Buying from private seller
09-21-20 | 07:32 PM
#16
Pole Position
Joined: Dec 2019
Posts: 2,679
Likes: 511
From: The Jet City
No, in MD you hold the physical title and there is a line that says there is a lien on the car. In other some other states the lender actually holds the title. This can be important to a buyer because if they don’t know what to look for on the title in MD, a seller can give them the physical title with a lien and the buyer may think it’s free and clear.
09-22-20 | 05:16 PM
#18
Thread Starter
Moderator
Joined: Feb 2007
Posts: 2,089
Likes: 7
From: NM
He says he paid it off and has a clean title in hand. The only hang up now is I looked at it again more closely and the front bumper had a scrape that wasn't properly repaired. He said his buddy owns a body shop and did it. He didn't fill the scratches and sand them. He just sprayed over them. I can already see a spot where the clear coat is starting to peel. I told him I'd meet him at a body shop I've used and know they'll fix it right. And split the cost with him. See where it goes from there. Personally, I was ready to just walk. But it's the exact color combo my wife wants and there aren't any others like it for sale locally. So I guess I'll jump through a few more hoops.
09-22-20 | 06:52 PM
#19
Pole Position
Joined: Dec 2019
Posts: 2,679
Likes: 511
From: The Jet City
Of course you wouldn't want to use the sellers, buddies b/s....wow. I always hate dealing w/ other ppl's mess ups. Possibly deduct 1k if its one of the colors you guys like & has the options you like.....
09-23-20 | 11:23 AM
#20
i found that i have to spend a little bit more to get the model/trim/color i want. most of the time in the used car arena i can only get two of the three.
did you get the finances in order?
did you get the finances in order?
09-23-20 | 02:11 PM
#21
Thread Starter
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Joined: Feb 2007
Posts: 2,089
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From: NM
I met the guy at the body shop and we settled on a price. $34,400. He's knocking half the cost of the repair off what we had settled on earlier. Called my credit union and got approved. The plan is to meet at the credit union tomorrow and they'll handle the title transfer, registration and all the other paperwork. Got a great rate I think. 1.9%. I expected higher on a private sale.
09-23-20 | 06:51 PM
#22
Driver School Candidate
Joined: May 2019
Posts: 16
Likes: 2
From: TX
Here in TX and I'm sure everywhere else, to get a title you need to surrender a title. If he is still paying on it you will need to work with the seller and/or lien holder.
If the vehicle is paid off and the title shows a lien recorded you will need to get a lien release from his lien holder and then surrender these two docs (tile and lien release) for a title in your name.
If the vehicle is paid off and the title shows a lien recorded you will need to get a lien release from his lien holder and then surrender these two docs (tile and lien release) for a title in your name.
09-24-20 | 03:45 PM
#23
Thread Starter
Moderator
Joined: Feb 2007
Posts: 2,089
Likes: 7
From: NM
Just closed. Was pretty easy. He had a clean title with no lien. The credit union did all the paperwork. Just had to sign. They said the NADA value was a little over $41k, so we got a pretty good deal.
