Best Transaction Approach When Buying a Used Car (Private Party)?

[Beigg]

Not a big deal, have done it countless times.

What most people think is if you take out $10,000
in cash the bank has to report it to the fed. The fact
is any amount the bank finds "suspicious", ie; $3,000
or $4,000 can and is reported as well.

Likewise, any large check is reported too. You're
being watched and tracked more that you would think - and
I'm not talking about tin-foil hat stuff here.

spoooooky

[camaromann]

Not a big deal, have done it countless times.

What most people think is if you take out $10,000
in cash the bank has to report it to the fed. The fact
is any amount the bank finds "suspicious", ie; $3,000
or $4,000 can and is reported as well.

Likewise, any large check is reported too. You're
being watched and tracked more that you would think - and
I'm not talking about tin-foil hat stuff here.

When I was moving money around a few years back I had asked the bank I was moving money to about it. I asked if I should do multiple $9,000 transactions or just do one transaction. They told me multiple 9,000 transactions over a short period of time would look just as suspicious, if not more then just one large one.

[wikdsvt]

also, if you pay off the lien on the car that day, they mail the release of lien letter from the "main branch" or some BS like that. So you might not get the release of lien letter that day, it might take a week.
during that week, make sure you have insurance on that vehicle in case something happens.

[Killjoy]

Interesting. So will the SoS require that Release of Lien letter in order for me to transfer the title? I spoke to their bank and they appeared to indicate they could just signoff on the lien on the back of the title and that would suffice for the SoS.

Edit - Per the SoS website, it looks like either will work:
Check if any liens (such as bank loans) against the vehicle that are noted on the title. If there is a lien, it must be released by the lienholder in the appropriate signature space. You also may attach a lien termination statement from the financial institution to the title.

[Hugger Z]

When I had banks sign off on a lien on a title, they just signed the title in that section and I was all set. I've had to do that on 3 different vehicles with loans from 3 different banks (at 3 different times). That was all I ever needed though. Just took it to SOS to get me a clean title issued. It did have to be a bank manager in all cases though.

[Beigg]

I was issued a separate document from the bank releasing the title over to me. At the SoS, the clerk prompted me for proof of cleared title. It saved me the trouble by already having that piece of paper on hand. I wouldn't leave the bank without it if I were you.

[JPK]

I was issued a separate document from the bank releasing the title over to me. At the SoS, the clerk prompted me for proof of cleared title. It saved me the trouble by already having that piece of paper on hand. I wouldn't leave the bank without it if I were you.

Ditto