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  1. #1
    Join Date
    Apr 2008
    Posts
    2

    Thinking about Purchasing Auto

    I am interested in purchasing an auto from a private party. He owes more for the vehicle than he can sell it for. He does not have enough funds to pay off the vehicle and would like me to provide the funds, and then give me the title when it arrives... He is willing to allow me to take the car. Has anyone seen this before, if so, are there any protections for me? I have heard of so many different scams.. Oh, and the bank is not local, hence we can't simply march down to the bank..

    In advance thank you for your time.

  2. #2
    Join Date
    Jun 2006
    Posts
    3,120

    Re: Thinking about Purchasing Auto

    Unless you know this private party for years, stay away from these kind of deals. Did you find him on craigslist?

  3. #3
    Join Date
    Apr 2008
    Posts
    2

    Re: Thinking about Purchasing Auto

    Hi Boris - Thanks for the quick response! Yes the seller is from craigslist.

  4. #4
    Join Date
    Jul 2006
    Posts
    7,767

    Re: Thinking about Purchasing Auto

    he doesn't own the car, his banker does. if you pay him for the car he can use the money to pay his mortgage and the banker can take the car from you, leaving you with no money or car.

    its not uncommon for people to be upside down in a car loan. if you owe 10k on your car and buy a 30k car, the banker pays the 10k for you and gives you a new loan of 40k. if you miss a payment, the banker can take the car, sell it at auction for 2k and then garnish your wages (some states) for the other 38k. when you go into a car dealer, you are going to be raped, you just don't realize how bad its going to be.

  5. #5
    Join Date
    Jul 2005
    Posts
    13,383

    Re: Thinking about Purchasing Auto

    Quote Originally Posted by T3chie View Post
    I am interested in purchasing an auto from a private party. He owes more for the vehicle than he can sell it for. He does not have enough funds to pay off the vehicle and would like me to provide the funds, and then give me the title when it arrives... He is willing to allow me to take the car. Has anyone seen this before, if so, are there any protections for me? I have heard of so many different scams.. Oh, and the bank is not local, hence we can't simply march down to the bank..

    In advance thank you for your time.

    I handle these deals all the time, it is normally routine.

    But he has to pay the difference between your purchase price and what is owed on the loan. You need to work this deal through your local AAA office. They can at least file the preliminary paperwork, the bill of sale and the release of liability.

    You will also want to make the check out to the lien holder-the bank-after talking to them.




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