEX office, or box, with the seller. Give him the check for the remainder over the payoff.
Put the payoff check along with a bill of sale the two of you will sign in a fedex envelope to Chrysler Financial. Keep a copy of the bill of sale. Enclose another fed ex envelope and pre addressed label inside with instructions to forward the title and payoff release to you, have the seller sign those instructions, make sure the account number of the loan is on the instructions as well as on the bill of sale. Have that return fed ex marked bill recipient, that would be you. You take the car and any other paperwork. In Maryland that would include the original title as the owner always holds it even with a lien on it. Also before any of this occurs call someone at Chrysler Financial and talk to them, find out the exact payoff, you may have to conference call with the seller, let them know what is happening and try to forward the paperwork to a particular individual if possible. That probably won't work, but get the name of the person you talked too. Extra insurance. They may not send it back fed ex but use regular mail, no matter, it is the letter of instructions to send the stuff to you that matters. If the seller is nervous about cashiers checks, get bank checks or certified drafts that the bank signs off that the funds have been withdrawn from your account, those can not be canceled and really make the seller feel at ease. The key to this whole deal is both of you standing in front of the fed ex box and executing the deal, you both see where the stuff is going and who it's coming back to.

 

[plumcrazy]

great ideas lee.

thanx gys. im gonna call his bank today to see what i can do.

 

[Joseph Houss]

.. another thought:

If you have a car dealer "friend", have him process the transaction.

 

[Got-Busa?]

Much easier way to do it if the buyer isn't happy with a cashiers check and you want to protect yourself as well.

Call the bank ahead of time so they can get the title out of there files (sometimes it may take a day or two) and setup an appointment for the transaction at the bank.

Go with the seller to the bank that morning and have the money wired directly to the bank. As the loan is paid on the spot, he signs the title over directly from the bank. The bank can also be used as the witness or notary for the transaction.

Any extra money that you are paying above the remaining loan amount, the bank will just make out directly to the seller (check, deposit, etc...however he wants it).

He has his money, you have the title and the car. Both parties are happy!

 

[VIPR GTS]

have a dealer do the paper work, the dealer pays off Chrysler Financial and the you pay the dealer who gives you a clean title, usually costs you an extra $150 or so to do it this way but you know that all the paper work is done correctly and you will have no problems. The dealer takes care of the paperwork with the seller by buying the car from them and then selling the car to you.

 

[ViperJoe]

Plum is not dealing with a BANK.
Chrysler Financial is NOT a bank down the street, and even if it were in "Yourtown" USA, like GMAC, you can't just show up there to finalize a transaction. They won't even let you in (there is a regional GMAC office here in town and I tried to talk to / see a real human and found that out).
When I sold my Z-06 it was financed through GMAC. I sold it for more than the payoff. The buyer (who was from out of state) sent a check for my asking price to GMAC and they sent the excess funds to me and the title would have been sent to me or to the buyer depending on what I the owner had specified through written and/or phone correspondance.
Good Luck Plum