View Full Version : Private Auto Sale and financing
doobie830
Dec 6, 2008, 07:34 PM
What happens when my seller is fiancing the car, and I am going to finance the car when I purchase it.. how does my finance company get the title?
Tanae_022
Dec 12, 2008, 07:31 AM
First off are you taking over this loan? If so the bank that has finance this car should already have the title. Also the seller should have a copy for his or her record.
doobie830
Dec 12, 2008, 07:39 AM
No, I have a loan, and he needs to pay off his... so how does my bank get the title..?
twinkiedooter
Dec 17, 2008, 01:58 PM
Your bank would get the title from the finance company that presently holds the title once it is paid off by your new finance/loan company. You will probably get a Memorandum of Title.
this8384
Dec 17, 2008, 04:12 PM
The first lien/seller's lien needs to be paid prior to the title being transferred to you. Once the second lien/your lien is established, your bank should pay off the first lien; the first lienholder will then issue a lien release. The title can then be reissued in your name with your lienholder listed on the title.