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Ok so I found this BMW that I want to buy but the lady that is selling it has not paid it off and there is a lien on the car through Bank of America. She is telling me to go to the bank with her and pay of the lien with her as she owes more than she is selling it for. So we would go to the bank together and both chip in to pay off the lien. Then the title will get sent to her and she can then sign it over to me. Sounds a bit sketchy. There will be a notary present to notarize a bill of sale but I am still worried if this will be enough to prove that I own the car and she must sign over the title to me. Also, will we both have to go to the DMV together to transfer title or can she just sign it over and mail it to me and I can go to the DMV alone? Please Help! Oh and this is in California if that makes a difference. Oh and I have no reason to beleive this lady is shady as she invited me over to her home to check out the car so I KNOW WHERE SHE LIVES AAAHAHAHHAA! But you never can be too safe.
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I would never pay off someone else's lien. I have a policy to not buy cars that have liens on them. When buying private party I pay the seller cash and I want title in hand.
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Thanks for the advice man. I thinks this may be a no go, too bad because Ive been looking for four months for the perfect car and I finally found it local and look what happens. There really needs to be a better way so that the bank can transfer title directly to the new buyer rather than to the person who just sold their car. This makes it VERY difficult for a person to sell their car with a lien on it unless they come off as very trustworthy. Which to me, nobody does. sighhhhhhh.......
Simple solution. Give her a $1,000 deposit so she knows you'll be back to buy, let her go and pay off the lien and then you buy it when it's clear. You can't register the car till she gives you the title anyways.
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---------------------------------------------- 2005 Porsche 996 Turbo S Cabriolet 2008 BMW X5 4.8i Sport 20" Space Gray 2006 Bentley Continental GT Mulliner Edition 2006 Lamborghini Gallardo 6spd-Sold 2006 BMW 750i Triple Black 2006 Range Rover Sport Supercharged 2005 Lotus Elise Touring-Sold 2001 Lexus RX300 AWD ----------------------------------------------
Hmmm, that sounds like a good idea but I dont know if she has the means to fully pay this one off right now. Also, if I cant register the car without the title, will I be able to insure it or will I just have to sit on it for 3 weeks until I receive the title?
I sold my '04 X5 4.8is with a BoA lien. BoA will send the lien to a branch if requested prior. You both go an pay off loan and BoA will hand you the lien.
What exactly do you mean by hand me the lien? Is that the same as the title? This sounds like the solution but if I have the lien in hand what does this entitle me too exactly? Does this give me ownership immediately? Is this a lot better than a bill of sale? Can I take this lien to the DMV and register the car?
I would never pay off someone else's lien. I have a policy to not buy cars that have liens on them. When buying private party I pay the seller cash and I want title in hand.
agree -- i've bought two cars from this site
the first was a painless process ... hand the buyer a draft for x amount ... he handed me the title.
the second was much more of a hassle and i really really had to trust the seller before going forward .... i paid upfront full and did not have title for 2 weeks or so ... everyday kept being 'it should be here tomorrow'
What exactly do you mean by hand me the lien? Is that the same as the title? This sounds like the solution but if I have the lien in hand what does this entitle me too exactly? Does this give me ownership immediately? Is this a lot better than a bill of sale? Can I take this lien to the DMV and register the car?
He meant the title, you can request the bank to send the title to a branch office before hand, then you can go in and pay off the lein, sign and notorize the buyers order, and sign over the title all in the same trip. Once you have the title, you can go register it yourself with the buyers order and signed title at DMV.
the first was a painless process ... hand the buyer a draft for x amount ... he handed me the title.
the second was much more of a hassle and i really really had to trust the seller before going forward .... i paid upfront full and did not have title for 2 weeks or so ... everyday kept being 'it should be here tomorrow'
i dont think i'd deal with a deal like that again
The second process doesn't sound bad at all, you were probably just anxious to get the title. Of course there is nothing wrong with that.
I've done purchases like this before and haven't had any issues. Now everyone would rather just do the straight cash/pink slip deal, but not everyone has a car that is paid off.
To the op, just be smart and use common sense and all should be well.
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