Hi guys
i am a canadian and i am buying a silver 2005 C2S with 30k miles from a guy in phoniex i am agree to pay for $56k but he still own Credit Union of Taxes $49k on this car and bank still holds the title and he said he dont have money to pay off the loan first
so i have to wire the money to Credit Union of Taxes then that bank will send the title back to him
after he got the title from mail he will turn the title to me

and he only agree to sign the bill of selling when the time i send the money over but we will do the natory on the local bank.

but what happen if he end up dont give the title to me ? what can i do ?
does the wire transfer record from my bank can prove anything?
or the bill of selling can do anything for legal purpose ?

i never buy car in US before so anyone please help me if you know how to do the owner ship transfer right thanks

 

No way ! I understand that you want the car and he wants to sell it BUT he does not own it --the bank does .

The ONLY avenue I can think of is for him to arrange the tranaction though a car dealership . Each of you may have to pay a fee to process the paperwork .

 

Hi thanks for your help
what you mean by tranaction though a car dealership ?? can you explain more about it?
i think its pretty common people who still own money from the bank so the local buyer will face same problem as well

so i am wondering what is the right way to doing this?
i understand that bank owns the car but after i wire the money to the bank the car will be off the lien so the title goes back to him !!
is there any way that can protect me and still make the transfer happen?~
in vancouver canada if the car still owns money we will go to bank together then we pay to bank and the title released at same time but in this case he is in AZ and the bank is in the Taxes so its no way we can do it !!

 

The right way to do this is for him to have the title. He doesn't .
A car dealership would pay off his loan and sell you the car because that is what car dealerships do . Their finance manager screens and verifies his loan directly with the bank as well as the state motor vehicle department and if a sale problem arises the dealership has a system of managing it far better than private sale with person in another country .

He wants to sell the car.
You want to buy the car .
Neither of you want to be ripped off .
A dealership may charge a fee but it covers your a$$.

 

I found this if you decide to process the paperwork yourselves .
I do advise against it though because it creates a lot of work, has obstacles, and greater risk than if a dealership processed the sale. . This is an expensive car , you are out of the country . In my opinion it's worth a little extra to have peace of mind . If a problem arises after the sale my feeling is you'd be better off calling an authorized dealership than the seller after he has your money . Just my 2 cents but you decide--

http://www.edmunds.com/advice/sellin...0/page009.html

Quoted From Link-
But what if you still owe money on the car, and the bank is holding the title? One way to deal with this is to conclude the sale at the bank where the title is held. Call ahead and have the title ready. Then, once money has changed hands and the bank has been paid the balance of the loan, sign the title over to the buyer.

In some cases, however, an out-of-state bank might hold the title. In this instance, it is recommended that you go with the buyer to the DMV and get a temporary operating permit based on a bill of sale. Then, after you pay off the balance of the loan with the proceeds from the car sale, have the title mailed to the new owner. Sign it over to the new owner and the transaction is complete.

 

100 percent agree with above, go and buy the car in person . that was you wont get fu_ked .

 

That's the way it works. The only alternative (that I know of) is to have him pay off the car first (which I assume he can't) or go through a dealer (which will cost a couple bucks, I assume). Such is the problem with private party sales when the bank owns the car.

 

Would it be possible for the bank to broker the deal? As the title holder, the bank would get funds from you for the full amount, then they send him a check for the overage, and you the title. Isn't that basically how property is handled at closing? I'm certainly not an expert, but I like the simplicity of my own idea.
Where's my horn?

 

I have dealt with a local Vancouver car dealer/broker to bring in my car's. I was charged $2000, for this service, but for the price you are paying, it is cheap.

I think that unless you do something, you will be giving this guy in Pheonix $56 grand for some photo's of his car. Spend the money and get it done right.

Good Luck

 

thanks yrralis1 for your valuable info i will check into all info you just posted

well i was planning to fly over to phoenix next week and drive the car back to vancouver BC so i will go to his house and inspect the car before i pay
i will ask my mom to wire the money at my local bank at same time get bill of sale signed
then wait there (i will stay in local motel) until the title get mail back to him. and he will hand over to me

what i am worry about is if he dont give the title to me later can i take the
bill of sale and proof of the wire transfer to police or local legal authority and go knock his door??
this guy has a huge nice house and has 2 kids. i know sometimes this doesnt mean 100% he wont do something funny but at least its better from a single guy still rents a apartment here is the link of ebay with the picture

http://cgi.ebay.com/ebaymotors/ws/eBayISAPI.dll?ViewItem&viewitem=&ru=http%3A%2F%2Fs earch.ebay.com%3A80%2Fws%2Fsearch%2FSaleSearch%3Fs ofocus%3Dbs%26satitle%3D150226630078%26sacat%3D-1%2526catref%253DC5%26dfsp%3D32%26from%3DR7%26nojs pr%3Dy%26pfid%3D0%26fsop%3D32%2526fsoo%253D2%26fcl %3D3%26frpp%3D50%26fvi%3D1&item=150226630078#ebayp hotohosting

 

With real estate this is done with escrow. I think there are companies that will do this with cars too. 1. You and the seller bring the money and the bill of sale. 2.The escrow co takes the money and gets the title from the bank and checks it out. 3. Everyone is protected.

YMMV
PB

 

If this owner had the title and you both lived in the same area I would feel differently . The fact that you are coming from another country and there is some confusion about the process points me to say a dealership can establish that the money/car exchange is done correctly .

There are actually three parties beside yourself : 1) the seller , 2) the bank holding the title, and 3) the motor vehicle registration dept .

Have you even called a Porsche dealership and asked them how much it would cost to fully inspect and process the sale ? Forget about the business sale for a moment --just a simple drive is not a full inspection .

Whether the seller has a big house or good character may all be true but why not let a dealership deal with the entire thing and make your transaction smooth ? Split the cost with the seller of the paperwork and pay for the inspection yourself .

It's pennies for dollars in my opinion.

 

Make sure you do your homework about importing a car to Canada, you need to get the car cleared by US Customs before you try to import it into Canada, they want a copy of the title at least 72 hours before you try to bring the car to them, also you need an special ICBC policy that allows you to drive it temporarily outside of Canada.

Do your homework, and good luck.

 

also check out www.riv.ca for more info

 

You should send the $ to the credit union only. They will extinguish the debt, send to you the clear title, and then send to the seller the difference of your agreed upon sale price and the amount due on the note.

Make sure they do not send that title to the seller! The title should go to you. If it goes to the seller you then have no title!

Don't worry about his signature on the title. It is not necessary.

It is an accepted business means to extinguish a note with sale proceeds at the time of the sale.