If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. |
|
|
Thread Tools | Display Modes |
#1
|
|||
|
|||
How do you buy a car from someone when they do not have title?
I am very interested in buying a car from someone who has a lease on
the car. They say that they would be able to payoff the car and get title in 10 days. How is that you typically deal with these types of things? Should I write them a check and just count on them to send me the title when they receive it? That sounds risky. What do people do in these circumstances? |
Ads |
#2
|
|||
|
|||
How do you buy a car from someone when they do not have title?
Publius wrote: > I am very interested in buying a car from someone who has a lease on > the car. They say that they would be able to payoff the car and get > title in 10 days. How is that you typically deal with these types of > things? Should I write them a check and just count on them to send me > the title when they receive it? That sounds risky. What do people do > in these circumstances? I wouldn't give him anything until he can produce a title to give to you on the spot. -phaeton |
#3
|
|||
|
|||
How do you buy a car from someone when they do not have title?
If he does not have a title then he does not own the car and can not
sell it. The car belongs to the leasing company. You would have to see his leasing agreement to know if he can retain the car after the lease is up. This is like the renter of a home trying to sell the house he is renting. Some leasing companies allow the lessor to purchase the car for a small fee, others already have options on there cars from major used car and rental companies. Chuk phaeton wrote: > Publius wrote: > > I am very interested in buying a car from someone who has a lease on |
#4
|
|||
|
|||
How do you buy a car from someone when they do not have title?
Dealers in SC have used a technique for years: write him a check and
write on both ends on its endorsement side in big letters: "TITLE MUST BE ATTACHED". In the "FOR" section on the front, write down the serial number. The payee has to send both check and title to your bank, to be honored only when the bank calls you to come down and verify the title "fits" the car you are buying; ie, correct ser. number etc. I have in a few instances, had my bank to prepare such a bank check. Little known service, but yes, they too can send a "title attached bank check" as well as we can. HTH, s "Publius" > wrote in message ups.com... >I am very interested in buying a car from someone who has a lease on > the car. They say that they would be able to payoff the car and get > title in 10 days. How is that you typically deal with these types of > things? Should I write them a check and just count on them to send me > the title when they receive it? That sounds risky. What do people do > in these circumstances? > |
#5
|
|||
|
|||
How do you buy a car from someone when they do not have title?
"Publius" wrote:
I want to buy a car from someone who has a lease on the car. They say that they would be able to payoff the car and get title in 10 days. How is that you typically deal with these types of things? Should I write them a check and just count on them to send me the title when they receive it? That sounds risky. What do people do in these circumstances? __________________________________________________ ____ Here are some options, in my order of recommendation: 1.) Call the leasing company and arrange to go there with the guy and have the leasing agent handle the transaction. It would be a pro-rated abandonment of the lease and a simultaneous sale by the owner (the leasing company) directly to you. 2.) Wait for the guy to pay off his own lease and obtain his own title certificate, then buy the vehicle from him. 3.) Make up a written agreement you both will sign describing exactly what you are agreeing to, what money is involved, and what time the various events are to occur. Then hand the guy your money, wait and hope for the best. While you are waiting, read up on small claims court procedures. Good luck. Rodan. |
#6
|
|||
|
|||
How do you buy a car from someone when they do not have title?
On 28 Oct 2006 14:19:00 -0700, "Publius" > wrote:
>I am very interested in buying a car from someone who has a lease on >the car. They say that they would be able to payoff the car and get >title in 10 days. <snip> Any lease return payoff when combined with the payments is usually more than the car is worth on the retail market. The leasing company owns the car, and if it's a cherry turn-in, they'll want to retail it. Run like hell. Do NOT give this fraudster any money. If you do, you're a dummy. |
#7
|
|||
|
|||
How do you buy a car from someone when they do not have title?
You are being scammed. He does not own the thing, you must deal with
the leasing company direct. Mike 86/00 CJ7 Laredo, 33x9.5 BFG Muds, 'glass nose to tail in '00 88 Cherokee 235 BFG AT's Canadian Off Road Trips Photos: Non members can still view! Jan/06 http://www.imagestation.com/album/pi...?id=2115147590 (More Off Road album links at bottom of the view page) Publius wrote: > > I am very interested in buying a car from someone who has a lease on > the car. They say that they would be able to payoff the car and get > title in 10 days. How is that you typically deal with these types of > things? Should I write them a check and just count on them to send me > the title when they receive it? That sounds risky. What do people do > in these circumstances? |
#8
|
|||
|
|||
How do you buy a car from someone when they do not have title?
To the original poster, you have to have it replaced typically by the Secretary of State's office. So you will need independent proof of owership before they will issue a "replacement" title. -- bmwgolfguy ------------------------------------------------------------------------ bmwgolfguy's Profile: http://www.automotiveforums.com/vbul...?userid=462780 View this thread: http://www.automotiveforums.com/vbul...d.php?t=637518 http://www.automotiveforums.com |
#9
|
|||
|
|||
How do you buy a car from someone when they do not have title?
Publius wrote: > I am very interested in buying a car from someone who has a lease on > the car. They say that they would be able to payoff the car and get > title in 10 days. How is that you typically deal with these types of > things? Should I write them a check and just count on them to send me > the title when they receive it? That sounds risky. What do people do > in these circumstances? There are a couple of choices: 1. Agree to buy the car from the seller once he obtains clear title from the leasing company. But don't take posession or hand over any money until he has title. 2. Purchase the car from the leasing company under the terms of the lease. This will take an agreement between the parties to the lease and you. Unless this is an unusual car or there are other facts that I'm not aware of, why not just look for a car with clear title. There are lots of them to choose from and the deal would be finished by the time the lease is disposed of. |
#10
|
|||
|
|||
How do you buy a car from someone when they do not have title?
Publius wrote: > I am very interested in buying a car from someone who has a lease on > the car. They say that they would be able to payoff the car and get > title in 10 days. How is that you typically deal with these types of > things? Should I write them a check and just count on them to send me > the title when they receive it? That sounds risky. What do people do > in these circumstances? As others have said, the most direct way would be for the two of you to sit down together at the leasing company's office. There would be an exchange of cash, the direction and quantities of which would be determined by how much the lease needs to pony up to the lease company to buy out the car and how much you and he have agreed you are going to pay for the car. Chances are, though that whatever you would agree to pay him for a car - as if it were out on the open market - will be less than what they lease company will let him have it for. Case A - most obvious Lease company wants $900 to turn over the title to lessee Lessee wants $1000 to sell it to you. You give $900 to the lease company and $100 to the lessee. Case B - most likely Lease company wants $900 to turn over the title to lessee Lessee wants $800 to sell it to you. You give $900 to the lease company and the lessee gives $100 to you. Matthew |
Thread Tools | |
Display Modes | |
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
carfax help please?? | [email protected] | Technology | 9 | March 24th 06 01:18 PM |
37 chevy title | oldcarguy | Antique cars | 1 | March 4th 06 03:20 AM |
Carfax worth it? | Chad Fraker | Jeep | 34 | December 20th 05 03:50 AM |
Title Problems-"true mileage unknown" | Steve | General | 1 | April 23rd 05 03:11 AM |
Car dealership need my title on trade-in? | [email protected] | Driving | 13 | February 22nd 05 07:22 PM |