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    doobie830's Avatar
    doobie830 Posts: 2, Reputation: 1
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    #1

    Dec 6, 2008, 07:34 PM
    Private Auto Sale and financing
    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's Avatar
    Tanae_022 Posts: 3, Reputation: 1
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    #2

    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's Avatar
    doobie830 Posts: 2, Reputation: 1
    New Member
    		  
    #3

    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's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
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    #4

    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's Avatar
    this8384 Posts: 4,564, Reputation: 485
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    #5

    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.
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