Need guidance: buying a car with a lien
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I sold a car this way.
Bill of sale entitles you to car so be sure it is good and filled out properly, but yes you do have to wait for title and in my case it took a good 2 weeks. Buyer was quite ancy and asked almost daily.
I believe they sent me the title and I had to forward it to him, which seemed silly but YMMV with USAA.
Bill of sale entitles you to car so be sure it is good and filled out properly, but yes you do have to wait for title and in my case it took a good 2 weeks. Buyer was quite ancy and asked almost daily.
I believe they sent me the title and I had to forward it to him, which seemed silly but YMMV with USAA.
See that's what I'm looking for. How much did you put down as deposit? I assume that was agreed upon by the bank?
I sold my Wrangler with a lien.
Called the bank telling them I needed the title to be local. A couple days later they told me the title was ready to go, went to the bank with the buyer, they handed the money to the rep, paid the loan off and put remainder in my account, rep handed the title to me to sign, them to sign, and the buyer drove off in the Jeep with the title in hand. Never heard from them again which I would assume is a good thing.
I also sold my Ace this way.
Called the bank telling them I needed the title to be local. A couple days later they told me the title was ready to go, went to the bank with the buyer, they handed the money to the rep, paid the loan off and put remainder in my account, rep handed the title to me to sign, them to sign, and the buyer drove off in the Jeep with the title in hand. Never heard from them again which I would assume is a good thing.
I also sold my Ace this way.
What plates would you put on the car? Most sellers aren't going to give you their plates to use temporarily. I'm also pretty sure there's a decent penalty for driving around with plates that aren't registered to a car, though I guess if you don't get pulled over it's not a problem.
I've sold a couple cars bikes with liens and it took anywhere from 2-4 weeks to get the title.
IMO there's no way to drive it without registration without possibly getting a ticket. I've been pulled over a couple times in a vehicle I had just bought and the police said if you don't have a plate it's illegal, and if you are driving on a plate that's not registered to the car it's illegal. I had the bill of sale and explained that the BMV tells me I have 30 days to register it, but neither officer cared.
For the 3 vehicles I sold that had loans on them, the purchaser did not drive it until I gave them the title
https://www.usaa.com/inet/ent_locationServices/UsaaLocator/?0
Appears to be Kansas City or Nashville (Select Financial Center or "Talk to a Rep").
The rest are all ATMs.Speaking of which, I just got a letter from Navy Fed saying they're building a location in Gurnee.
The plates from the car you sold. Obviously this assumes you just sold one which is what my buyer did. You just tell the cop you are going to transfer them to this vehicle.
And yes, truck plates might not work so well... lol
that's what I was told by the BMV so that's what I did.....but when you get pulled over every 6 minutes for driving without plates, don't be surprised
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