So-

I found another 7 that I want to buy.

Guy still owes money on it, says that we go to the bank--I pay him for agreed price, he pays off loan at the bank. I get all paper work--except the pink slip (because he says the bank takes 10 days to release it to him). After those 10 days, I can get it from him.

Does this sound legit? All used cars i've purchased in the past havent had loans on them--I just want to make sure that there arent any loopholes I don't know about.


Any input appreciated!!

Thanks

 

Sounds legit.. If you are worried, you could goto his bank, get a notary to sign the bill of sale, get a cashier's check with him, watch him mail it off certified to his bank... Thats what I did.

Or get your bank to get in touch with his bank and let your bank pay off his car and the different goes to the seller. They should then send the title to your lender.. if you are getting a loan..

Best is to talk to your bank if you are getting a loan to buy this car..

Good luck!

 

^+1

When I bought my 7, I ended up using a bill of sale I got from the DMV website. It had some basic instructions (if you want to call it that) on how to go about the sale. After the seller and I agreed on a price, we filled out the bill of sale at my bank, and had it notarized. The bank verified my check for him, and I took delivery of the car after that.