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Help on buying used car that isn't paid off yet.
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Help on buying used car that isn't paid off yet. - March 13, 2012, 02:27 AM

Ok guys I have a few questions and need some advice. Here's my scenario:

I sold my car about 2 weeks ago to a guy from woodbridge, it was a private sale and he gave me a certified check for $15k. I signed off title to him and wrote out a bill of sale. All said and done.

I'm set on getting an Audi a4 and after checking out a few I've found the right one. The seller has been a member of the audi/vw forum I found it on (vwvortex) for a while and has about 2,000 posts. Me and him have been texting back and forth and he answers all my questions about the car thoroughly and has been honest. He seems like a real cool dude and I do not feel sketched out at all. Carfax was clean, car looks great, etc.

Here's the issue. His asking price was $15k, which works out perfect. He still owes just short of $6,000 on the car and does not have the title. He says that he bought the car through Audi directly and he called about exactly how we would work this out. He said that I would need to send a bank certified check to Audi in Libertyville, Illinois for exactly what he owes so that it is paid off ($5,940.84). They will mail me the title directly to my house and once I get it I can meet with him to give him a check for the remainder ($9,059.16) and get the car. I want to make sure this isn't sketchy and I'm just paying off some random guy's loan. I will obviously call them beforehand and make sure everything checks out and make sure they have my address to mail the title and I have theirs to mail the check to. I just have never done this so any help is appreciated. Thanks guys


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March 13, 2012, 05:20 AM

I have done this a number of times. It's always a sketchy situation but usually legit, just seems weird. You need something in return for you money...the car. In my experience I give the seller 2 checks. One fit the payoff and one god we he nets from the sale. The pay off check goes directly to the bank, and we mail it together do there is no question. I make photo copies of all docs and a very detailed bill of sale. Then u drive the car home. He has the money.. I gave the car. The car is pretty much worthless with out the title and vice versa. He has no reason to with hold the clear title cause he has no car to go with it. That's what I do and it has always worked.


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March 13, 2012, 06:58 AM

Whats the members name on vortex... I know a good number of local audi drivers on there..


ay ya yay
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March 13, 2012, 07:09 AM

Jester is 100% spot on (shocker, car salesman).

Make sure you get a well detailed BOS and get it notarized (not required but having it helps in case things get stupid).

When you hand over the checks, he hands over the car. done.


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March 13, 2012, 07:24 AM

I like what Dark and Wildjester are saying, I have always wondered this myself on cars and bikes, the one time I sold a bike with a lien on it, we met at my bank, he paid off the loan, got the lien release and title right on the spot and towed the bike home. But with a car, it's a bit different since you're usually driving it home, not towing it, how do you get it home? Ask the seller to leave tags and insurance on it???
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March 13, 2012, 07:27 AM

When I bought my bike I did what wj suggested. One check to the bank, overage to seller


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to be continued......
 
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March 13, 2012, 07:51 AM

I agree with doing two checks. The problem you might come across which we come across all the time at the dealership I work at is we pay off the vehicle and they send the dam title to the customer and it takes forever for us to get it from the customer. I would send the pay off check to the bank . once you have the title meet up with the guy and pay him the balance.. that way you dont get screwed.. good luck


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March 13, 2012, 03:18 PM

He lives in New Jersey. He said if I mail in the payoff check to Audi they will mail me the title to my house in VA. Then me and him meet up half way to give me the car and for me to give him the rest of the balance in another check. That sounds good??? I can't meet him at his bank or anything because he went through Audi directly and they have the title in Illinois supposedly.


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March 13, 2012, 03:25 PM

Quote:
Originally Posted by pDubs View Post
He lives in New Jersey. He said if I mail in the payoff check to Audi they will mail me the title to my house in VA. Then me and him meet up half way to give me the car and for me to give him the rest of the balance in another check. That sounds good??? I can't meet him at his bank or anything because he went through Audi directly and they have the title in Illinois supposedly.
At a minimum I'd mail the check to Audi when I had the keys in my hand. That way you know you have the car, also have a BOS signed and notarized, along with some sort of sale letter as to what happens if the title get's sent to him.(ie how soon it should be mailed to you etc.) Just get everything signed notarized to cover your ass. You should be able to insure it with just the VIN #, now that won't get you tags and not sure what insurance would do if you drove it home like that..


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March 13, 2012, 06:56 PM

I sold my audi last year the same way. U should be fine. But mmake sure u protect urself. Dont just give a stranger 15k and hope for the title. My buyer gave me all except for 1000 until he got the title from me


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to be continued......
 
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March 14, 2012, 09:34 AM

You just have to make sure audi is going to mail the title to you and not him.... it happens here all the time even though our check says to mail title to us the dam bank still mail to customer.. yes do not mail the check to that customer.. i would get all documents notarized. just be careful..


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March 15, 2012, 12:29 PM

Most people on vortex are a bunch of douchebags and really dont take care of their car...

i would find something else honestly...Now im not SAYING every single one of them are. but for about 90% of them that stands ^^^


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March 15, 2012, 01:11 PM

2 checks buddy. car keys in hand.. best way IMO


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March 15, 2012, 02:31 PM

(I did this once before) Have whoever has his lien provide a copy of the title and get proof of insurance as well. You can then verify this with the DMV (match the title number and VIN) and have your bank wire the money so that you have all the accounting information and your bank will also verify the account info as well. Once that is done, you can cut him the second check and you should be set.

Good luck

Good luck!


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