Truck purchase question - paying off their lein?

I don't know where you are from but the bank doesn't put the title in your name anywhere I know of. the courthouse does that.
I'm not gonna watch 80k and my title drive away without KNOWING the check is good.

just sold my trailer this way. guy came and got it and gave me a check. once it cleared I sent it to him. no fuss.

It's scary on both ends no doubt

 

Keep in mind also, that most banks don't keep paper copies of titles anymore. When I sold my truck it took almost a month to get the title.....although I owned it outright.

 

Do two transfers. Speak to their bank and do one transfer to them in the amount needed to release the lien, wire the balance to the owner.

Every state is different, but South Dakota no longer generates a paper title until the lien is released.

 

What?? I'm in Iowa and I know my paper title I got from the bank is still at the bank in town.. So what happens to the original title in SD?

 

Welcome to 2024

 

I’m in Oregon. The bank has to sign off on the title once the note is paid. They then can put it through to the dmv (who does title transfers in my state) with me being the owner not the former owner.

I said I would go to the bank with you so you can make sure my money is good. I just want the title also put in my name immediately by the lien holder. It’s just securing that the transaction is credible to all involved.

I’ve bought a few vehicles where we would meet at their bank to settle the note then the bank put through a title transfer to me.

 

Don't give them one red dime unless you are at the lenders where they produce the title, the sellers have valid state id and produce it and you get a bill of sale, the 2290 from the current year, and the title releasing the liens and YOUR name on the title transfer.

 

There isn’t one. You fill out all the paperwork like normal and that’s it until there’s no lien. They mail a title once there’s no lien.

In this day and age no way would I buy a truck without dealing with the bank or finance company directly if someone doesn’t have the title in their hand. Know of a guy in UT that bought a cow trailer off a guy and couldn’t get the title. After a few months he would up getting the original paperwork from Wilson and called the bank where it was financed. And the bank wasn’t aware that their customer now longer had the trailer.

 

The bank isn't transferring the title. They are releasing it to the owner and he will have to sign off on it as the seller,then give it to you.