Buying a vehicle with a lien against it?

[Charley Lillard]

How are you getting it into Canada without Title ?

[YENKO DEUCE REGISTRY]

In my experience, both parties go the lending institution (if possible), and the buyer pays off the loan for the owner, the lender stamps the title as 'Lien Removed', gives it to the owner, who then accepts the remaining amount of money (if any) from the buyer - and hands over the keys!

[Denis]

Problem is the lender is out of state. We could go to the seller's bank but they don't have an interest in the vehicle.

[budnate]

when I sold the Stang last year same deal, MY banker helped out, we both buyer and seller sat down at my bank and it took a couple of hours of faxes/sighning stuff sending back and forth and phone calls to get it dont safely,

your bank can wire the money to the loan place and they/loan place fax a official letter stating release of the vehicle to you, and they mail the sighned off title to you.

call ahead and set up a manager to help at your bank and call ahead to the loan place and get a manager there and set a tentative time they will be around to do the paperwork and accept funds for the transaction,

I would not just hand the seller the dough...its really not his, its the loan places dough.

[jg95z28]

[ QUOTE ]
when I sold the Stang last year same deal, MY banker helped out, we both buyer and seller sat down at my bank and it took a couple of hours of faxes/sighning stuff sending back and forth and phone calls to get it dont safely,

your bank can wire the money to the loan place and they/loan place fax a official letter stating release of the vehicle to you, and they mail the sighned off title to you.

call ahead and set up a manager to help at your bank and call ahead to the loan place and get a manager there and set a tentative time they will be around to do the paperwork and accept funds for the transaction,

I would not just hand the seller the dough...its really not his, its the loan places dough.

[/ QUOTE ]

Similar to how we handled the purchase of my stepson's used Tahoe last year, although we went to the credit union of the seller who was the title holder.