- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Used car title advice
Posted on 6/23/17 at 10:04 pm
Posted on 6/23/17 at 10:04 pm
I found a used car from private owner that might work for my kid. It's 4 hours away and was planning on going tomorrow to finalize but the guy has the title with Toyota Financial. No way I give him a cashiers check without the title in hand. What is the best way to handle this assuming all is on the up and up? TIA
5
Posted on 6/23/17 at 10:20 pm to MadDoggyStyle
Meet him at a title transfer/notary and, pay him there and have the title transferred over to you.
Posted on 6/23/17 at 10:24 pm to Tygerfan
He financed with Toyota Financial in Chicago. Any workarounds? Either way, I don't see this taking place on a weekend.
Posted on 6/23/17 at 10:36 pm to MadDoggyStyle
Is the title paid off and does he have it in hand?
Might happen on a Saturday if you can find an open title company.
Might happen on a Saturday if you can find an open title company.
Posted on 6/23/17 at 10:42 pm to Tygerfan
No, he still owes Toyota Financial. Title is with Toyota. Do I pay off his loan to get title sent to me? How do I cover myself to not get scammed?
Posted on 6/23/17 at 10:45 pm to MadDoggyStyle
You would bring two checks: one made out to Toyota for the payoff balance that they owe, and the other to the owner for the remaining purchase price. Then Toyota will send the title back to them and you will have to have it signed over to you. Can't be done in a weekend though.
Have a good bill of sale and get it notarized to protect yourself.
Have a good bill of sale and get it notarized to protect yourself.
This post was edited on 6/23/17 at 10:46 pm
Posted on 6/23/17 at 10:48 pm to Flipadelphia
quote:
You would bring two checks: one made out to Toyota for the payoff balance that they owe, and the other to the owner for the remaining purchase price. Then Toyota will send the title back to them and you will have to have it signed over to you. Can't be done in a weekend though.
Have a good bill of sale and get it notarized to protect yourself.
This.
The bill of sale notarized is the most important thing. Without that, you could be paying this guy's car off and he may never give you the title.
Posted on 6/23/17 at 10:49 pm to MadDoggyStyle
When I sold my truck a couple years back, the guy's bank wrote one check to usaa, who was my lienholder, for the payoff amount, and another check to me for the overage amount. They released title directly to him....not sure how to 100% guarantee everything goes your way-i guess just make sure the bill of sale states that the lien will be satisfied immediately and title will be released to you.
Posted on 6/23/17 at 11:09 pm to AUjim
Thanks guys. I will see if I can work this out.
Posted on 6/23/17 at 11:13 pm to MadDoggyStyle
Go to a title transfer place. Only time I sold a car myself instead of trading in, I went to a title transfer place. Still owed Honda a little bit but the title transfer notary was able to handle it all and have title sent directly to the buyer
Posted on 6/24/17 at 12:12 am to Tiger Prawn
Just went through this. Without title in hand, you could still get screwed. Even if you pay off his loan, the lien holder will send the title to him. They don't care who pays it off. Only a dealer or a bank can assume a title from another lien holder. If you go through a bank for a loan, even a small one, they can payoff the current lienholder and then they would acquire the title, which would then be turned over to you when you pay your new loan off. It's kinda messy.
Posted on 6/24/17 at 6:10 am to BadTiger
Yep. Recently sold my sister a car I bought for my kid after he fricked up one too many times. Title went back to him and he had to transfer to her - took almost 2 months til she had the title in hand.
Posted on 6/24/17 at 6:50 am to MadDoggyStyle
Read the second post duh
Posted on 6/24/17 at 7:18 am to Cracker
Ha. Wrong!! Title transfer places TRANSFER TITLES!! Seller doesn't have the title. Bank holds it. This will only work if you trust the seller to bring the title to you once the loan is paid off with YOUR money. Family or friend, maybe ok. Other than that you're risking getting screwed out of a vehicle, or at a minimum, major legal headaches. A bill of sale is all good and fine, but you cannot register a vehicle in your name without a signed over title in your name. Only a dealer or lender can facilitate that. I just went through this. Wanted to pay cash for a used car but the guy still owed on it. Had to take a small used car loan so the bank could acquire the title. When I pay my loan off they'll deliver the title to me in my name. It was a PITA. The guys bank would only mail it to him, regardless of who paid it off. I didn't really know him, and didn't want to take a chance of him not getting the title to me. He'll, he could get hit by a bus in the meantime and I'd have paid for a vehicle that I letdrally had no way of getting the title. Be careful.
Posted on 6/24/17 at 8:04 am to MadDoggyStyle
Have you talked to the guy before? Does everything seem on the up-and-up? If so, it'll probably work out fine. Do the sale at his bank - have them notarize a bill of sale. I've sold cars where my lender mailed me the title (sometimes weeks later) and I've forwarded it on to the buyer. You're getting two things at the time of transaction: a bill of sale and the car. The guy is committing a pretty serious crime if he tries to hold the title hostage or worse.
Posted on 6/24/17 at 9:26 am to GaryMyMan
It's not financed at his bank, it's financed with Toyota Financial in Chicago and they are closed today. I guess the best approach is to conference call seller, Toyota and myself and see if they would send me title if I pay off his loan, then write him a check for the remainder.
Posted on 6/24/17 at 11:27 am to MadDoggyStyle
With all the cars out there for sale, go find one that's paid off.
Posted on 6/25/17 at 1:10 pm to BadTiger
When you have the bill of sale signed, also have the seller sign a power of attorney to transfer title. You should be able to get the form through the state DMV website. As mentioned earlier, cut 2 checks. With the payoff check, include copies of the BOS and POA, along with a letter requesting that the title be sent directly to you.
Posted on 6/25/17 at 1:15 pm to Geauxtiga
quote:And closer.
With all the cars out there for sale, go find one that's paid off.
What's so special about this car to make it worth all this trouble?
Posted on 6/25/17 at 1:25 pm to johnnydrama
It is a used 4 Runner, 2012 model with 112,000 miles. No wrecks and selling for $18,750. NADA shows clean retail at $25,500. Aututrader shows only one 4 Rinner cheaper nationwide.
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News