Okay,
I will admit I have sold 3 cars this way.
I sell 'em on a wrap.
But I am not sure if I would do it anymore.
I would have to be absolutly sure that with double insurance and everything that if the buyer screws up
and drives into an elementary school playground that I am not going to get sued…
I think I have gotten to old and chicken for that kind of thing.
Wait a sec, I just realized this post was of absolutly no help or value to you…sorry.
Hey guys and gals, I just saw an ad in the local paper from a seller of a car that I want. He wants the payoff amount as the purchase price. Is there a way to do sort of a wrap around, whereby I make him payments and he pays the note? If this will work, how can I protect myself, as far as owning the car and getting insurance in my name? I realize this is not a normal CRE question, but I am in need of a newer car. Thanks for any help you can give me?
One problem I see is that normally all cars are owned in “title theory.” This means that the bank actually keeps the title to the car in a file somewhere until the loan gets paid in full. How could the seller sign the title over to you if the title is in the bank’s file in Walla Walla, Washington or someplace?
Re: Can I Buy A Car The Same Way? - Posted by Jason-DTX
Posted by Jason-DTX on March 09, 1999 at 24:48:18:
If your buying the car for yourself then try to just take over the payments and pay the bank directly. My friend got a new Dodge truck this way but he was dealing with someone he knew. (Some poor sap bought his girlfreind a new truck so she wouldn’t leave him and he ended up with a new truck he didn’t have any other use for!) Just make sure you have some way to get the title from the bank when its paid for, probably a power of attorney would work.
Jason Windholz