Any bought a used car from private sale before?

Reply
 
LinkBack Thread Tools Display Modes
Old 29 Dec 2008, 10:10 am   #1 (permalink)
zcarenow@yahoo.com
Guest
  • Posts: n/a
  • User Status:


Default Any bought a used car from private sale before?

I am thinking about buying a Camry 2005 with 20k miles on it from an
employee at work. He still owes car payments. How does that work if i
want to buy it from him? Also, what about transfer of titles? How
would that work? I've only purchased new cars in the past, but never a
used one. Thanks.
  Reply With Quote
Old 29 Dec 2008, 10:23 am   #2 (permalink)
Mark A
Guest
  • Posts: n/a
  • User Status:


Default Re: Any bought a used car from private sale before?

<zcarenow@yahoo.com> wrote in message
news:262f8f7f-3a9f-4633-870e-ffbb67e5bae5@v39g2000pro.googlegroups.com...
>I am thinking about buying a Camry 2005 with 20k miles on it from an
> employee at work. He still owes car payments. How does that work if i
> want to buy it from him? Also, what about transfer of titles? How
> would that work? I've only purchased new cars in the past, but never a
> used one. Thanks.


The requirements vary by state, so visit your state website for details. You
can also look at the instructions on the title to your other cars for
information. It is definitely more risky if he still owes money on it, so
make sure you do everything correctly according to your state requirements.


  Reply With Quote
Old 29 Dec 2008, 01:10 pm   #3 (permalink)
Daniel
Guest
  • Posts: n/a
  • User Status:


Default Re: Any bought a used car from private sale before?

zcarenow@yahoo.com wrote:
> I am thinking about buying a Camry 2005 with 20k miles on it from an
> employee at work. He still owes car payments. How does that work if i
> want to buy it from him? Also, what about transfer of titles? How
> would that work? I've only purchased new cars in the past, but never a
> used one. Thanks.

==============
Here's what I've done in California.
The evidence of title here is the "pink slip."
Where the car was finananced, the dealer still held the pink slip, so
we drove to the dealer, and I wrote checks to each party allowing them
to clear the title on the spot and release their interest (signing off
on the "Lienholder" line) to me in exchange for payment.
In other words, you don't pay without receiving good, marketable,
unencumbered titile to the vehicle. If you pay off the loan directly
in person and get the title certificate immediately, you should be
fine.
  Reply With Quote
Old 29 Dec 2008, 01:24 pm   #4 (permalink)
p_man101@hotmail.com
Guest
  • Posts: n/a
  • User Status:


Default Re: Any bought a used car from private sale before?

On Dec 29, 10:10*am, "zcare...@yahoo.com" <zcare...@yahoo.com> wrote:
> I am thinking about buying a Camry 2005 with 20k miles on it from an
> employee at work. He still owes car payments. How does that work if i
> want to buy it from him? Also, what about transfer of titles? How
> would that work? I've only purchased new cars in the past, but never a
> used one. Thanks.


I am assuming you are in the US:

1. Ask the seller to get a "Payoff Quote" from his bank. His bank
will supply a dollar amount to pay off his loan on the car. This is
the amount the bank will require in order to release the lien on the
title to him, i.e. make the title free and clear so that the car can
be sold.

2. Assuming the seller is not upside down on his loan (owing more than
the car is currently worth), his sale price will be based on this
quote plus any profit he sets. Note that you as a buyer are not part
of Step 1 above. You do not have to deal with the seller's bank
directly. He is not even obligated to tell you what the payoff quote
is. You simply will get a purchase price from the seller, and he will
sort all the other stuff out with his bank.

3. You either pay him cash, or get your own financing. If you pay
cash, you get the free and clear title from him right away then take
it to your local state DMV and have the car registered under your name
and get the plates, etc. If you finance the purchase, you would
surrender the title to you bank, which will then place a lien on it
until you pay off your own loan.

It may be a good idea to get a CARFAX report on the car.

Good luck!

--Ibrahim
  Reply With Quote
Old 03 Jan 2009, 12:33 pm   #5 (permalink)
zcarenow@yahoo.com
Guest
  • Posts: n/a
  • User Status:


Default Re: Any bought a used car from private sale before?

On Dec 29 2008, 1:24*pm, p_man...@hotmail.com wrote:
> On Dec 29, 10:10*am, "zcare...@yahoo.com" <zcare...@yahoo.com> wrote:
>
> > I am thinking about buying a Camry 2005 with 20k miles on it from an
> > employee at work. He still owes car payments. How does that work if i
> > want to buy it from him? Also, what about transfer of titles? How
> > would that work? I've only purchased new cars in the past, but never a
> > used one. Thanks.

>
> I am assuming you are in the US:
>
> 1. Ask the seller to get a "Payoff Quote" from his bank. *His bank
> will supply a dollar amount to pay off his loan on the car. *This is
> the amount the bank will require in order to release the lien on the
> title to him, i.e. make the title free and clear so that the car can
> be sold.
>
> 2. Assuming the seller is not upside down on his loan (owing more than
> the car is currently worth), his sale price will be based on this
> quote plus any profit he sets. *Note that you as a buyer are not part
> of Step 1 above. *You do not have to deal with the seller's bank
> directly. *He is not even obligated to tell you what the payoff quote
> is. You simply will get a purchase price from the seller, and he will
> sort all the other stuff out with his bank.
>
> 3. You either pay him cash, or get your own financing. *If you pay
> cash, you get the free and clear title from him right away then take
> it to your local state DMV and have the car registered under your name
> and get the plates, etc. *If you finance the purchase, you would
> surrender the title to you bank, which will then place a lien on it
> until you pay off your own loan.
>
> It may be a good idea to get a CARFAX report on the car.
>
> Good luck!
>
> --Ibrahim


For point #1, i guess i probably should get my hands dirty since
seller could provide bogus docs or you know what i mean. Fort point
#2, i should make sure he really does sort things out with the bank. I
just want to make sure that he isn't hiding something right? just hate
to be scammed. BTW, i live in Texas.
  Reply With Quote
Old 04 Jan 2009, 08:45 am   #6 (permalink)
Fat Moe
Guest
  • Posts: n/a
  • User Status:


Default Re: Any bought a used car from private sale before?

zcarenow@yahoo.com wrote:
> On Dec 29 2008, 1:24 pm, p_man...@hotmail.com wrote:
>> On Dec 29, 10:10 am, "zcare...@yahoo.com" <zcare...@yahoo.com> wrote:
>>
>>> I am thinking about buying a Camry 2005 with 20k miles on it from an
>>> employee at work. He still owes car payments. How does that work if i
>>> want to buy it from him? Also, what about transfer of titles? How
>>> would that work? I've only purchased new cars in the past, but never a
>>> used one. Thanks.

>> I am assuming you are in the US:
>>
>> 1. Ask the seller to get a "Payoff Quote" from his bank. His bank
>> will supply a dollar amount to pay off his loan on the car. This is
>> the amount the bank will require in order to release the lien on the
>> title to him, i.e. make the title free and clear so that the car can
>> be sold.
>>
>> 2. Assuming the seller is not upside down on his loan (owing more than
>> the car is currently worth), his sale price will be based on this
>> quote plus any profit he sets. Note that you as a buyer are not part
>> of Step 1 above. You do not have to deal with the seller's bank
>> directly. He is not even obligated to tell you what the payoff quote
>> is. You simply will get a purchase price from the seller, and he will
>> sort all the other stuff out with his bank.
>>
>> 3. You either pay him cash, or get your own financing. If you pay
>> cash, you get the free and clear title from him right away then take
>> it to your local state DMV and have the car registered under your name
>> and get the plates, etc. If you finance the purchase, you would
>> surrender the title to you bank, which will then place a lien on it
>> until you pay off your own loan.
>>
>> It may be a good idea to get a CARFAX report on the car.
>>
>> Good luck!
>>
>> --Ibrahim

>
> For point #1, i guess i probably should get my hands dirty since
> seller could provide bogus docs or you know what i mean. Fort point
> #2, i should make sure he really does sort things out with the bank. I
> just want to make sure that he isn't hiding something right? just hate
> to be scammed. BTW, i live in Texas.

I once bought a car from a guy that had a lien on the title, he said
he had paid it off. Turned out he had but then borrowed more against
the car, a little talk with the bank cleared things up but I learned to
trust but verify.
Things I'd want to know,
Why is he selling the car?
What repairs are needed? at 20K miles there shouldn't be any.
Repairs to the car from a wreck, or any modifications.
You get the idea.
Yes you can save money sometimes a lot if the sellers are in a
distressed situation.


  Reply With Quote

Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -5. The time now is 07:34 am.

Attribution:
Autoblog
Powered by Yahoo Answers



ToyotaLexusForum.com is an unofficial community for car enthusiasts. ToyotaLexusForum.com is not affiliated with Toyota Motor Corporation in any way.
Toyota Motor Corporation does not sponsor, support, or endorse ToyotaLexusForum.com in any way.
Copyright/trademark/sales mark infringements are not intended or implied.