So i am getting a great deal on a Used Evo IX MR with 3k miles on it. One problem tho.
The owner still owes money on the loan. I am paying up front with cash. If i give him the money for the car, so he can pay off his loan, he will be sent the title in the mail, and that can take a week or two. I obviously want to be able to reg, insure and drive the car rigt away. Can i do this? He is a very trust worthy guy, but how can i protect myself with not having the title in hand when i pay him? Anyone who has experience with this please chime in, thanks.

 

I went through this same situation when I bought my last car. I trusted the guy and knew that he wasn't going to jack me so I just had him write up a contract and he signed and dated it. I also payed him with a cashiers check from my bank made out to his name just in case I needed proof.

 

Were you able to reg, insure and drive it right away? How long did it take to get the title?

 

Regardless of if you trust the guy or not draft up a bill of sale. I got a good one from a buddy who bought my old JDM STi that I've used for a couple cars/bikes since then.

Always pay in a cashier's check so you have a record for it. If his balance on the car note is less than the selling price, do two checks; one for the payoff amount made out to the bank and another one for him.

You won't be able to register the car until the title is cleared of the current lein. You can insure it in your name.

If you have any other questions, PM me.

 

i would say, take over the payments and then buy it from you owning the vehicle, makes it look alot better...

 

I did this before, and I was the seller. He will get the title within 2-3 weeks. The 10 days is for processing. Basically you have to make a contract so that you are covered because the bank will send him the title in HIS name as the sole owned of the vehicle. Then he is supposed to send you the title so you can goto secretary of state for registration.

Just to be safe have a written contract you both sign. Otherwise you better have A LOT of trust in him.

 

If you buy this, push the seller to get the title released ASAP. I did have a bit of a delay when dealing w/my motorcycle lein when I sold it. Idiots never put the paperwork in.

Hopefully it's a bank where you can go and talk to someone about what kind of deal your doing.

 

I have gone through this before and here is what I would recommend. Call or visit his bank with him and get the outstanding balance. Get a certified check for that amount plus maybe $50 and a certified check for the remainder made out to him.

Then, overnight that to the bank directly or better yet - go to the bank with him and hand them the check and you can fill out paperwork then and there so the title gets mailed directly to you. They should have a limited power of attorney form so you can fill out the odometer portion for him once they mail you the title.

Make sure you type up a bill of sale (or you can just google and use a generic form) that spells everything out. If the person is upside down, you need to be even more careful to make sure they have the money to cover the difference.

 

+1

 

Ok, thanks for the advice, cant wait to get this evo.