Looking to purchase a car where the seller still has an active loan. This, of course, will require that the loan is paid off before title can be reassigned.

Has anyone had good or bad experiences with escrow services, can recommend an escrow service or have you had experience buying a car (out of state from where you live with a lien on the title)? The seller lives in one state, but the lending credit union is in another one (seller moved).

Thanks

Sounds very risky. I would contact the bank and see if they can assist or or give a recommendation. God Bless

I would not do that. If you need a good used car, Enterprise and Carmax will both sell you one with warranties, at a reasonable price without the risk.

Well, it's not as unusual as one might think. We do it practically EVERY day as we buy OIL & GAS minerals out of state. Escrow agent holds the funds from us and the deed (title in the case of the vehicle) from the seller. When all conditions outlined in the escrow agreement are met, escrow agent can release the funds to the seller and send the deed (or title in the case of a vehicle) to the buyer.

Are you paying cash (cash equiv, not financing through a third party)?

This is a pretty standard procedure. Any car title service should be able to accommodate this.

It would be a cash deal. Seller still owes a nice chunk of change on the car. I am going to see it this Sunday and if its nice make an offer and work through the transaction on Monday. The seller is about 10 hours away by car from where I live. He has a loan through an LE/FD/MIL type credit union in another state (driving to the bank and settling is out). I will bail if I have to do a lot of back and forth given the distance. Hence the reason looking for a legit escrow service.