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De7|ro|i7
 
Buying a car with a lien

So I am buying a car with a lien on it. I have searched around the intrernet and it seems pretty straight forward. Have your lending company deal with theirs and they will handle the payoff. Alternatively you simply go to a local branch and pay off the loan there.

The seller has a loan through USAA, which only has a branch in Texas. He is in New Jersey.

I have a blank check from Penfed, they only deal that way. They do not communicate with the other lending institution.

Since there is no local branch for me to confirm payment to the lender and not the guys pocket, how do we do this?

I have read some stuff online that says the seller should pursue getting the title himself first (credit cards, personal loan, temporary loan...) so he can just sign off on the title for closing the deal.

This is my first time buying a car with any lien and am rather clueless on how this should go down.
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Old 01-12-2010, 04:14 AM De7|ro|i7 is offline  
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lopoetve
 
With USAA, you're probably going to have to call them with him, and talk to them that way.
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Old 01-12-2010, 06:53 AM lopoetve is offline  
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godofcheese
 
Ya, just call USAA. They can let you know your options. I bank with them and have never had a complaint.
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Old 01-12-2010, 09:29 AM godofcheese is offline  
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De7|ro|i7
 
I spoke with USAA and they said Penfed gave me a "Conditional Check" and they would not even take it if I sent it to them. So looks like I am going to call Penfed back. They were very unhelpful last time I called. I thought they were supposed to be very friendly? USAA was awesome to call comparatively.
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Old 01-12-2010, 09:58 AM De7|ro|i7 is offline  
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Dongboy
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you mention having the sller pursue getting the title themselves.

it's VERY common to buy a car with a "I still owe money on my loan" kind of lien, any other lien is a reason to walk away without question.

it sounds like it's that kind of loan.

you do just what you did and call the bank that holds the title and ask them how they sell it, your bank will almost always have a title person or department that knows how to deal with it and until you get to that person/group nobody will have a damn clue of what to do.
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Old 01-12-2010, 10:20 AM Dongboy is offline  
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lopoetve
 
USAA knows how to do business
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Old 01-12-2010, 10:54 AM lopoetve is offline  
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