I am about to buy a car from a guy in another state... but the car title is being held by his bank. How should I go about this transaction in a safe manner. I dont realy want to get taken advantage of.
Once you pay for the car through the seller, ( which I would ask for his bank contact) the bank will give the title to seller and he has to sighn it over to you. You guys should do this together especially if the bank is local. if not it usually takes 30 days after the car is paid for to get the title, just keep in touch with the seller through this period.
When I bought my car, I got it from a guy in Florida. He had the loan with Subaru of America's lender. We wrote a check and he wrote a check for the difference and he wrote a letter stating that he was selling the car to us and the title was to be mailed to us. We both read over everything and mailed it and I got the title a few weeks later.
When I bought my STi, I had my bank send his bank (that held the lien) the amount that he still owed on the STi. Then when I went to pick the car up from the guy I gave him the difference. His bank sent my bank the title to the STi