How to deal with private sale and lien?

[lqqky]

Looking at buying from a private seller, car is registered in Florida and has a lien with Bank of America.

Any idea how long it will take to have clear tittle in hand after satisfying the lien? I need it cleared asap
in order to import to Canada.

Appreciate any input or advice on how to protect myself in completing the purchase and discharging the lien.

Cheers

 

[Speedmaster]

Go directly to the bank branch with the money, the seller, bill of sale and have them release the lien as you hand THEM the funds. Be sure they tell you this is the ONLY debt on the car from them (unlikely there is other debt, but if a guy owes a ton of money and is a deadbeat, you want to ensure they don't refuse to release the lien.) PM if you like, I may know people.

 

[DocL]

Florida has electronic titles. After the lien is removed the bank has to notify the DMV. They will also give the seller a letter of release that he has to bring to the DMV and apply for a paper title. It can take a few days for you to get the title.

 

[Speedmaster]

Florida has electronic titles. After the lien is removed the bank has to notify the DMV. They will also give the seller a letter of release that he has to bring to the DMV and apply for a paper title. It can take a few days for you to get the title.

That seems inefficient for cash out of state buyers. Seems to me that I would want to pay and carry car and current (liened) title and a letter to my own state. Surely that is an option.

 

[DocL]

That seems inefficient for cash out of state buyers. Seems to me that I would want to pay and carry car and current (liened) title and a letter to my own state. Surely that is an option.

Unfortunately that's not an option in Florida as the bank doesn't hold the paper title.

OP, where in Florida is the car located? I have used a local tag agency to get the title the day after the loan has been paid off.

 

[SW2 Heritage Cars]

Buying a car with a lien can go smoothly and quickly, or it can be a month-plus long ordeal depending on 1) the seller, 2) the bank, and 3) the DMV. Getting the lien paid off at the bank is only half the battle, after that you have to deal with waiting for the DMV to send the title to the seller, and then trust that they'll sign it off and send it to you.

Huge hassle, that said I think there are escrow services that help with this process, might be worth checking into.

 

[lqqky]

Unfortunately that's not an option in Florida as the bank doesn't hold the paper title.

OP, where in Florida is the car located? I have used a local tag agency to get the title the day after the loan has been paid off.

Car is in Naples...seller told me bank holds the title..maybe I misunderstood

 

[DocL]

Car is in Naples...seller told me bank holds the title..maybe I misunderstood

Ask him to ask his bank again. If the loan is less than five years old, most likely the title is electronic.

 

[Rguy]

Buying a car with a lien can go smoothly and quickly, or it can be a month-plus long ordeal depending on 1) the seller, 2) the bank, and 3) the DMV. Getting the lien paid off at the bank is only half the battle, after that you have to deal with waiting for the DMV to send the title to the seller, and then trust that they'll sign it off and send it to you.

Huge hassle, that said I think there are escrow services that help with this process, might be worth checking into.

This is all correct, having done it many times. Its not a hassle though if the seller is legit (which can be rare). I give my home address out, and text them everyday until the title arrives. Piece of mind is everything.

 

[boca rat]

That seems inefficient for cash out of state buyers. Seems to me that I would want to pay and carry car and current (liened) title and a letter to my own state. Surely that is an option.

That's what I did when I bought my 99. Lien was in TX, car was in CA,wired money to lienholder, they overnighted the signed off title to CA, paid the balance to the owner. Shipped car to FL, registered it no issues. Would I do it again though? No. Way too stressful. Bank would have to be near the car.

 

[lqqky]

Thanks to everyone that replied, been away on vacation and had a chance to go to Florida and check out the car
Seller is actually a NY state resident and is willing to ship the car back to his home and re register the car there. I can finish the transaction in person and pick up the car.
I am only about 1 1/2 hours away from him so sure makes life easier. NY state any different in dealing with liens? Am I safe to write up a bill of sale, go with him to his bank and pay off the lien and have him
sign over the NY state tittle to me? Any idea how long it will take for DMV to remove the lien record once it's paid off?

 

[DocL]

Thanks to everyone that replied, been away on vacation and had a chance to go to Florida and check out the car
Seller is actually a NY state resident and is willing to ship the car back to his home and re register the car there. I can finish the transaction in person and pick up the car.
I am only about 1 1/2 hours away from him so sure makes life easier. NY state any different in dealing with liens? Am I safe to write up a bill of sale, go with him to his bank and pay off the lien and have him
sign over the NY state tittle to me? Any idea how long it will take for DMV to remove the lien record once it's paid off?

This sounds like it is getting much more involved than it should be. What's the difference if the lien gets paid off with a FL title vs a NY title? Tell him to pay the lien off himself and then you'll be able to buy the car clear and free.

 

[lqqky]

This sounds like it is getting much more involved than it should be. What's the difference if the lien gets paid off with a FL title vs a NY title? Tell him to pay the lien off himself and then you'll be able to buy the car clear and free.

It is easier in the sense that the car is physically closer to me and from what I understand NY state will issue an actual paper tittle as compared to the electronic tittle in Florida.
The seller is able to sign over the tittle on payment. Tittle would still have a lien on it but I would have the release from the bank until a new tittle could be printed.
Seller does not have the means to pay off the loan without receiving payment from me.

 

[boca rat]

Pretty sure you can request a paper title in FL for a few bucks.

 

[DocL]

Pretty sure you can request a paper title in FL for a few bucks.

You can, but only after the lien is removed.