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.