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Extreme Veteran
Posts: 322
Location: Fort Madison, Iowa | Hi All I'm considering buying a trailer that a friend and I will be traveling to meet the seller 1/2 way and if everything works out, I hope to buy. The person I'm dealing with is a family member selling the trailer and they need to find out if the parent/owner has the title or a release has to be made yet. He said if the release has to be made yet, the paper work will come in the mail. He thinks in the state of Tennesse, that you get your title even if there's a loan against it. In my state you only get the title after it's paid off and a release made. I mentioned having a bill of sale and wondered if there's other precautions I should take. It concerns me I might not have a title signed when I'd give them a cashier's check but then the trailer would be coming with me. Any words of advice or other precautions I should take? Thanks!! |
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Expert
Posts: 3853
   
Location: Vermont | If they do NOT show up with a clear title to the trailer...walk away... |
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 Extreme Veteran
Posts: 420
Location: Iowa | Paul's right. Call before you make the trip. No Title, No Trailer. |
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Elite Veteran
Posts: 798
Location: Tenn/Ala. | Horsin, I'm in Tenn and can tell you that titles are held by the lienholder. Once the lien is released, it is to be signed, the state notified, and the title sent to the owner. So if they have it, it should be clear.
RTSmith |
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Expert
Posts: 2614
| I learned the hard way buying a trailer (or trying to) from a childhood friend just 5 miles away,if you want the trailer and there is a lein on it,you and the seller should go to the bank (provided the lienholder is in a local place) together and obtain the title. If the loan on the trailer is in another state as ours is (in California) I really don't know but what I would not have a lawyer consulted on how to obtain the trailer and get the title post purchase.It would be kind of hard for the sellers to pay it off prior to the sale,I would think. But I would sweat bullets thinking I'd bought it with a loan on it,and,had possession but no title,and it never was paid off.Lots of possibilities on that deal to go belly up (FOR YOU) IMO. |
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Elite Veteran
Posts: 714
Location: Minnesota | Can't speak for trailers specic, but in MN lien holders hold the title. I would be asking the seller the name of the lien holder and be in touch with them directly. At the very least I would make the check out to BOTH the lien holder and the seller. Then still notify the lien holder of your actions, because they will send the title to the seller, who will have to forward it to you. Unless you personally know the seller I would find every way possible to protect yourself. |
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Expert
Posts: 2954
Location: North Carolina | "...The person I'm dealing with is a family member selling the trailer and they need to find out if the parent/owner has the title or a release has to be made yet. He said if the release has to be made yet, the paper work will come in the mail. He thinks in the state of Tennesse, that you get your title even if there's a loan against it. In my state you only get the title after it's paid off and a release made..." So ... you are not dealing with the owner of record. Strike one... Says: doesn't know if the title is available. Strike two ... "Thinks" you can get a (clear) title if there's a loan lien (read RTSmith's post again) Strike Three ! ... I would be out of this deal without a title in hand when your check is offered. Even then I would be familar with what a valid Tennesse MOV title looks like. |
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Veteran
Posts: 231
Location: Illinois | Very well put Hosspuller....very good advise |
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Expert
Posts: 2954
Location: North Carolina | I would be out of this deal without a title in hand when your check is offered. Even then I would be familar with what a valid Tennesse MOV title looks like. Posted to add: And know how and what is required to properly transfer ownership to you. Vehicle Title & Registration is administered by the Tennessee Department of Revenue through its Taxpayer & Vehicle Services Division http://tennessee.gov/revenue/vehicle/index.htm Here's Tennessee's DMV hotline. Do you have a toll-free telephone number for the general public?
Our toll free telephone number is (888) 871-3171 |
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Expert
Posts: 2954
Location: North Carolina | Originally written by horsin around on 2010-07-16 7:55 PM I mentioned having a bill of sale and wondered if there's other precautions I should take. It concerns me I might not have a title signed when I'd give them a cashier's check but then the trailer would be coming with me. Without proper transfer of title (ownership) the bill of sale only protects you (maybe) from criminal charges of receiving stolen property. The proper owners can take the trailer back and leave you with your "Bill of sale" and an empty wallet. |
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Extreme Veteran
Posts: 322
Location: Fort Madison, Iowa | Found out more information about the title and I'm not getting a loan but talked with a loan officer at my bank and he's helping on advice and will be helping transfer money only after we have a release from the lein holder. The person I'm dealing with had no problem with anything and said that's standard. I will be talking with the actual owner and the lien holder both when I decide whether to purchase or not. I'll also be getting VIN#'s off the trailer to compare to the faxed paper work we'll receive. One good note is the person I've been dealing with knows and use to work with someone here locally that's a friend of a good friend of mine. My friend stopped by his house to ask him if he knew him and he did and said he's good guy and he wouldn't hesitate to buy anything from him. I've owned my trailer for 10 years now so it's been a long time since I've made this purchase and feel now I have a better understanding of how is should all work. Thanks for your words of precautions & advice!! |
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Papers you should have for trailer sale??
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