Buying a truck without pinkslip *urgent

Everthing depends on the state the title to the truck is recorded in. In my state the seller would have to take the lien release down to the DMV and get a clean title in his name before selling the truck.

 

All the lien release means is that the lien holder(bank) no longer has an interest in it, meaning it's paid off. From there, it's just between the buyer and seller.

Is a pink slip a title? Here in wi we have titles, but every state is different, or calls them something different. In wi, when the lien is released, the dmv issues a new title to the original owner(free and clear title) and that's what he signs over to you. If he just paid it off he won't have that yet bc the dmv is slower than molasses in January. If that's the case then basically it's up to you too trust the seller to send you the title once he receives it. At the very least write up a very detailed Bill of sale so at least you have that.

Keep in mind, this info is just for Wisconsin, hope it can help you. My info comes from my fiance who is a branch manager at a local cu

 

Personally, I would wait for the title.

Without a release of lien signed by the lien holder, the DMV will not transfer ownership into your name. What would that mean for you?

Most trucking companies will not 'double-lease'. They will not sign you on if there's a lien holder on the title, and they will want to see the title. So you would be stuck with a truck that you couldn't get registration for, no base plates, couldn't lease on...etc. I would wait.

Now if old boy selling the truck says that he needs the money to pay off the lien holder and get a release of lien, I would have to go with him to the bank to see the numbers and talk to the bank personally. if I pay off a lien, I want the title right then and there...I can't just hand over money for just a bill of sale.

I don't think that my demands are unreasonable, considering that I am the one with money in hand. If the seller got pushy, or started applying pressure, I would walk. I don't care how much I liked the truck. Well, I would give him a grand for a good faith deposit (which I would want a signed receipt for)

 

Go home. When he has title go back and get it. You can always call the DMV.

 

So what became of it gwalbo? Did you fly or drive home?

 

My nephew just went through a similar situation. It took him 2 weeks to get title straight to get it registered. Truck was purchased out of state, but registered in NC. Just saying.

 

Unless I could get a clear title I would not give anyone money for a vehicle. When I had over my money I expect to get a clean title back that I can register in my name.

 

DO NOT hand over any money unless he has the pink slip/title in hand to sign over to you or you are working directly with HIS bank that holds the title. It very may well not be his truck to sell, even if he is on the registration!\

You can contact the lien holder bank directly if he will give ya that info, they are used to transfers.

 

If you have never done this kind of purchase before. STAY AWAY!! He may be telling you the truth which in that case once he gets a clean title you can pay him and pick the truck up. But if there is something he's not telling you. There may be a third party that can show up with the real title and take the truck, b/c the tractor was never the guys truck to sell to you. And it would suck to have your tractor taken away b/c this dude didn't disclose everything to you. Hopefully everything is on the up and up, but why take the chance man. I'm sure it's much cheaper to lose out on a plane ticket then to lose out on the truck. Depends on the state, some states allow a temporary title until your clean one arrives. The nice part about that is they verify that the clean title/pink slip really belongs to your seller. Please be careful.