joojoo2915 Posted July 12, 2011 Share Posted July 12, 2011 I found a great deal on a 2005 Outback in a town about 3 hours away from where I live in a neighboring state. The folks that are selling it still owe some money on their loan. The guy that I've been dealing with, and who holds the loan, is living in the UK (I will be dealing with his wife for the sale) and the loan officer at my bank is unable to accept a signature via fax that would allow him to deal directly with the seller's lending institution. My loan guy said he is willing to offer an uncollateralized loan at a higher interest rate until I am able to get the title at which point he will refinance at the collateralized rate. The deal I'm getting is really pretty fantastic and while the whole situation is getting a little sketchier than I had hoped I would still like to pursue it if there is a way to guarantee I'm not going to get hosed? What do I need to make sure happens during the sale so that I can walk away with the title? Link to comment Share on other sites More sharing options...
Lojasmo Posted July 12, 2011 Share Posted July 12, 2011 Have the woman call her lending institution and arrange a meeting date to have the lien on file. Have her write a release of information, and the bank fax you a letter verifying that she can sign the lien release. Meet her at the bank, pay the bank, obtain the lien document, and title. Drive away. Link to comment Share on other sites More sharing options...
joojoo2915 Posted July 13, 2011 Author Share Posted July 13, 2011 That is exactly what I needed, thank you very much! Link to comment Share on other sites More sharing options...
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