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Discussion Starter #1
I made an offer on a 66 'vert today. The seller has a loan out on it with People First. I think this is an internet-type bank that finances classic cars. There's no branch to deal with nearby. I need the release of lien to get the car transfered to my name. I'm thinking that the seller can call them for a payoff amount, then I will get 2 cashier's checks, one payable to the bank and the other payable to the seller for the difference. I drive off with the car and the title, signed over to me along with a letter that we both sign. I'll wait for the release from the bank before I transfer the title to my name. Does this sound right? How would you handle this?

Thanks
jim
 

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Here in Mo if there is a lein on it the bank retains the title until its paid off.
 
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Yes, you will have to contact the bank for the payoff amount. Then, 2 checks if the amount is more than he owed. Once the funds are cleared with the bank, they will send the title to you.
 

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Discussion Starter #4
In MIchigan, the seller already has the title, but it shows a lien to the bank. I will have the title when I pick up the car, but it will be useless until I get the release of lien from the bank.
I think it will work.
 

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I agree with the others that the bank ordinarily keeps the title, although there are exceptions. Unless you know and trust the seller, you might want to get your bank to help you check things out. Once your are confident that everything is legitimate, you might get your bank to do an electronic transfer to pay off the lien.
 

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I went thru this a while ago when I sold my Mini-Van financed thru Chase. I had it financed at the dealer when I bought the Van. So, I mailed Chase a check for the pay-off and in a very speedy (yeah, right) 2-1/2 weeks I received a payoff letter releasing the title.

Last time I ever deal with an out-of-state bank!

Now, I don't know if the bank will mail the release to anyone other than the person who is listed on the title. You better check into that.

There is one other way......."E" mail me for specifics...

Gary.......::
 
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