Purchasing Vehicle with Lien

paradisePWoffrd

paradisePWoffrd

Recovering Project Junkie
Joined
Nov 5, 2005
Location
Newton, NC
I'm sure there is an old thread on this, but my searching didnt work.

Looking to purchase a used vehicle. It is in state, and seller still owes money on it. Lender is online only, so no local branch.

I understand the general process: Pay Seller/Lender, Get BOS & Vehicle, wait for title to come in. Have purchased plenty Private sell, but none with online lender.

Will DMV transfer title with just BOS?

Any suggestions, experiences?
 
paradisePWoffrd said:
I'm sure there is an old thread on this, but my searching didnt work.

Looking to purchase a used vehicle. It is in state, and seller still owes money on it. Lender is online only, so no local branch.

I understand the general process: Pay Seller/Lender, Get BOS & Vehicle, wait for title to come in. Have purchased plenty Private sell, but none with online lender.

Will DMV transfer title with just BOS?

Any suggestions, experiences?
Click to expand...

Talk to online bank and know what paperwork they require, if you have loan number that would help. Go to DMV to do transaction, keep a copy of all paper work. Get a certified check made out to online bank for payoff then check to seller for remaining.

Could also go to your bank, take out a loan for the payoff amount, have your bank to the leg work with online bank, then payoff loan with first payment once your bank has the title
 
paradisePWoffrd said:
I'm sure there is an old thread on this, but my searching didnt work.

Looking to purchase a used vehicle. It is in state, and seller still owes money on it. Lender is online only, so no local branch.

I understand the general process: Pay Seller/Lender, Get BOS & Vehicle, wait for title to come in. Have purchased plenty Private sell, but none with online lender.

Will DMV transfer title with just BOS?

Any suggestions, experiences?
Click to expand...
I couldn’t register my truck until the title came back from the sellers lender.

Sellers lender was NFCU in VA, truck was registered and titled in NC.

Took 2 weeks until I could get my tag and registration. Drove on sellers valid tag, he kept insurance, and I had insurance, until title came back. Then when I got title, I gave him his tag, and got my tag.
 
paradisePWoffrd said:
Lender has the title, which is fairly common when there is a loan still owed.
Click to expand...
True, but there are instances of the owner having the title.

My suggestion is have the owner contact the lender and let them know they are selling it and see if they can authorize the title be sent to you. If they can, you then contact them with this knowledge and arrange payment directly to them, once you have the title, go meet the owner, pay them the difference, and then do the title work.

My other thought is get a loan from your bank, have them transfer the pay off to the lender, who will send them the title, you pay the owner and take possession of the vehicle, then when your institution has the title, pay off the loan, title is yours.
 
fordwheelinman said:
True, but there are instances of the owner having the title.

My suggestion is have the owner contact the lender and let them know they are selling it and see if they can authorize the title be sent to you. If they can, you then contact them with this knowledge and arrange payment directly to them, once you have the title, go meet the owner, pay them the difference, and then do the title work.

My other thought is get a loan from your bank, have them transfer the pay off to the lender, who will send them the title, you pay the owner and take possession of the vehicle, then when your institution has the title, pay off the loan, title is yours.
Click to expand...

We thinking the same :huggy:
 
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