I had the same situation one month ago and did some homework.
A: The car owner
B: The bank who loaned A
C: You
A should pay the rest loan to B in full, then B will issue a loan release document to A; A will give both the title and loan release doc with the bill of sale to C.
The problem is: Usually A doesn't have enough money to pay the loan, so A wants C to pay first (cash). However, C of course has concern about the transaction. What I planed to do is: C asks his bank (not B) to issue two cashier check (payable to C), check one with amount that A still owns to B, and check two with amount left, while A probably wants to see the whole process; both A and C then go to B, C endorses check one to B, endorses check two to A; B gives C the loan release document, A gives C the title and bill of sale.
I am pretty sure most of the procedures are correct. And don't forget the smog test, which the seller should provide.
Good luck!
A: The car owner
B: The bank who loaned A
C: You
A should pay the rest loan to B in full, then B will issue a loan release document to A; A will give both the title and loan release doc with the bill of sale to C.
The problem is: Usually A doesn't have enough money to pay the loan, so A wants C to pay first (cash). However, C of course has concern about the transaction. What I planed to do is: C asks his bank (not B) to issue two cashier check (payable to C), check one with amount that A still owns to B, and check two with amount left, while A probably wants to see the whole process; both A and C then go to B, C endorses check one to B, endorses check two to A; B gives C the loan release document, A gives C the title and bill of sale.
I am pretty sure most of the procedures are correct. And don't forget the smog test, which the seller should provide.
Good luck!
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