Buying privately when money still owed on loan.

Romer1 wrote:

mleekamp wrote:
Agree with whats said...we have done this. Bank draft made out to the bank...do the transaction at the bank...go to the DMV. What makes it hard is if the loan is at a bank that is not local, as can happen.

That's the case here, not local. Have bank wire money to lienholder?

In this case on the day of the sale have the seller print off a payoff notice. (notice should have VIN etc to prove correct) Take the trailer, registration, payoff notice to your bank. Call the lender and verify wire instructions. Have your bank send the wire and have the title sent to you. Sign a bill of sale. Take the trailer home.

If you are paying more than the debt get the seller a check for the balance. If you are paying less than the debt the seller needs to present cash for the deficiency so you can wire the full payoff amount.