miro_gt
09-21-2010, 11:28 PM
ok so here's the situation:
I went to see a car that I'm willing to buy and the guy has the title on it. He has bought the car from dealership as pre-owned with a loan from third party (I would assume) and he's got the title. However, the title is named to that institution and there's a stamp on it saying something (I forgot what exactly). So he's got other documents (letters) saying that the loan on the car has been paid off, and now he's trying to sell the car. Well the car is actually owned by his son that is currently out of US, so his son has signed the title on the back of it so that it's ready for sale.
All that is good, but how can I verify all that ?
- my concern is that if I buy the car, is there any chance that at later time that third party institution would come after me if the loan has not actually been paid off ?
- how could I be sure that the signature at the back of the title is actually his sons, and would that matter at all ?
- since he's got the title, does it mean that the loan has been paid ? I would assume that if you get a loan to buy a car then the title stays with the institution that has given you the loan until you pay it all off.
- do you all think that I should go to the tag office and ask them if it would be of any problem issuing me a title after I give them the current one, before I pay the money to the guy ?
I guess I'm kind of concerned about this cause the car is not cheap, and I would try to be the man and pay it all cash and be done with it. All the info came from carfax after I saw the papers that he has for the car.
thanks.
I went to see a car that I'm willing to buy and the guy has the title on it. He has bought the car from dealership as pre-owned with a loan from third party (I would assume) and he's got the title. However, the title is named to that institution and there's a stamp on it saying something (I forgot what exactly). So he's got other documents (letters) saying that the loan on the car has been paid off, and now he's trying to sell the car. Well the car is actually owned by his son that is currently out of US, so his son has signed the title on the back of it so that it's ready for sale.
All that is good, but how can I verify all that ?
- my concern is that if I buy the car, is there any chance that at later time that third party institution would come after me if the loan has not actually been paid off ?
- how could I be sure that the signature at the back of the title is actually his sons, and would that matter at all ?
- since he's got the title, does it mean that the loan has been paid ? I would assume that if you get a loan to buy a car then the title stays with the institution that has given you the loan until you pay it all off.
- do you all think that I should go to the tag office and ask them if it would be of any problem issuing me a title after I give them the current one, before I pay the money to the guy ?
I guess I'm kind of concerned about this cause the car is not cheap, and I would try to be the man and pay it all cash and be done with it. All the info came from carfax after I saw the papers that he has for the car.
thanks.