A ? for all you lawyers and legal experts
06-26-2007, 01:16 PM
#1
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Location: ft. lauderdale FL, Houston TX
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A ? for all you lawyers and legal experts
Im in the process of buying a used 04 TL but the current owner doesnt have the title since he has not paid the car off, He wanted me to pay him the money so he can pay off the car and then have the title so he can transfer the title to me. He offered to write a letter saying he was selling me the car and to get it notarized.. Now my question is that is this enough legal proof that the car is now mine just in case he decides to pay off his remaining balance and REFUSE to change the title under my name? Is there anyway i can have something concrete in my hands before the transaction is made..im reluctant on paying over 20K without the actual title with my name on it in my hands.
thx for your wisdom.
thx for your wisdom.
06-26-2007, 01:29 PM
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update: i called the local tax collector and they said the situation is no good they need a title. The notarized note is NOT enough proof.. So my question now is ..should i deal directly to the bank that is financing him, im assuming they are the ones that are going to issue the title...or just walk away... The remaining balance on his loan is over 19K ...the selling price that we agreed on was 22.5K..
btw i went over to his house and met his wife and kid and they seem like decent people. And i really like the car because its a good deal and it drives really well.
btw i went over to his house and met his wife and kid and they seem like decent people. And i really like the car because its a good deal and it drives really well.
06-26-2007, 01:35 PM
#3
In the Mid-South meow
iTrader: (2)
I've heard about buyers going to the bank that holds the title with the seller and doing the transfer all at once with both of you present. I'd say that's the best way.
06-26-2007, 01:39 PM
#4
Safety Car
Originally Posted by dr mikeylu
update: i called the local tax collector and they said the situation is no good they need a title. The notarized note is NOT enough proof.. So my question now is ..should i deal directly to the bank that is financing him, im assuming they are the ones that are going to issue the title...or just walk away... The remaining balance on his loan is over 19K ...the selling price that we agreed on was 22.5K..
btw i went over to his house and met his wife and kid and they seem like decent people. And i really like the car because its a good deal and it drives really well.
btw i went over to his house and met his wife and kid and they seem like decent people. And i really like the car because its a good deal and it drives really well.
1) He met me at the bank that was financing the car
2) He paid in cash the balance of what was left on the loan, about 6k (the selling price was 9k, so he held on to the remaining 3k)
3) We had the bank send an electronic lien release statement to the DMV, so that the DMV would give me the title the next day.
4) We went to the DMV the next day, I got the title, signed it over to his name, I handed him the title, he handed me the remaining 3k, and we parted ways.
06-26-2007, 01:41 PM
#5
Senior Moderator
Originally Posted by Shadzilla
I was in this situation last month, however I was the seller. Heres what we did:
1) He met me at the bank that was financing the car
2) He paid in cash the balance of what was left on the loan, about 6k (the selling price was 9k, so he held on to the remaining 3k)
3) We had the bank send an electronic lien release statement to the DMV, so that the DMV would give me the title the next day.
4) We went to the DMV the next day, I got the title, signed it over to his name, I handed him the title, he handed me the remaining 3k, and we parted ways.
1) He met me at the bank that was financing the car
2) He paid in cash the balance of what was left on the loan, about 6k (the selling price was 9k, so he held on to the remaining 3k)
3) We had the bank send an electronic lien release statement to the DMV, so that the DMV would give me the title the next day.
4) We went to the DMV the next day, I got the title, signed it over to his name, I handed him the title, he handed me the remaining 3k, and we parted ways.
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