The way you make certain that the lienholder is satisfied and the buyer doesn't just feck off with the money is you need to make the bank draft co-payable to the lender and the seller.
The seller should be able to provide you with a loan payoff letter from the lienholder that states the amount due, the date until which the pay-off quote is valid, and the account information.
So if you're buying a car from Bill Bumface and he's financed it from TorqueDog's Loansharkery under account #6969, you'd make the bank draft out to "TorqueDog's Loansharkery Acct #6969 and Bill Bumface". Alternatively, I guess you could make two drafts -- one for the lien payout for TorqueDog's Loansharkery Accct #6969 and another to Bill Bumface.
I've only ever done this in a private transaction with a Scotia loan, and then it was just as simple as having the bank draft be co-payable since where I was depositing the funds was also the place holding the loan.
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-James
GO FLAMES GO.
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Originally Posted by Azure
Typical dumb take.
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