Tips on Buying Cars: buying a car from a private seller, dept of motor vehicles, luck steve

Question
QUESTION: Hi Steve

Thanks for taking my question - I am buying a car from a private party and am not sure how the title transfer process works. Basically the seller has a loan on the car - we are going to meet at the bank where his loan is - he is planning to pay off the loan, get the title and then sign it off to me - is this the proper procedure ? Or once the title is signed off to the seller from the bank he needs to go to the RMV to get a new title and then sign it off to me ?

Thanks
Ghulam


ANSWER: Hi,
Depending on what state you are in, after the loan is paid, usually dept of motor vehicles releases the title. Make sure he is the sole owner and there are no additional leans on the car....Usually the bank will assist you...good luck!!

Steve

---------- FOLLOW-UP ----------

QUESTION: Thanks Steve - is it the RMV or the bank ? I was under the impression that the bank holds the title and will sign it over to the seller once he pays off his loan - I checked and there is only one lien on the car that of the bank - can the seller then turn around and just sign off the title and give it to me ? Does that mean the car is mine at time point ? Thanks for your help

Answer
Assuming they have the title on the premises, yes he can sign it over, i am in florida so the laws may be different where ever you are. Check online and do a search for title transfer, amke sure you end with your state. let me know if any other questions, good luck!!

Steve