How to buy a car from someone who does not have title

[lafinfil]

Paul had it right and there is nothing unusual about it at all. I've done it a number of times.

You and the seller go to to the financial institute that hold the title and unless it is a small town bank
then they will not have title in hand. FWIW the seller doesn't have the title either if there is a loan on the vehicle
so I'm not sure how they can scam you.

You tell the bank what you are doing and they will do the paper work and even notarize it for you.
Buyer will get a bill of sale showing purchase so they can get a temporary plate. The bank will send buyer the title
in a week or so showing assignment to buyer. Take title to BMV with bill of sale and apply for new title. buy plates, pay taxes etc ...

Best thing is to call bank up front snd see how they normally handle it. You may need a cashiers check made out
to the bank for your part of the balance due.

[Black]

fauch wrote:
No ticky, no laundry!!!!

Do you really trust that they'll "send it to you"???

Obviously he doesn't, otherwise he would not be asking.
I'll never understand the point of responses like this.

[August West]

I'm confused about not having the title. Every vehicle I purchased with a loan I've possessed the title. The Bank or finance company is simply listed as a lien holder. One would clear the lien to transfer title.

[lafinfil]

August West wrote:
I'm confused about not having the title. Every vehicle I purchased with a loan I've possessed the title. The Bank or finance company is simply listed as a lien holder. One would clear the lien to transfer title.

It probably varies by state - but honestly it's been over 15 years since I bought one that had a lien on it.

Either the current owner or the bank has the title if the deal is legit.

[Golfer]

Maybe it's just living in a small midwest town, but I've bought/sold several vehicles exactly that way. Of course it has always been someone local, some I've known personally, some I haven't. And here, the bank holds the title until the note has been paid.

[Wailer]

Just make sure you discount the price to account for the "hassle" as many buyers will be scared away by this.

[sunfalcon]

He should have a "copy" of the title. That way you can verify the loan holder. I agree that going to the bank together is the best option. However, if it's a bank out of town then that is more of a problem. I'd call your local county title department and see how this is worked out in your area. They can give you the details.

[lafinfil]

I don't believe there is any such thing as a "copy" of a title - at least not in my state.

[AAA]

I just bought a bike which the guy technically did not have the title. I walked him down (met him) at the license branch. He did the whole title thing. I will get it tomorrow or Tuesday.

[Black]

lafinfil wrote:
I don't believe there is any such thing as a "copy" of a title - at least not in my state.

In Illinois you can have one made but it will be clearly marked "replacement" or "copy." (can't recall exactly . . .)
Takes an eternity to come though-- 7 weeks?