i will be real brief.. cause i noticed that people hate reading novels here. i looked into cars and you wouldn't believe how close i got to buying them but it's really starting to **** me off now.. i found a good car and got eveything done cept i found out that it's not paid off. So great, i gotta work through the bank which is 4 hours away ... (where he lives). So i found another deals cept this guy's car is ALSO not paid off. He owes like 5800 on the car or something. So basically i gotta work through his bank in las vegas (ford Credit). Is this the right steps im taking to go through the process of buying the car??

1) Call his bank and transferthe 5800 that is left on the car.. and have the bank transfer the title to me

2) After title comes, give him the rest of the money.

How will i know over the phone that the bank will give me the title.. and not have the 5800 i pay, somehow get mixed up. I mean what if the other guys says "oh that's my money.. blah blah.." i can't do crap cause i dont' even have the title to the car. SO there, that's my dilemma. Help needed plz. Thanks

 

He's not going to agree to turn over the title to you for a mere $5800 with the assumption that once you legally own the car, you will pay him the remaining balance.

The appropriate way to do this is to pay him the full sum and let him pay off the bank. Once that happens, the bank will send him the title, which he can transfer to you. You should NOT be involved with any transactions with his bank on his behalf.

If you're uncomfortable giving him that much money assuming that he will be upstanding about it, you probably should buy a used car from a dealership, or arrange to have a third party witness the transaction.

 

Are you paying cash? Call your bank and his bank and ask them how the whole procedure works.

 

Your lender will figure this out. Lenders do this every day.

 

When I sold my car, I owed the bank. The buyer came with me to the bank, she gave me a cashiers check which I then gave to the bank to pay off the loan.

The bank then gave me the change, and I gave her the keys. Also, because I was at the main branch (credit unions are nice like that) I was able to get the title for her then and there.

Otherwise she would have had to wait for it to come in the mail.

I think if the bank is not present, if you pay for the car and get the keys, you have just made a transaction and the seller is obligated to transfer the title to you. Course that doesnt mean they will... You might want a little extra in writing saying that they will send the titile to you as soon as they get it.

 

okay thanks for the advice. Well his "bank" is actually a credit company or whatever called Ford Credit. It's the auto loan company from Ford Motors. The thing about it is, i would have done what tacomaboy did and just go to the bank with him cause he's only an hour away.. however, the main branch for Ford Credit is in Las Vegas. His branch is in Pasadena but Pasadena wants him to mail it to Las Vegas. Well I called his bank and asked the person on the phone a "hypothetical question" regarding my situation and she was totally giving me attitude, like "oh you're not our customer so we can't give you that information." ..... like it was an account # or something.

Anyway, i talked to him and he said he'd be willing for me to pay his bank the 5800 or so.. and then once the title is mailed to my house.. we can give him the rest of the money. However, there's one problem. Even if the bank mails us the title, he needs to come to our house and sign it off so .. we're taking a risk, cause what if he calls the cops and say we stole the car or something? We can't do anything about it.. and we just paid for his car so that's a big risk. Plus we can't have a 3rd party witness the transaction (for the first part) because we're either mailing the $5800 or wire transferring it to his bank that's way in Las Vegas. Do think im thinking too much of this, or is this a big risk im taking if i do this? He seems like a nice guy and i've talked to him quite a while on AIM and stuff. I guess if we do this method... a) we're at risk cause he hasn't signed the title off.... BUT can he legally claim the car back even though we paid off the car, have his car and have the keys, AND have the title (not signed off) in our possession? Is a written contract enough to take it to court and for us to win or is it not enough evidence is he says something like "they stole the car".. b) He wouldn't be at much risk.. well i guess he won't get the rest of the money if he does pull this kind of criminal act, but then hey.. he got his car paid for right? So .. im not quite sure what to do.

What would you guys do in this situation? Im thinking of just doing it cause it's taking too long and there's no other way.

 

might as well bump right after i reply.. cause



900 post~!