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Old 02-23-2009, 07:12 PM
 
51 posts, read 299,687 times
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I am purchasing a used car from a private party and owner tells me that the title is held by a bank, which will be mailed after the transfer. The car exists and it is not stolen as I checked with cops. I moved here from Illinois and in IL the title is held by lien holder and mailed to owner when it is paid off. I do not know if it is the same here. And if it is the same, how do I proceed with the purchase.

Greg
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Old 02-23-2009, 07:16 PM
 
Location: Planet Earth
1,078 posts, read 2,771,720 times
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I'm pretty sure you never get the title unless you have the car paid off. It wouldn't make sense for the bank to not hold the collateral. I'm assuming he meant the title will be mailed to your bank/financer.
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Old 02-23-2009, 07:36 PM
 
2,516 posts, read 7,547,328 times
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Held until the loan is paid in full. Some lienholders will handle the DMV transfer before mailing the title ("pink slip"); others will send you the original title with signed release and send you to the DMV transfer it to your own name.

How to proceed? Do not buy a car from someone who cannot produce title at time of sale. If his loan obligation hasn't been satisfied, what's to stop him from taking your money, and giving you keys to a car that is still owned by the bank, and can be repossessed from YOU?
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