has anyone paid off someone elses bank loan in order to get the title for a car?

97micstang

New Member
in the middle of getting some money together to buy myself a jeep but kind of stuck/confused on what to do. heres my position: im buying a jeep that the current owner owes the bank 8150 on it still. im paying him 8300 and going with him to the bank tommorow morning to transfer the loan or title of the jeep into my name. am i on the right track? has anyone else done this before?
 

Zim

The Coors Knight
You're on the right track. Go to the bank, get the title, get the lien release, then treat it like any other car. You'll go register it at the DMV with the lien release, and all should be well.

They might make you wait until the title has zero lien on it, but I doubt it. As long as you have that lien release saying there isn't money owed on the vehicle, you should be good to go. After you register it, pay the taxes, etc, they'll send the title to wherever they distribute them from in your state, and they'll send you a new one with your name on it, and no lien.
 

97micstang

New Member
You're on the right track. Go to the bank, get the title, get the lien release, then treat it like any other car. You'll go register it at the DMV with the lien release, and all should be well.

They might make you wait until the title has zero lien on it, but I doubt it. As long as you have that lien release saying there isn't money owed on the vehicle, you should be good to go. After you register it, pay the taxes, etc, they'll send the title to wherever they distribute them from in your state, and they'll send you a new one with your name on it, and no lien.

oh alright. got it. ya the bank told me it would take up to 2 weeks to get the title. i was thinking how am i gona register without the title. so the bank should give me lien release right then and there after the bank check clears?
 

Zim

The Coors Knight
oh alright. got it. ya the bank told me it would take up to 2 weeks to get the title. i was thinking how am i gona register without the title. so the bank should give me lien release right then and there after the bank check clears?

It depends. The bank might actually send the title out with the lien release and get you a fresh title with no lien on it to start with. In that case, you would have to wait to actually go register it. I would imagine if that was indeed the case, they would give you proper documentation to go get a temp tag on your car so you can drive it around.

On the other hand, they might give you the title (with current lien still attached) along with a lien release that shows the DMV it has been paid off, and they'll send both of those to the states titling center and send you a new one a couple weeks later with your name on it and zero lien.

I'd call the bank, and ask which method they're going to do so you're not surprised.
 

AMNick

New Member
We did this with my mom's car a few years back. We had to call the bank in advance so they could get the title there from the main office. But then it was a pretty normal transfer after that. It will probably depend on the State you live in, and the bank's procedures, so I would call the owner's bank to see how they handle this.
 

97micstang

New Member
We did this with my mom's car a few years back. We had to call the bank in advance so they could get the title there from the main office. But then it was a pretty normal transfer after that. It will probably depend on the State you live in, and the bank's procedures, so I would call the owner's bank to see how they handle this.

ya i called the owners bank and they said they would send me the title through the mail and it would take up to 2 weeks to receive.
 

97micstang

New Member
It depends. The bank might actually send the title out with the lien release and get you a fresh title with no lien on it to start with. In that case, you would have to wait to actually go register it. I would imagine if that was indeed the case, they would give you proper documentation to go get a temp tag on your car so you can drive it around.

On the other hand, they might give you the title (with current lien still attached) along with a lien release that shows the DMV it has been paid off, and they'll send both of those to the states titling center and send you a new one a couple weeks later with your name on it and zero lien.

I'd call the bank, and ask which method they're going to do so you're not surprised.

im going to call them back once i get another break from work and ask about a lien release.
 

97micstang

New Member
It depends. The bank might actually send the title out with the lien release and get you a fresh title with no lien on it to start with. In that case, you would have to wait to actually go register it. I would imagine if that was indeed the case, they would give you proper documentation to go get a temp tag on your car so you can drive it around.

On the other hand, they might give you the title (with current lien still attached) along with a lien release that shows the DMV it has been paid off, and they'll send both of those to the states titling center and send you a new one a couple weeks later with your name on it and zero lien.

I'd call the bank, and ask which method they're going to do so you're not surprised.

well it didnt work out at all like i wanted it to. sorveign bank doesnt know wat the hell they are doing. they i guess sell all their loans/liens to another bank and wasnt able to give me a lien release or even a reciept for proof that we paid this guys loan of for the car. the lady said "take my word for it" so the best way we did it was to have them 2 day deliver the title to the owner and then he will get back to me. i am currently driving the jeep under his registration and probably under his insurance also even though i got insurance on it:lol:
 

Domingo

LT's on a vert
well it didnt work out at all like i wanted it to. sorveign bank doesnt know wat the hell they are doing. they i guess sell all their loans/liens to another bank and wasnt able to give me a lien release or even a reciept for proof that we paid this guys loan of for the car. the lady said "take my word for it" so the best way we did it was to have them 2 day deliver the title to the owner and then he will get back to me. i am currently driving the jeep under his registration and probably under his insurance also even though i got insurance on it:lol:

Good luck not getting ****ed over. If he has the title and you have nothing to show you paid for it, he still owns the car.
 

Zim

The Coors Knight
Good luck not getting ****ed over. If he has the title and you have nothing to show you paid for it, he still owns the car.

Hope for the best... I wouldnt have gone without the title and no money. That guy can report it stolen, and there's nothing you could do.
 

nikko

Admin Emeritus
Hope for the best... I wouldnt have gone without the title and no money. That guy can report it stolen, and there's nothing you could do.

As long has he's got a signed bill of sale and proof of the transaction there's no problem.
 

97micstang

New Member
Hope for the best... I wouldnt have gone without the title and no money. That guy can report it stolen, and there's nothing you could do.

ya that would be bad and a lot of explaining to do. better then just leaving the car at his house fully paid and without the title i guess. nothing else i could of done really. :uhh: oh well. hope for the best:cool:
 
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