Purchasing ATV with a lien experience?

I need some advice from anyone who has purchased a vehicle of any type with a lien on it...

I have never purchased a vehicle from anyone who was leasing it, in other words, did not have the title in their name.

I have my eye on an ATV that is being leased by an individual, but I am not sure through whom (bank/dealership), at least not yet. I will find this out when the guy calls me back.

My questions are:
I am planning to buy it outright and get the title directly in my name, what is involved in this? I assume I must go to the bank/dealership with the individual to have this done. Can I assume there is a transfer fee, if so, who typically pays it? OR... is there no transfer fee since the bank owns it?

Will I pay additional taxes (upon transfer) making a purchase in this manner vs. switching a title over (in someone's name) at the DMV? Really, what I am trying to avoid here is paying too much in taxes unnecessarily. I would rather buy one from a title holder to avoid extra taxes, if this is the case.

I have lived like a drifter my whole life due to my line of work (oil field)... I have always rented property and purchased used vehicles with clean titles simply because I have never had the option to settle anywhere. Having said this, this is all somewhat new to me.

Any advice guys?

 

To add to this... Yes, I understand I will have to pay taxes at some point to get the title in my name. But, I don't want to do it twice, or overpay because I have missed something.

I have worked hard for my money, as I am sure you all have, and I do not like paying taxes unnecessarily, especially if I don't know what I am doing.

 

Pm sent.

 

I wouldnt

 

Easiest and best way is to meet the seller at the bank who holds the loan. Usually it's a fairly simple process to transfer the funds and walk out with the bill of sale and title if one is issued.

 

In my state, not sure about others, there is no such thing as a "title" on a non registrable off road vehicle. There is a "proof of ownership" certificate.

 

Thank you for the feed back, guys. I ended up purchasing a different ATV from another seller, but it turned into the biggest cluster I have ever seen. A gentleman was about to leave the country for his job, I had cash in my hand and was ready to purchase, then I asked for the title and he said "ATV's do not require titles". New Mexico titles all vehicles, off-road or not.

I about lost it... The guy had the original sales receipt (he paid cash) and the ASO? so he owned the vehicle, but for some reason the dealership convinced him that he did not need a DMV title unless he planned to register it.

I told him that I could not make the purchase unless he had a clean title in-hand. We called the dealership and got the manager on the phone and the seller tore this guys head off... The manager stated that he would issue the title in my name and cover the fee to do so. So... after about 4 hours at a public library and countless faxes and phone calls, the manager was able to send a title request copy (in my name) to me. Everything seemed to check out, I know for a fact that we had the dealership manager on the phone, as I am the one who obtained the phone number.

I will admit, I absolutely made the wrong decision to buy this ATV without a title in my hand upon purchase. I got a smoking deal on the ATV since the guy was about to basically abandon it for 2 years until he could return to his storage unit in town (where I met him) at the end of his job contract. I figure the worst possible scenario is, I end up not getting the title and I end up with an un-sellable ATV. I run ATV's until they break down to the point of no return, so I can live with an unsellable vehicle. I verified, based on the VIN, that the vehicle was not stolen and that the seller was the buyer, that was really my only impetus for not walking away.

Had the dealership not acknowledged the problem, and the fact that they had record of the transaction, I would have walked away right there. The ATV is basically brand new, the guy put less than 10 hours on it and, if all goes as it should, I will be the original owner according to the title... But we'll see in two weeks when the title is supposed to come from Santa Fe.

What a fucking mess...