PQ16

Hi all,

Long time reader & hopefully you can help me out.
I live in Toronto, Canada and i'm looking to purchase a G in the U.S. Now I've gone through all the details with the other party and the car is great but it does have a lien on it. Now I've been researching the whole lien process but can't find a definitive explanation on how the owner pays the lien and allows the title to be transfered to the buyer.

Has anyone encountered this while importing a car to Canada?
Anyone know of what to do?

Thanks in advance for you help

PQ

speedracer g37

iTrader: (4)

You need to talk to the lender and get a payoff amount. You or your bank will send that amount to the sellers bank. If the payoff is less than the negotiated sale price, you will write a check for the balance to the seller. You should also request the lien release be sent to you at the request of the seller. The seller will sign over the title to you when you give him the check for his balance.

KauseKaos

When I was gonna sell my last car the bank told me that they would sent the title directly to the new owner titled in his or hers name. But my deal fell through so I just traded it in for my G.

speedracer g37

iTrader: (4)

The bank never holds the title. They hold a lien. Seller always has the title on hand with a lien designation and name of lien holder on the front.

Chico

True, the owner receives the title of a financed car.

gooddeal

I think this might not be true in PA unless they just change the law. I used to do a small finance on a car in order to get the additional financing cash bonus. I didn't get the tile. The bank has the title.

When I paid off the loan, the bank sent me the title. The tile has the bank name on it as a lien and the bank stamped on the title to verify that the loan was paid and they released the title.

PQ16

Thanks guys

speedracerg37 makes the most sense to me since it seems pretty straight forward. I will contact the seller and see if this process can work.

Thanks again, hope to post pictures soon if i end up grabbing it

superjer2000

My belief is that it can take quite a while to actually receive the title in your name AND you need that title to cross the border and register your car. Search the thread in the automotive form on Red Flag Deals as this topic has come up before.

8lackMacObs

Also not true in Texas. The bank (or credit union) will hold the title until the loan is paid off. At that time, the title is released to the owner.

In transactions involving private parties, I would make sure that you get your bank or credit union involved as well as the seller's leinholder (bank or credit union). Negotiate the purchase price and make sure the title will be transferred to your leinholder (or you if paid without a loan) upon payment.

TVPostSound

iTrader: (9)

I know for a fact, in California, Nevada, and Arizona finance company keeps your title until paid off.