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#1
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How do you buy from someone who's car is owned by the bank?
Well... let me elaborate for you since the thread title is the question.
I'm trying to buy tancred's car from him and as much as I want to trust him (I've allready sent him a "deposit" check and a signed "Bill of Sale/Intent to Purchase letter), I'm finding it hard to pay off his loan of ~3700 so I can get the title from the bank. I'm sure this has happened in the used car industry thousands of times, but is there any way I, the buyer, can protect myself? I'm not saying I don't trust Dustin, it's just that legally, if he wanted to, he could just take his title and run, right? Another stress factor is that he has to leave the country by the 20th and I'm not going to get a day off until after he's gone. So even if I did just cut the check today and send it to his bank, he'd have to sign over the title and I'd be picking it up from his parents house. Any ideas? ~Craig
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-Craig Lowthorp, Flagstaff AZ '92 LS-L, Black on White, 136k SOLD '92 LS-L, Black on Silver, 120k SOLD '01 Legacy Outback, White, |
#2
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His bank needs to sign off on the title to release the lein. So having him sign it over to you won't do any good unless the bank signs off.
Best thing to do would be call in sick one day (food poisoning works well) and go with him to the bank, pay the bank, they sign off, he signs off, you take the car. |
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