What's the best practice in buying a vehicle from a Private Party? What's the safest way to execute a purchase.

I'm looking at 996 TT. The seller is giving me a hell of a price. But, I feel something fishy is going on. First, he always meets me places to show me the car. Now, that all my finances are in place and I'm ready to purchase he tells me the car is register under his sister-in-laws name and the car isn't fully paid. He says he could pay the loan. Get the title and execute everything then. But how do I ensure everything checks out. That the title is legit and the his sister-in-law signs all the paperwork (and not forged).
**sister-in-law lives out of town

What should I look out for? What documents? Do I need to have the sister-in-law notarize the documents?

Is there a broker or something I can go through that would complete the transaction and make sure I dont get taken?

Any advise would help.

Thanks in advance.

 

There are a lot of cars available, and prices are excellent. I don't think your current deal passes the smell test based on what you have described, I would find another car.

 

Before you even consider buying it get a PPI done. Get a copy of the title to verify who the lien holder is and who the legal owner is. Get in touch with the lender directly to verify the payoff amount in writing. If the lender is local have the legal owner and yourself meet at the lenders office. Bring two cashiers checks, one for the lender and one for the owner. Have the owner's signature notorized. If the lender is not local, you'll have to pay the owner directly and pay the lender directly. It's a bit more risky this way. If you financing part of the purchase price you'll have to get your lender involved. If anyone say no to any of the above requests....... RUN.

 

The car is really clean and price is excellent. Carfax and DMV reports came out clean. I'd still like to try to purchase the car. I'll totally pass if things don't check out.

What should I look out for? Anyone? Buying experts...

 

Thanks Duane. If he has the title "on hand". What's the best precautionary steps to take? How do I verify who the lien holder is and who the legal owner is? Will the DMV have this information?

 

name of lender should also be on the title or have him go to the dmv with you

 

A friend of mine was buying an M3 from a guy in Wisconsin with the same story. It looked fishy from the get go so he walked away from the deal. Be careful and proceed with caution!!!!!!!!

 

I had a "similar" situation. I live in MI, and buying a car from FL resident. Title had lein on it. I had seller send me every document he had...Loan statement, copy of drivers license, insurance policy, business card, bill of sale, everything you can think of. In FL, you can look up titles online. I saw online that the title did have a lein on it, and it matched his loan statement.

I had a cashiers check made out, and sent it to my friend in FL. Seller drove car to friends house, and after my friend checked all his ID, and received a signed bill of sale from the seller, they exchanged the check for the car. Within 12 hours, the car was on a truck to my house. So, if anything happened, I had the car, a signed bill of sale, and all the guys personal information.

In FL, once the loan is paid, the title is sent to owner, and then he was going to forward to me.

Well, after a few apprehensive days, everything worked out. I was nervous but knew that even if the seller flaked out, I would have enough documentation, along with possesion of the car, that I would be ok.

I spoke to the seller about 10 times on the phone before purchase, and even check his employment status. He sent me his business card. I always got a good feeling from the seller on the phone, and even the guys doing the PPI told me that the seller seemed like a good guy.

In the end, everything worked out, and I got a good deal, but I was nervous. If you don't get a good feeling however, spend the extra $5K for piece of mind.