I sold my S2000 a year ago, and I can't take it anymore, I NEED a S2000 badly, miss it too much.
I found a S2000 that I am interested in.

However, he is still on a loan through Wells Fargo.
I have cash/cashier check ready to purchase.
How is this going to work?

I give him the entire amount and he goes and pay off his loan, sign a "bill of sale" and I take the car? Later he will send me the pink slip? Will I be at risk? Or should I wait till he has the pink slip then do the deal?

Thanks in advance for help




::meant to post this in Socal section::

 

You definitely don't want to do that. The title is under the banks name, once paid off the owner gets the title. The best thing to do is to do everything at the bank where he has his loan. The bank will take the remainder of the loan and he would receive the rest. There you could have the bill of sale and title transfer filled out. Good luck with the purchase.

 

^
I agree with eehandee. Also make sure you have an agreement stating whats going to happen with the transaction/deal and have it notarized

 

It's not an issue at all. I've done countless deals where I was financing the car and sell the car. He just pays off the loan and you get the title a week later. No big deal.

 

I did mine the same way.. I cashed out the loan and paid the previous owner his remaining asking amount. The bank had to sign their release and the previous owner did the same. I had the bill of sale the same day.