purchase help
Thread Starter
Advanced
Joined: Aug 2007
Posts: 56
Likes: 0
From: Miami Fl
purchase help
Thanks to all the help and information from this site I was finally able to purchase my first vette. But I must ask for your help once again to guide me through this process. This is my first private party purchase and I am not 100% versed in the process. Gentleman I am buying the car from does not have title in hand. And according to Carmax financing were he has the car financed it will take about 10 days to process the title and mail it to him. I verified that information myself. He is paying the balance with the proceeds of the sale. We have decided on a notarized bill of sale downloaded from the DMV sight so I can take possession of the vette. I really do not want to leave the car with him for those 2 weeks. My question is, is this a good idea and is there any precautions I should be taking to protect myself. Gentleman seems like a straight up guy and does not seem shady at all. Just want to cover my tail. Any information or insight would be greatly appreciated. I am overly excited on my purchase and trying not to trash this up. Thanks in advance for your guys help and hopefully be posting pics of my new baby on the site when all is said and done!!
Drifting
Joined: Nov 2001
Posts: 1,658
Likes: 25
From: Rochester Minnesota
There are some risks with what you're doing. If he doesn't actually send the money to Carfax, they still "own" the car. I would insist on finding out what the payout amount is and then have a cashiers check made out to Carfax for that amount----that would be part of your payment to the current "owner." I would also not leave until an envelope with other necessary documents and the check was put in the mailbox to Carfax.
If the seller balks at this, keep looking.
If the seller balks at this, keep looking.
Race Director
Joined: Jul 2007
Posts: 18,681
Likes: 47
From: Reno is so close to Hell you can see Sparks , State Of Confusion
St. Jude Donor '12-'13-'14
I agree, You should take the coney and the seller to his loan company and do it there, If they don't have the title on hand you can get it transfered there to you as buyer..
