I'm looking at a pickup truck with money still owed on it. Anything I should look out for with the title and getting a clean title in my name?
Question on lien titles
- Thread starter speeding_infraction
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Local to you? Meet at the bank and pay it off and get the title..
^^^^What John said.
If there's a lien, the seller doesn't really "own" the truck- the bank does.
Meet the seller at his bank so he can pay off the note with proceeds from the sale, then the bank will issue a lien release that allows the state to transfer the title to you.
Or the bank may have the title on hand, when he pays off the note he and the bank can sign the title over to you.
Thats the way my local bank works anyway.
I tried to buy a car this way. Guy still had it financed with a bigger bank. He tried to set it up where I could walk in and pay it off, but the lender did not hold the title and said that he would have to pay it off, get the title in his name, then sell it to me. I gave it two weeks and walked away, but he did eventually get a title and sell the car. I suggest you make the seller find out the clearest path here, which may be what I described above and take a while, or you might be able to pay off the lender and transfer all at the same time, just no cash/check to the seller since they do not actually own the vehicle.
I bought a motorcycle this way in Utah once. I'm not sure if the bank clerk screwed up or if this is how Utah does it, but the clean title went to the seller's name (but my address at least). Fortunately the seller was on the up and up and signed it over, but I could have seen that going sideways pretty easily.
All that to say, document everything and maybe confirm with the bank a dozen times over to try to avoid the potentially bad situation.
That's what I was wondering. It's about 2.5 hours away in asheville NC. How much more complicated is it if I want to finance a percentage of the truck? I can afford to buy it in cash but want to boost my credit score.
Use light stream in that case. Purchase price = cash on hand + funds from light stream. Once light stream gives you the funds its all cash to the seller. Light stream is not the title holder so you get the title in your name.
Fuck "credit", that's for suckers. Cash only when buying a liability. If you have the cash, why would you willingly give someone (i.e. the bank) extra money? It would also add complexity to the current deal.
Also to know, when transferring the title in NC, if you do for some reason, you're required to have it notarized. The states around us do not have that requirement.
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Agreed, Credit is an illusion to make you pay the bank interest!
I don't have a house yet, I realize credit is a scam but I really need to get my score as high as possible in preparation to buy a house.
I'm no expert in that aspect, but we purchased our house 15 years ago with no credit to our names. The loan officer told us we were essentially in a "neutral" position with no real history, so neither good nor bad, and it had no real effect on our loan interest. I do know if you buy it via lien and fuck up, a low score will effect you. Have you actually talked to someone involved with house/real estate lending and asked them?
I understand, my wife and I did that too before buying our house. Play the game only as long as you need too. reap the benefits and then ditch it.
Manual underwriting can you get a mortgage without a credit score
I plan to get a 24 month loan and pay it off as fast as I can. My math is higher credit score = lower interest, when it comes to a home loan.
Might be better off opening a credit card and keeping the utilization low. Your score dips at the end when you pay it off and close the line of credit
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