sworaz

iTrader: (13)

Hey, I am in the process of getting a f body and the guy i'm buying it from has a lein on the title...i'm buying the car for 7,500 and he owes 8,100. His plan is to sell it to me and with the money and some of his out of pocket pay off the lein. He says his state (Kansas) has a dmv form that will basically say the title is mine upon payoff. I would just go to his bank but we are both meeting halfway which is in a different state than we live in.
This seems like a tough situation...I thought of writing a document saying he accepted money and have it signed in front of a notary...? Anyone have any ideas to do a transaction like this safely?

99HorseSlayer

iTrader: (1)

your probably best off to call the dmv on that one man

Shooter_Jay

I'd only do it if I take the car when I pay. I wouldn't give him the money without driving home with the car, especially in a state where neither of you are from which might give you a lot more problems if he tries to rip you off. I backed out of two deals I had deposits on ls1's because of waiting for titles to show up etc. a few years back. Lucky for me, because I ended up getting a much better deal, a vert for less money

sworaz

iTrader: (13)

Well, he will be there with the car and I will drive it home...I suppose i'm worried he doesn't pay his loan and I can't register...or if he goes into default and they repo the car from me.

blownta00

id think that if u made him sign a generic receipt that u made that would make it a valid deal.

sapper5000

sounds shady, hopefully you don't get screwed with the $600 bill

Hoss Ghoul

iTrader: (2)

Be aware that legally the vehicle title CANNOT be transfered to a new owner while it has a lien on it.

Your best(safest) option is to go to his bank with the appropriate DMV forms in hand as well, hand over your payment in form of cash or certified check-while he pays off the remainder of his loan. Then you can walk out of there free and clear with title in hand or paperwork needed to have the DMV issue it to you.

The way you have explained it above requires the seller to pay off the remaining debt before you can get possesion of the title. That's a bad idea in my opinion.