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?

Reply to
Publius
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I wouldn't give him anything until he can produce a title to give to you on the spot.

-phaeton

Reply to
phaeton

Reply to
Chuk

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

Reply to
sdlomi2

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.

Reply to
Rodan

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.

Reply to
DeserTBoB

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 >
Reply to
Mike Romain

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.

Reply to
bmwgolfguy

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.

  1. 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.

Reply to
John S.

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

Reply to
mandtprice

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