Hey guys, I'm thinking on buying this car that currently has a lien on it and am planning on paying cash so I would not be financing it.

I live in Louisiana, and the car is in Mississippi. The owner is in the army and is financing through USAA which he says is not a local company. He says the best/easiest way to complete the sale is for him to pay off his entire loan with the credit card he has through USAA, clearing the title and have them mail me the title.

The part I'm most concerned about is of course, giving him the money directly with only a bill of sale in return.

Is this safe? What risks do I take in doing it this way?

Thanks for any advice

 

A few things.

No, do not just send him the money. USAA is a good company, so what you two should do is have a phone conference and talk about the deal, and have USAA come up with a solution. They have the title, so this shouldn't be too hard.

Just don't send him the money.

 

Don't pay until he has the title. When I bought my CL, I waited until the seller fully pay for the car and had the title in hand.

 

NEVER hand over your money on a car without receiving a title in return, NEVER!!!

 

*new plan!*

I called up the USAA Banking and Title department and here is what they suggested.

1. Go to Seller's house
2. Conference Call USAA with seller
3. Pay directly to USAA for title
4. Take car home with Bill of Sale
5. Have title sent to ME
6. Get power of attorney to sign his name to transfer Title at DMV
7. All good?

 

^ As long as you have it in writing I think that will work.

 

USAA is a stand up company, but have them draft up the conversation (signed by their loan Dept.) and it sounds good.