Process for buying from member of forum - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

Smike47 · 06-03-2010, 10:56 AM

Planning purchasing a camaro from a member of the forum... What would be the best way to go about this. My bank is planning on wiring the 10 day payoff amount to GMAC to take care of his lean. The remainder of the balance I would have as a cashiers check for him. Its an out of state purchase so i'll be meeting him to exchange vehicle and cashiers check. Does the title get sent to my bank thats paying off his loan, or to him. If it would be to him, when I return back to my state do I just take back with me a Bill of Sale in case I get stopped since I wouldn't have a title or anything with me. If someone could clear up the best and safest way for us both, it would be much appreciated.

v6sonoma · 06-03-2010, 11:04 AM

If the check you have from your bank is not a loan then the title will be released to you. If it is a loan check the title should be sent to the new lien holder. If it is to go to you they will probably send it to him after a short period of waiting after receiving the payoff. He will then sign it over to you. You will need the title to register the car. As well as the bill of sale.

Shuffler · 06-03-2010, 11:15 AM

I think your bank can answer this best.

Smike47 · 06-03-2010, 11:25 AM

My bank would be wiring the balance of his loan to GMAC. Those funds are coming from a loan i'm taking with them. The title from GMAC would be sent to the owner of the vehicle now. Would he be signing the title to me, then I return the title to my bank?

06-03-2010, 10:56 AM	#1
Smike47 Drives: 2010 2SS CGM M6 Join Date: Mar 2010 Location: Tennessee Posts: 98 View My Garage	Process for buying from member of forum Planning purchasing a camaro from a member of the forum... What would be the best way to go about this. My bank is planning on wiring the 10 day payoff amount to GMAC to take care of his lean. The remainder of the balance I would have as a cashiers check for him. Its an out of state purchase so i'll be meeting him to exchange vehicle and cashiers check. Does the title get sent to my bank thats paying off his loan, or to him. If it would be to him, when I return back to my state do I just take back with me a Bill of Sale in case I get stopped since I wouldn't have a title or anything with me. If someone could clear up the best and safest way for us both, it would be much appreciated.

06-03-2010, 11:04 AM	#2
v6sonoma Drives: 2010 SS RS Join Date: Jun 2009 Location: Providence, RI Posts: 8,108 View My Garage	If the check you have from your bank is not a loan then the title will be released to you. If it is a loan check the title should be sent to the new lien holder. If it is to go to you they will probably send it to him after a short period of waiting after receiving the payoff. He will then sign it over to you. You will need the title to register the car. As well as the bill of sale. __________________ Mods: BBK Intake, BBK LT's and High Flow Cats, Corsa Cat-back exhaust, Hurst short throw shifter, SLP skip-shift eliminator. 7/1/09 Placed order for IOM/IO int/ SS/RS 6M 9/26/09 Took delivery!

06-03-2010, 11:15 AM	#3
Shuffler God Bless Dawson Drives: Synergy for my Daughter Join Date: Feb 2010 Location: Texas Posts: 3,057	I think your bank can answer this best. __________________

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06-03-2010, 11:25 AM	#4
Smike47 Drives: 2010 2SS CGM M6 Join Date: Mar 2010 Location: Tennessee Posts: 98 View My Garage	My bank would be wiring the balance of his loan to GMAC. Those funds are coming from a loan i'm taking with them. The title from GMAC would be sent to the owner of the vehicle now. Would he be signing the title to me, then I return the title to my bank?