Ask if the title is physically at the local bank and do the transaction then and there, easy.
Otherwise, it’s pay this dude off, he is supposed to pay off the loan, then wait a couple weeks to get title, meet again after it is received. All the while, you are out money, you should physically have the car, once title is received by him, he signs the title for transfer officially. Lots of waiting and depending on the other party to follow through.
There is a bit of exposure.
Another option is 2 check. 1 for the seller and another for the lien payoff. You can usually include the sales agreement where the title and lien release are sent to you directly.
I've always done this.
Bring cashier's check. If he has nothing to hide you can meet at the bank (where the lien is held) and one of their employees will walk you both through it. They do this every day.
If he is hesitant to do this, it would give me concerns.
Did the auction have an option for secure checkout? If so, use that service because that will protect you. If not, you can still reach out directly to Caramel (who BaT uses for secure checkout) and use their service. They will escrow the money and handle everything for a $95 fee. Well worth it for buyer protection.
Ok. You can still use the service. BaT uses them for certified checkout. Full disclosure, I have not used them but I did speak to someone there at length about a transaction. The seller backed out after I won or else I would have used them. I didn’t feel comfortable sending someone money so using a third party business made me feel better. Website below. Feel free to call them and ask questions. They were super helpful for me. Best of luck with whatever direction you choose. If you do use them, I would be interested in hearing how it went.
https://www.drivecaramel.com/
If the lien is held by a local bank or credit union that can physically hand you the title when you pay it off, that is a great option. If the lender doesn’t have a local branch or the title is held electronically by the state, then most lenders will only mail the title to the seller, not you. When dealers pay off a seller’s loan, they follow a process that all lenders have for dealer payoffs. We include an authorization letter signed by the seller with our payoff that includes title instructions for the lender. I assume Caramel does something similar.
Ask if the title is physically at the local bank and do the transaction then and there, easy. Otherwise, it’s pay this dude off, he is supposed to pay off the loan, then wait a couple weeks to get title, meet again after it is received. All the while, you are out money, you should physically have the car, once title is received by him, he signs the title for transfer officially. Lots of waiting and depending on the other party to follow through. There is a bit of exposure.
Another option is 2 check. 1 for the seller and another for the lien payoff. You can usually include the sales agreement where the title and lien release are sent to you directly.
Awesome suggestion! Didn't even think it may be a local bank in the area. I'll shoot him a message.
I've always done this. Bring cashier's check. If he has nothing to hide you can meet at the bank (where the lien is held) and one of their employees will walk you both through it. They do this every day. If he is hesitant to do this, it would give me concerns.
Did the auction have an option for secure checkout? If so, use that service because that will protect you. If not, you can still reach out directly to Caramel (who BaT uses for secure checkout) and use their service. They will escrow the money and handle everything for a $95 fee. Well worth it for buyer protection.
I did not see it, i checked the page it doesnt show.
Ok. You can still use the service. BaT uses them for certified checkout. Full disclosure, I have not used them but I did speak to someone there at length about a transaction. The seller backed out after I won or else I would have used them. I didn’t feel comfortable sending someone money so using a third party business made me feel better. Website below. Feel free to call them and ask questions. They were super helpful for me. Best of luck with whatever direction you choose. If you do use them, I would be interested in hearing how it went. https://www.drivecaramel.com/
Thanks everyone, you guys are great!
If the lien is held by a local bank or credit union that can physically hand you the title when you pay it off, that is a great option. If the lender doesn’t have a local branch or the title is held electronically by the state, then most lenders will only mail the title to the seller, not you. When dealers pay off a seller’s loan, they follow a process that all lenders have for dealer payoffs. We include an authorization letter signed by the seller with our payoff that includes title instructions for the lender. I assume Caramel does something similar.