How should I buy a car from a seller who(READ TEXT)?

Question

How should I buy a car from a seller who still owes on his car? He owes $12K, is selling me the car for $8k, is adding the difference ($4k) and his finance company is going to send me the title of the car by mail as soon as the debt is paid. The seller obtained this loan from the car dealership upon purchase. The finance co. is in Texas (we are in Oregon). I told him I am not going to write him a check or hand him any of my money. He said he talked to his finance co. and they said that they would accept payment from me by getting my routing number to my checking account. <--IS THAT a bad thing??? I've had family members tell me that it is a secure way to make a payment. I'm waiting for the seller to send me a personalized bill of sale. Something that we can both sign and have together. Also, he is going to give me access to his account with his finance co. to prove to me that he has paid his $4k first before I give them my $8k.

All in all, the seller wont be able to touch the title because the bank holds it. The title will be sent to me once the payment has been made. I know this is a huge hassle for me, and it's doing the seller a favor for knocking out car debt. I don't feel like I owe anyone anything and have no trouble backing out if I need to. But his car is a steal for $8k, so my thoughts are, that it is worth the trouble.

Let me know what you think! :-)

All in all, the seller wont be able to touch the title because the bank holds it. The title will be sent to me once the payment has been made. I know this is a huge hassle for me, and it's doing the seller a favor for knocking out car debt. I don't feel like I owe anyone anything and have no trouble backing out if I need to. But his car is a steal for $8k, so my thoughts are, that it is worth the trouble.

Let me know what you think! :-)

Motorhead · Accepted Answer

Do not do it!
It is a total scam.
That is never how a legitimate car sale is made, and you never give our your account routing number.
If it were a legitimate deal, then they would arrange for you to both go to a trust company office and both sign the papers for the transfer, and you would walk out with the keys and all the papers you needed.
A local dealership could also do it for them, at no cost.
There is no way for you to know that there even is a finance company in Texas involved in the deal.

g · Answer

"How should I buy a car from a seller who still owes on his car?"

Simple answer, don't.  Way too many things can go wrong.  Only consider purchasing a vehicle from a seller who can lay the clear title in your hand.

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Anonymous · Answer

There is no free lunch.  This is what will happen. You send the money, they keep it.

No lender is going to send a 3rd party someone elses title certainly without a notarized affidavit.

Can you say SCAM ?

Johnnie · Answer

Don't do this.Never buy a car from ANYONE with money still owning on it.If you see clear title fine if not  forget it.

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How should I buy a car from a seller who(READ TEXT)?

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