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Old 06-03-2010, 11:56 AM   #1
Smike47
 
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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.
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Old 06-03-2010, 12:04 PM   #2
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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.
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Old 06-03-2010, 12:15 PM   #3
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I think your bank can answer this best.
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Old 06-03-2010, 12:25 PM   #4
Smike47
 
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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?
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