More trailer title issues.
#7563720
04/19/22 08:07 PM
04/19/22 08:07 PM
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Joined: Mar 2013
Posts: 17,052 Fredonia, PA.
Finster
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OP
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Fredonia, PA.
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So the trailer I want to pay off and get titled in my name is not an assumable loan. That means even if I pay this off, the title goes to the other guy, I have to wait for him to get it, and then he has to sign it over to me. I don't know this guy well enough to just trust him after paying off a 10K loan. I told him that I wasn't going to do that. He mentioned a "Bill of sale". However, I don't know how legally binding that is in my state. I do know it doesn't prove ownership, it just proves we had an agreement. I really want this camper, but I think I may have to back out.
I BELIEVE IN MY GOD, MY COUNTRY AND IN MYSELF.
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Re: More trailer title issues.
[Re: SNIPERBBB]
#7563738
04/19/22 08:40 PM
04/19/22 08:40 PM
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Joined: Mar 2013
Posts: 17,052 Fredonia, PA.
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Have you gone in with the seller and talked to the bank holding the loan/title? Not physically. Many phone calls. It is not an assumable loan, so they must issue title to him. That will take two weeks for him to get it. He will not get it the same day.
I BELIEVE IN MY GOD, MY COUNTRY AND IN MYSELF.
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Re: More trailer title issues.
[Re: Finster]
#7563740
04/19/22 08:42 PM
04/19/22 08:42 PM
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Joined: Mar 2013
Posts: 17,052 Fredonia, PA.
Finster
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The last avenue I can see is a Bill of sale. I just don't know how legally binding that is. He could have a lien, his ex-wife could cause issues, he could drop dead, anything could happen.
I BELIEVE IN MY GOD, MY COUNTRY AND IN MYSELF.
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Re: More trailer title issues.
[Re: Finster]
#7563742
04/19/22 08:45 PM
04/19/22 08:45 PM
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Joined: Aug 2010
Posts: 535 MI
Supergoose
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Run and if your already running — run faster.
A deal like this shouldn’t be this difficult Fin….. there’s other deals out there . Just need to find it……
A goose may honk....but he won't wave
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Re: More trailer title issues.
[Re: warrior]
#7563758
04/19/22 09:11 PM
04/19/22 09:11 PM
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Joined: Mar 2013
Posts: 17,052 Fredonia, PA.
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Sounds like something a contract attorney could sort out. Might do to talk to one. Going to try and call one in the morning and see what he has to say about it.
I BELIEVE IN MY GOD, MY COUNTRY AND IN MYSELF.
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Re: More trailer title issues.
[Re: Finster]
#7563781
04/19/22 09:43 PM
04/19/22 09:43 PM
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Joined: Jan 2014
Posts: 17,740 Central Oregon
AntiGov
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How bout the guy you delt with on your wife's car ? Maybe for a few bucks they can facilitate the deal .
What if the guy wanted to trade it in at a dealer ? They would pay off his loan and somehow get the title . They wouldn't wait around and hope the guy brings it in
There's gotta be a way without the huge risk
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Re: More trailer title issues.
[Re: AntiGov]
#7563821
04/19/22 10:32 PM
04/19/22 10:32 PM
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Joined: Mar 2013
Posts: 17,052 Fredonia, PA.
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Posts: 17,052
Fredonia, PA.
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How bout the guy you delt with on your wife's car ? Maybe for a few bucks they can facilitate the deal .
What if the guy wanted to trade it in at a dealer ? They would pay off his loan and somehow get the title . They wouldn't wait around and hope the guy brings it in
There's gotta be a way without the huge risk Yup, that's what I was thinking. I don't know enough about this so I guess it's time for a quick conversation with a lawyer if one will talk with me over the phone.
I BELIEVE IN MY GOD, MY COUNTRY AND IN MYSELF.
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Re: More trailer title issues.
[Re: charles]
#7563894
04/20/22 03:50 AM
04/20/22 03:50 AM
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Joined: Dec 2006
Posts: 4,958 PA
elkaholic
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If his loan is through a bank, you can go together with cash money ( no check to clear a different bank). I think the new title can then be issued directly to you in one step. That depends on the bank. Most branches of larger banks don't hold the title at the branch. It's held at the main one. Which in some instances may be in another state.
Millions of trees die every year to print environmentalist publications
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Re: More trailer title issues.
[Re: Finster]
#7563904
04/20/22 05:01 AM
04/20/22 05:01 AM
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Joined: Sep 2010
Posts: 2,786 Northern lower Michigan
Feedinggrounds
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In Michigan the seller has title in possession, on that title is a place for lienholder name, next to that is a release of lien sign off. When lien or debt is paid off lienholder signs off. Seller then sells to you, he/she also signs off on title. You have 15 days to take signed off title to dept. of motor vehicles or as we call it Secretary of State.
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