[Mrflapjack]

Hey guys,

Looking at importing a car, but it still has a loan on it therefore it has a lien. Just wondering what the best route to go is. From what I've read this is what I am supposed to do:

- get a bank draft for either full amount of vehicle, or 2 drafts, one for lien amount made out to the financial institution and one for remainder of purchase price made out to the seller
- Meet seller, and fill out bill of sale
- Go to bank and give them draft for amount of lien, I believe they can then release the title to me, although it might take a day to get it.
- Next day pick up title, give seller bank draft for remainder of purchase price
- Acquire exporting license, fax forms etc and proceed with importing process.

Does this sound right? I read in one post that it is a good idea to get a notary to sign and stamp the bill of sale as well prior to proceeding.

TIA

 

[Radride]

Its not that easy. My supra had a lien on it when I bought it. This is what I did:

1. Flew out to test drive the car
2. Had the seller fill out 5 bills of sale.
3. Took the bills of sale to the Notary and had him sign it along with me and the seller.
4. Called my wife to transfer the funds into his bank account.
5. Seller then verifed that there is money being transfered at his bank but there would be a hold on the money for a couple of days. Reason being is its being transfered from out of country.
6. Flew home.
7. Seller then verified that the money was transfered into his account and went ahead and paid off his loanee. He then had to wait for the clear title with only his name on it (took about a week to 10 days to recieve).
8. Once he recieved the clear title, he signed it and over nighted it to me to sign. Make sure you make a copy of the title.
9. I then overnighted the signed by me title back to the seller because the original title and bill of sale had to be in the glove box. The border will not accept photo copies.
10. I then arranged for a shipping company to pick up the car and they verified all of the documents were in the glove box.

The rest is history.

R.K.

 

[Mrflapjack]

Thanks for the info Radride, greatly appreciated. Sounds like quite the process, but better safe than sorry. Glad it worked out for you , your car looks awesome.