Can't say I've done this before. I'm looking to buy a car that has a bank lien on it. To make things complicated, she's not local, and the bank that issued the loan is Fifth Third, which has no locations anywhere near either of us. How could I handle this and guarantee my safety?

 

Keep looking

 

call the bank and ask them how to do it. they all have procedures for this. usually you send the money to the bank, they send you the title and send the owner the balance.

-S

 

I called Fifth Third and they said when the lien release is filed the title will get sent to the owner. They'd have to send it to me. That's the part that worries me.

 

Use a third party escrow service to handle the transaction then.

 

what is it?
I suspect it is something semi rare or you would just go find another one...

 

It is something semi-rare, otherwise I would just go find another one that didn't have this hassle.

I'm stupid picky about my cars, and I always want the "1%er" options.

 

good luck to you -- I am sure it can be done and the fact that you are asking questions regarding protecting yourself is a good sign. I would hump the bank's leg until I got what I wanted :-)

 

Make sure the finance company is in the loop. Generally you want to get a sale agreement signed between you and the seller, then give the seller a deposit, send a check to the finance company for the note amount, and once the title arrives, settle up with the seller and get the title signed over.

Don't give anyone a dime without some kind of binding agreement in place.

The last long distance lien purchase I did was essentially the same method-- though the seller wasn't a complete unknown so I just sent them and the finance company separate checks, got the title a few days later, then shipped the car.

 

Sounds like I'm gonna have to make two trips to Phoenix. Ugh