Buying UTV with a note

[bigbad243]

Ok so found a good deal on a utv. Made a deal with owner and they were upfront about it having a note on it through Sheffield financial. What are some thoughts on what to do to ensure they pay the note so I can get the title?

[Austin]

Get the payoff (10day) and send check (cashiers) for that amount along with a signed by the seller/note holder requesting the title be mailed directly to you.

Also have the seller sign all title forms along with a motor vehicle limited power of attorney so you don’t have to track them back down when the title comes in

[bigbad243]

Ok sounds good.

[Trevor73402]

Don’t let anyone try to steer you away from the deal if you feel good about it. Most people finance everything these days so it’s expected for there to be notes/payoffs. I’ve done several deals with Sheffield and they most likely are not going to mail you the title, even with a note from the seller. They have no proof it came from the seller. I could be wrong, but I doubt it.

If it were me, I’d do a notorized bill of sale along with a cashiers check or bank wire transfer to Sheffield for the correct amount. Worst case scenario if for some reason the seller was just a moron and decided to with hold the title from you, the notorized bill of sale will allow you to file for a lost title. However I see no reason why he’d keep the title from you.

[KDinTX]

Why not do it through you’re bank, let them handle all the documents, title work etc. then if you are paying cash just pay it off when it’s all settled out.

[bigbad243]

Why not do it through you’re bank, let them handle all the documents, title work etc. then if you are paying cash just pay it off when it’s all settled out.

Because they are far away, and banks suck. You cant go into any banks in San Antonio due to freaking covid.

[RamDrvr]

I sold mine same deal went on Sheffield put there bank info in.I have access to it to see it gets paid every month.Going on 2 years and no problems..

[bigbad243]

I sold mine same deal went on Sheffield put there bank info in.I have access to it to see it gets paid every month.Going on 2 years and no problems..

But what happens if they stop?

[BigCountry101]

I think I would call Sheffield and ask them what they need. I'm sure they deal with this fairly often and getting the info directly from them will hopefully ensure it's all done right the first go round.

[TA_Fab]

Bought a boat that the guy still owed on. Just went to his bank together and paid it off. Unfortunately they would not mail the titles directly to me, so I had to wait for him to get them and sign them. Had him do a bill of sale while at the bank. Worked out well.


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[Rick]

I would get with the seller, talk to Sheffield together, explain what you are doing and ask them the correct process to get you the title.

[Billy Bad Bass]

Typically you would secure your own financing, the payoff amount would be sent to Sheffield and the remainder would go to the seller. Process the paperwork and you are done.

It can get complicated if you are planning on making monthly payments to the seller. That is a situation I would avoid, especially if there will be payments for an extended period of time.

[bigbad243]

Typically you would secure your own financing, the payoff amount would be sent to Sheffield and the remainder would go to the seller. Process the paperwork and you are done.

It can get complicated if you are planning on making monthly payments to the seller. That is a situation I would avoid, especially if there will be payments for an extended period of time.

I am paying cash outright for the UTV

[wellingtontx]

Don’t let anyone try to steer you away from the deal if you feel good about it. Most people finance everything these days so it’s expected for there to be notes/payoffs. I’ve done several deals with Sheffield and they most likely are not going to mail you the title, even with a note from the seller. They have no proof it came from the seller. I could be wrong, but I doubt it.

If it were me, I’d do a notorized bill of sale along with a cashiers check or bank wire transfer to Sheffield for the correct amount. Worst case scenario if for some reason the seller was just a moron and decided to with hold the title from you, the notorized bill of sale will allow you to file for a lost title. However I see no reason why he’d keep the title from you.

This !

[CB_TxNole]

I've sold and bought things with a note. Every time I've met them or had them meet me at the credit union or wherever it is financed. If there isn't one close then IDK, maybe a bill of sale signed that says they will send you the title and use the money to pay it off or something.