Cadd

Hey guys,

Some of you may already know my story. I've been searching for a '00 GS4 with the Platinum Pkg w/the Naka stereo. Well, it wasn't an easy find......SO, I decided to go with a 99 GS4 w/Premium Pkg (no Nav and no Naka).

This is the car I will be picking up on Friday!!!!!!!! https://www.clublexus.com/forums/sho...hreadid=112015

Anyway, here's the story......I will get it inspected in Lexus of Massapequa on Friday. If everything turns out OK, we will go on with the paperwork.

BUT THERE IS ONE PROBLEM (which I need your advice on). The car has a lien.

For those who purchased a used car recently (or those who know the process very well), please shed some light.

I think the only paperwork I need are:

1 - BILL OF SALE
2 - Statement of Transaction - Sale or Gift of Motor Vehicle (a DMV form)
3 - Odometer and Damage Disclosure Statement (DMV form)

I will have these documents signed and notarized.

He wants me to goto the bank with him (we both bank with Chase) so that I can wire the funds to him. He will then wire the funds (from his Chase acct to Key Bank) to satisfy the loan. Once the loan is satisfied, Key Bank will then send him documents in about 3 - 5 business days stating that the loan has been satisfied.

I will take the car and the title home on Friday (after paying him) and leave it in the garage. He will take the plates off and take the keys with him.

After 3 - 5 days, he will meet up with me to give me the paperwork that Key Bank mailed him so that I can bring the title and the loan document to the DMV to register the car.

Is this the normal way of doing business? I'm just worried about waiting the 3 - 5 days after I paid him in FULL.

Any advice would be greatly appreciated. Hopefully, I'll be able to get the car registered and join you guys!!!!!!

Straight6

iTrader: (2)

same thing happened to me when i found my lex.
DONT WIRE HIM THE MONEY. what you need to do is get in
touch with his bank (assuming they're the one holding the title)
and advice them that you're purchasing the car. Tell them that
you'll be wiring them the money direct and that the title should
be sent directly to you when they release it. The bank will provide
you a Bill of Sale. The odometer and and damage disclosure form
is already in the back of the title.. the bank will fill those out. So
basically.. all you need to get from the bank is the Title and Bill of Sale.
Hope that helps..

00lexondub

iTrader: (2)

congrats on the new gs4.. i know you have been looking for a long time

Cadd

But the problem is.....HE has the title. The title is in his name with the bank is a lien holder.

SeattleGS400

iTrader: (1)

So the person your purchasing the car from has the title, but it has a lien, the bank. Basically, a lien means the car is the bank's possession until the person pays off the bank (i.e. the bank owns the car, and the person that has the car right now is on a lease of sorts until the loan is paid in full). If the person does not pay the bank or defaults, the car can be repossessed by the bank (since the bank owns the car until paid in full). Ultimately, the party that needs to be paid off is the bank, so why pay the owner directly and have him transfer the money, especially if the money needs to ultimately go to the bank? All the owner needs right now is that the bank is paid in full.

Here's what I'd do:

1. Get the bank info (i.e. the lienholder) from the owner, and you can wire directly to the bank (the lienholder), and of course, tell them that you're buying the car off and the seller is selling to you.
2. Once the lien is paid off, then the bank will release the lien and they should be able to transfer the title direct to you (as Straight6 mentioned). I believe all that the owner has to do is surrender the title directly to the bank.

fireballs gs400

is the lien for? if its a little, go to the bank with him, if he doesn't have the money, and you do. spend the money (towards the payment of the vehicle of course, and get title and pay whats owned to him

Cadd

The lien is for approx $22k.

I'm getting the car for $20k

Straight6

iTrader: (2)

are you sure he has the title? coz for that much.. the bank will surely hold on to it.
anyways..do what seattleGS4 says.. let the bank know you're making the payment
and that they're releasing the car to you.

Cadd

He told me that he owed approx $22k.

Well, here's new development.

We agreed on a down pymt. I will pay him $1k in good faith. He will then move his funds around so that he can arrange to pay off the loan. Once that's done, it'll take 3 - 5 days for Key Bank to send him the letter stating the loan has be satisfied.

Once he gets the letter, I will wire him the balance of the car and pick up the car, the title and the letter from the bank and go directly to the DMV to register the car.

Ah, crap....forgot something! INSURANCE! I have to call my insurance company to add a car to my existing policy.

bitkahuna

iTrader: (20)

Don't sweat insurance. In GA at least you've got 30 days AFTER acquiring a new vehicle to add it to your policy, but in the 30 days your insurance co. must cover any claims.

bluelex

hope everything turns out well, congrats

TLW

in nj you have to show proof of insurance before you can registered

good luck cadd i know how bad youve been wanting one

and just in time for the MEET

-johnny-

Cadd

Well, not a done deal yet. Let's hope all goes well at Lexus. Let hope they don't tell me that the odo has been tampered with or that there was bodywork or frame damage. Let's hope there isn't rust damage.

On my first test drive my gf said she heard a ticking sound on the passenger side while we were on the highway. Anyone heard of this?

Another thing I noticed....the paint is coming off where the roof meets the rear door. You know, it's a small small small little indent that allows water to flow......in there, I think the black paint is fading a little. Anyone noticed this? Let me try to find someone's car here with a closeup shot of that area so you guys know where exactly I'm talking about.

I'm going to have the tech at Lexus test drive it so I can be the passenger.

In NY, we have to have insurance BEFORE registering the car. But I called my insurance company 2 months ago. It's gonna be a painful $3.5k/year.

Cadd

I'm thinking about it again.....and you know what????? I have a gut feeling that everything is gonna be alright because the guy seems honest and he doesn't have much time to f#$k around + I know where he lives + his parents live there + I have his cell, home, apartment, office numbers + he doesn't know much about cars.

As they say, a sucker's born everyday....I was born in 1978. Don't wanna go through that again.

But life isn't gonna be over if I lose $20k. I'll probably kick myself everyday for the rest of my life, but it's not like I'm losing a loved one or anything like that.

Plus, I can hire people I know with the $5k I saved up for my L Tuned suspension and Racing Hart wheels to "whack" him.

Problem solved. Nah, I'M JUST KIDDING!!!!!!!






I really don't have $5k saved up.

LS4fun

Congrats! Hope everything works out well for you!