Has anyone done this in a non-local market?

I paid a deposit for a gorgeous 996 that I won on ebay. It is 800 miles from where I live. My intention was to fly down, pay for it, and drive back, just like I had on my last 2 cars. The owner of the car popped a new one on me last night- he does not own the car, the bank does, he has it financed.

I am thinking that it wouldn't be a problem in 99.9% of the cases to just get the title in the mail after the car is paid off, but what about the other 0.1% where someone sells something they love when they are desperate for money, then used it to pay off another loan, or just never pays the bank back.

The bank would come after me for their property- and rightfully so.
Can this kind of transaction be done on a Saturday, like any other car deal, or am I in for a mess of paperwork? I tried calling the guy to see if I can pay off the bank directly, but he hasn't called back yet.
Anyone deal with this before? Please advise

 

You need a title signed over to you, along with a bill of sale. and the lien on the title from the bank needs to be signed off, this can also be done by a letter from the bank. My advice, no title, no release, no money!!

 

you check needs to be to their bank, not them.
i would get your loan person to sync up with the owner's bank and make sure all is done and you get notorized bill of sale, transaction document etc. and drive back.

let me see the car.

raja

 

If the note is held by a local bank, just do the deal at the branch office, get the lien release signed, title, etc.

 

Yup, make the check out to his bank... NOT HIM. If he isn't up for this, make the check out in the full amount to his bank, they can sort out what is left for him and sign the title over to you. Whatever you do, don't leave him your money expecting a title in the mail...

 

Well, to make it easier, the number he agreed to take for the car was what he owed on it, so skipping him and paying the bank should be no problem at all.

I am not getting an auto loan for the car, so the only thing my bank is needed for is coordination with his bank to pay the car off.

I will let you all know what happens when he gets back to me. Thank you all for the help.

 

Best of luck Max.

I was actually told that you make one check out to the bank to pay off the car and a second check to the owner of the car for the balance.

Pics pics pics!