by "404 Name Not Found" (404namenotfound)
Published 02/18/2017 at 18:58
by "404 Name Not Found" (404namenotfound)
Published 02/18/2017 at 18:58
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I’m located in Ohio and I’m trying to buy a car also in Ohio. However it is titled in Washington State and has WA plates. The owner still has a remaining balance on the car. So how does this work. Would I pay the owner, and he would pay off the loan? And then I would be mailed the title from Washington? Is this safe?
"E90M3" (e90m3)
02/18/2017 at 19:07, STARS: 1
I sold a car with a balance on it. If you’re going to pay cash for the car, you can have him call the institution and tell them that you’re going to be paying off the car and to release the title to you. That’s what I did with my 128i, released the title to Beepi. They overnighted a check to BMW and the title was transferred to them. I wouldn’t worry about the out of state title issue, but it does mean that you will have to pay Ohio taxes when you register it. I have no idea about Ohio tax laws, so that could be a good or bad thing.
Also what car?
"cbell04" (cbell04)
02/18/2017 at 19:34, STARS: 0
1st ill say not trying to dissuade or spread falsehoods. I personally have zero experience with lender related title transfers but my parents very recently bought a infinite q something (fancy pathfinder) and 6 months later didn’t like it. they paid off the remaining balance and listed it for sale but then had to balk on 2 offers because the lender took 40 days to get the title to them. Know its not normal but that shit scares me and they had zero legs to stand on when fighting it. Even though it’s all over with and the cars sold and a new has been purchased they lost money on better offers.
"404 Name Not Found" (404namenotfound)
02/18/2017 at 21:27, STARS: 0
Incidentally it’s a e92 m3 that I found. So I would have to call his lender and pay off the car and they would release the title to me? Or do I give him a check and he’ll go ahead and pay off the vehicle?
"ivnic8" (ivnic8)
02/18/2017 at 21:28, STARS: 0
I dropped out of a deal to purchase a Nitrous Blue Focus RS, with less than 1k miles for less than the invoice price of the car new. I thought it was a fair deal. But the owner had a loan on it, and the process to pay his bank, required that he sign paperwork at my bank - in person. Then the process of title transfer could take up to 30 days. While I would be in possession of the car, I would not have been able to register or insure it - which also means I could not legally drive it, according to my bank. There was some speculation that I would have 30 days to get it registered, and in that time I could drive it (as long as I had it insured). And this was for a somewhat local sale (the car was 20 miles from me).
So, I would strongly recommend that you work with a bank to handle the transaction. It may be a pain in the butt, but you will be protected.
You would be in a much better position if the owner of the car had the title in hand.
"E90M3" (e90m3)
02/18/2017 at 21:35, STARS: 0
My advice on buying an E9X M3 is to ask how many miles are on the throttle position actuators and ask if he’s got a spare quart of oil in the trunk. Mine needed both TPAs done before 40k, they’re each an eleven hundred dollar part, these engines are also known to burn oil, I had to put a quart in mine back in December.
I think you should be able to get the lender to release the title to you. You send them the check and then they give you the title in return. I’m not 100% sure, but I’m pretty sure they should have no problem doing this. If this guy has enough money to just pay the car off you could tell him to pay the car off, overnight the title and then you’ll give him a check the next day. If you trust him enough, give him the check and then get a formal document stating what you’re going to do, a notary might be enough the take possession of the car. Any idea who he is financing the car through?
"404 Name Not Found" (404namenotfound)
02/18/2017 at 21:44, STARS: 0
Thanks for the advice. I believe the lender is someone in Washington. Obviously because the car is being sold by a private party, I don’t know what to expect.
"404 Name Not Found" (404namenotfound)
02/18/2017 at 21:46, STARS: 0
So should I not pay cash for the vehicle? That is what I was going to do. Should I go to Chase bank and have them deal with it?
"E90M3" (e90m3)
02/18/2017 at 21:46, STARS: 0
That’s fair enough, hopefully you’ll be joining the oppo M owners club soon! If that’s not a thing, it needs to be.
"404 Name Not Found" (404namenotfound)
02/18/2017 at 22:01, STARS: 0
Part of me just wants to go to Carmax and get one now.
"E90M3" (e90m3)
02/18/2017 at 22:03, STARS: 0
They are fantastic cars. I love mine, despite it’s foibles.
"ivnic8" (ivnic8)
02/26/2017 at 19:35, STARS: 0
Sorry I am only seeing this now. But you should try to finance the car, and have your bank explain everything that needs to happen to make the sale happen, and to protect you.
When I was looking into this, my bank required that the owner of the car, would have to sign power of attorney at my bank. There were definitely hoops to jump through on both sides.
This weekend I bought a Focus RS at a dealership - no issues.