Anyone know the process in Arizona of buying a car through private party when the seller has a loan and does not physically have title in hand? I’ll be paying cash for the car and paying off the loan. How do I transfer title with a loan in place?
I just sold my Panamera to someone local in AZ and I had a loan on it. I did a bill of sale before money exchange, but buyer wired me money (took the car) I paid off loan and once I received the title (2 weeks) in the mail, I signed and sent to new buyer. The buyer came to my house to check out car so new where I lived but had bill is sale and car when paid. Obviously some trust there but bought amd sold a few cars this way and never had an issue. Good luck Sent from my SM-G973U using Tapatalk
Hi, Just to share a related experience, I purchased a car in California, and when I went to the AZ Dept of Motor vehicles I was informed that since I purchased it from an individual and not a dealer , I didn't have to pay sales tax ! If I had purchased it from a dealer I would have had to. Bill
I usually pay the owner the difference of what's owed and then send the rest to the financial institution and have them send me the title.
Yes. It's that or pay the entire amount to the financial institution and let that bank cut them the check. But that's kind of a jerky way to do it. Unless it's a chase loan and they have a chase account. Because then they just slide it into the clients account.
This was my question- is it guaranteed you will get the title? I mean I know chances are slim but how to protect yourself from getting screwed? Maybe I was just overthinking this.
This is always a trust issue!! im guessing there is some sort of 3rd party escrow type account that can and will protect both buyer and seller...
