F/S 997 Turbo, Chrono, manual, adapt-sport seats, carbon, diff-lock!

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Dec 6, 2014 | 12:48 PM

#16

reefdiver550

Thread Starter

Registered User

Joined: Feb 2008

Posts: 159

From: Pinehurst, NC

Rep Power: 27

Year: 2007
Make: Porsche
Model: 911
Price: $57500
Mileage: 60610
Color: Silver
Private or Dealer Listing: Private Listing
Location (State): NC
Transmission: Manual
Drivetrain: 4WD & AWD

Quote:

Originally Posted by docboy

With a lien on the title, how would this work to ensure the title clears to the new buyer? And vice versa, how would the process work to make sure funds are cleared "properly" to the seller?

Usually you'll direct payment (wire, cashiers check) directly to the loan. The loaning institution won't give you the title until the loan is satisfied (payment clears 'properly'). At that point the title is sent to the owner (seller) who had the loan on the car. Then the owner (seller) transfers the title to the buyer. Depending on the state this requires a notarized signature. Sometimes the actual titles are held at a central office and are mailed after the loan is satisfied so it takes an additional couple of days to get.

If you paid off a loan with some sort of check, they won't give you the title the check 'clears' how ever long that takes. On titles with a lien, there is an area that the bank 'signs' clearing the lien and opens the title up to be transferred etc.

THE CAR IS SOLD AND GOING TO A HAPPY NEW OWNER IN OHIO