Need guidance from from the Orland crew. I am in Jacksonville and will be purchasing a s2k in Orlando this week. It will be a cash deal. Seller has a loan on the car (30% of purchase price). Seller proposed that I walk into this bank with him to pay off the lender, upon which time he will immediately receive a lien release document. Then, we both walk into DMV in Orlando where they will immediately receive title. Then, he signs over title to me, along with a bill of sale, and I give him cash for the rest of the purchase price (70%). I have been in FL for a short period and am not very familiar with DMV processes and if seller can get title the same day from DMV after he pays off the loan (he said it is a local bank). Also, I live 2 hours from Orlando and need to know if I can register the car there or need to do it in my home city. I will do the research on the DMV site, but very much value real experiences from your previous purchase (I also posted this in the Orlando board). Thanks everyone for the feedback.

 

If you are going to register the car in florida, then any DMV in the state can do tag and registration. Not sure about the bank because they all do it a little differently. Best of luck!

 

Banks are different. Last time I sold a car like this it took 3 weeks for the release. I kept the car in my garage until I had the release. If he gives you the car I'd make sure you have all ducks in a row.

 

Helio - Congratulations. I'm hoping you are going to keep the RYP. If not you know I've always lusted for it

I think you should be fine. Paying the bank will get you the lien release. Only once the title is signed over to you will you be paying the other 70%. I think you should be fine. Good luck to you.

 

Thank you for the advice Ruby_Guy and Jimreaper. Thank you Aaashish! Great to hear from you!
All - Seller just informed me he will pay off the lien today, get the release and get title from DMV same day. I believe that may be an electronic title. Tomorrow we will complete the transaction: 1. I pay 100%; he signs over title and completes a bill of sale. Is seller able to transfer car to buyer with an electronic title ( or temp DMV ) ?

 

Its best to have the title in hand to ensure all is correct with it before you register the car into your name. Good luck with everything. And welcome back.

 

Update: seller paid off loan but is now waiting for title to clear at DMV first before they can print him a copy. It may take up to 72hrs. Seller called DMV to check on status and was told it had cleared. After waiting for his turn at DMV he was told it was not yet clear. It appears that lien issues the release. Tallahassee needs to verify and give DMV the okay to issue title. Quite an administrative saga for seller (seller is a good person and has been acting in good faith). Thanks

 

Do you guys know if seller can transfer ownership using the electronic title printed for him at DMV once DMV receives notice that lien cleared? Or, does he need to wait for hard copy in mail?

 

Never heard of or used an electronic title in state of FL. Usually when transferring ownership they give you the option of instant print of hard copy for a few extra dollars, not sure how it works when working with a title that had a lien..

 

When i did it last year, and year before, i had to wait for the seller to send me the title. I then went and got a bill of sale from him, and promissary note notarized from the bank with both signatures saying that when he recieved the title, he will send it. Paid him as well. Everything was fine on both ends. Seems like everything is right with you. Just hang in.