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  1. #1
    Join Date
    Apr. 6, 2012
    Posts
    27

    Default How do you buy a horse trailer when the bank holds title?

    I just found a great used horse trailer for sale at a decent price. The seller was up front and told me his bank holds title since he still owes on the trailer loan. Obviously, he wants to sell the trailer and use the money from the sale to pay off his loan.

    My question is; how are these types of transactions handled so that I get the title when the bank releases it? I am pretty sure I won't get clear title on the same day I pay for the trailer.

    Thanks for your help!



  2. #2
    Join Date
    Jul. 4, 2004
    Location
    E. Washington
    Posts
    823

    Default

    Go with the person to their bank to do the transaction. The loan officer should be able to do the payoff and have you fill out the paperwork for the title change. Then the new title will be sent to you by the State. If you are financing the trailer, your bank should take care of the transaction and they will hold the title in your name until you pay off the trailer.



  3. #3
    Join Date
    Aug. 25, 2007
    Posts
    10,814

    Default

    Quote Originally Posted by craz4crtrs View Post
    Go with the person to their bank to do the transaction. The loan officer should be able to do the payoff and have you fill out the paperwork for the title change. Then the new title will be sent to you by the State. If you are financing the trailer, your bank should take care of the transaction and they will hold the title in your name until you pay off the trailer.
    This. Very good advice.

    G.
    Mangalarga Marchador: Uma Raça, Uma Paixão



  4. #4
    Join Date
    Jan. 26, 2006
    Location
    Fort Worth, Texas
    Posts
    5,568

    Default

    the financial instrument that is used is a sight draft



  5. #5
    Join Date
    Feb. 28, 2006
    Location
    The rocky part of KY
    Posts
    10,143

    Default

    We bought our truck with a bank lien on it.

    I love this small town because we went downtown and walked from our bank to their bank to the DMV. We went to their bank and got the amount for the payoff, then to ours for a cashier's check, then back to the lienholder's bank to payoff and receive the title then over to the DMV where we completed the registration change and fully paid the old owner - he got a couple thousand in cash over the loan amount.

    All this can be done long distance of course, if the lien holder is like GMAC or something, but it takes longer.
    Courageous Weenie Eventer Wannabe
    Incredible Invisible



  6. #6
    Join Date
    Apr. 27, 2008
    Posts
    2,964

    Default

    Quote Originally Posted by craz4crtrs View Post
    Go with the person to their bank to do the transaction. The loan officer should be able to do the payoff and have you fill out the paperwork for the title change. Then the new title will be sent to you by the State. If you are financing the trailer, your bank should take care of the transaction and they will hold the title in your name until you pay off the trailer.
    This is what we did.



  7. #7
    Join Date
    Apr. 6, 2012
    Posts
    27

    Default

    Thank you for the replies. I talked to my bank and they will handle the transaction since I'll be financing the trailer purchase.

    Thanks again!



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