SLK55NEWB

So I have seen the E55 I want and love it. I am approved for the loan for a private party purchase. We get all the paperwork sent in and one detail that may or may not break the deal.

The car is registered under the owner's company name. My loan are for private sellers and stipulates no business vehicles.

Any advice or recommendation? The loan will not get final approval unless the car is registered in his name. What's involved(monteary and time) in registering the car in his name instead of the business? ANy shortcuts?

Yacht Master

I think the bank is referring to a car dealer (business). I think you will be OK.
It is still a private party purchase (not for business).

CWW

Honestly, save yourself the trouble.

Have the owner go down to the DMV, transfer the car to himself and do the 10-minute wait for the new title certificate, and then have him sign that title over to you.

Bada bing, no more worry.

JoelE55

^+1. . It's lot easier just have whoever own this car run or jog to DMV and transfer the title to his name. Then take it from there!!...

KV3BLUE

Make sure you get the pink slip and fill in all your info on the slip and detach the other part for your record and send it to the DMV. If the bank will not agree to having a company car, then have the registration changed to his name first (this will at least proved its his vehicle). Like CWW said have him go to the DMV and do all the work at once. It does take time though. If he does not maybe there is somthing fishy. Its better to be safe than sorry.

SLK55NEWB

A few more details to add

I am in Texas and the seller is in FL. There is still a lien on his vehicle so I have to assume he doesnt have the title and the bank has it.

He has inside contacts at the bank and if he changes the title to his name, is the registration that easy as well?

Regards

CWW

Oh Florida is my neck of the woods, so I can help you there.

Yes, if the bank is willing to release the title to him immediately, then he can go to the DMV and do the transfer and get the new title certificate in his name, which he will then sign over to you. The whole process will take no more than 15 minutes, they can generate a new title while you wait.

There is no sense in going through all this hassle, and then your bank says "No way, this doesn't fit the guidelines of the approval, so un-do the deal". Especially in this economy, lenders will look for any excuse to not fund a loan, they have gotten very picky.

JoelE55

My question is this...Does the vehicle still under payment plan or has it been already paid off but it's under a company?...If the vehicle under payment, Could it be easier to have the company contact the bank and notified them that he/she is selling the car?...or another case have CWW assist in this matter...

KV3BLUE

It will be difficult if the seller has not paid off the vehicle, thats why he needs your funds to pay off the bank first, then get the title, then to you. If this is the case with a car dealer, I can trust that. But if this seller is someone you don't know and not a dealer and out of state, I would think twice, its better to be safe than sorry.

JoelE55

Totally agreed...If this get any more complicated, then may be time to look elsewhere...

SLK55NEWB

I have met and seen the car as well as the owner. The business is not even even related to the automotive industry in any way. He simply put it under the business name for insurance and tax breaks. Its a great car and low miles for an 04(40K). I have already vested too much time and money to give up so easily.

Thanks for all the advice. I am sure if he can get the title and have the car reregisted in his name. I was only concerned about how many obstacles he had to face to pull it off as well as a long time frame. From what he told me he has internal contacts, with the bank that has the lien, that would do just about anything for him.

Thanks again and I look forward to posting before and after(a few appearance mods) pics once I get it.

KV3BLUE

Great!! Get everything in writing not just his words. Don't let all the goods stuff make you let your gaurd down.

SLK55NEWB

Update. Well it seems the lienholder cannot change the name on the title unless he refinances and goes through the whole process all over again.

He says he pulled a few string to have the registration changed to his name so I hope that is sufficient. Not sure how financial companies do verification or do they call the lienholder to verify the title name. I guess I'll just send in the changed registration and hope they give the final OK.

mkonei

the title has a section on the back labeled "lienholder". it will be filled out with the lienholders name (the finance company), and that can not be changed until the lien is released (the car is paid for).