car buying advice needed

car buying advice needed

PostBy: e.alleg On: Sat Mar 15, 2008 3:10 pm

I (hopefully) found a truck that I want to buy but it's from a private party. The guys still has a loan on it from his local bank so it has a lien on the title. How do I go about buying and registering it? In the past on older vehicles I've always just paid and got the keys/title or went through a dealership, this one has me nervous because I've never done it before. What do I have to do?
e.alleg
 
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Re: car buying advice needed

PostBy: daveuz On: Sat Mar 15, 2008 3:23 pm

Ed , You should go to the bank with him to pay off the loan. The bank I believe will provide you with a lien release at that time or at least a document saying the financal obligtion has been satisfied (call them first to be sure ) than take the release and the title to the DMV office and reg it. You can reg a car with an exsisting lien on it in NY BUT the new title sent to you will show the lien. That is fine as long as you have the release. What you do not want to happen is that the seller does not pay the loan off. If that happens the bank can and will take the car if no payments are made.
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Re: car buying advice needed

PostBy: WNY On: Sat Mar 15, 2008 3:33 pm

Yes, what E. Alleg said, just go to his bank with him and they will give you the Lein Release or Form Letter on the loan being paid off.

Make sure you get a SIGNED BILL OF SALE from the seller, you need to fill out a DMV form for the taxes (MV801? or something), check the NY DMV Website you can download the forms and the seller has to fill it out and sign it. NYS requires a BILL OF SALE and the DMV Tax form SIGNED from the seller.
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Re: car buying advice needed

PostBy: e.alleg On: Sat Mar 15, 2008 3:44 pm

Thanks, that's what I'll do then is go to the bank with the guy and give him the check right there.
e.alleg
 
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Re: car buying advice needed

PostBy: LsFarm On: Sat Mar 15, 2008 7:27 pm

In Michigan, the title has a 'release of lien' section, where the bank fills in the 'paid in full' 'lein released' and stamps the title with a seal or rubber stamp and a bank officer's signature..

I've seen the 'release of lein' document from some out of state purchases too...

Good luck with the 'new' truck.

Greg L.

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