indelible

Question for you guys:

I'm planning on buying a G35 from Utah, the guy hasn't paid off the car yet, and he financed the car through the Infiniti dealership, so the dealership still has the title. I talked to two people at the DMV, apparently I can't register the car without the title, which Infiniti has. I've read the directions and stuff about what I need in order to register the car here . But on one of the bullets it says "Last issued out-of-state title, unless held by the lienholder/legal owner." I read that line to the DMV employee and I said something like,
"Well if the dealership has the title, how can I have it at the same time?" she said "I know, but the car still has to be paid off and you need the title" so I still have to have the title, which is contradictory IMO. So what options do I have about getting and registering the car? Should I ask the guy to get a bridge loan to pay off the car? But I'd rather not have to go through a bridge loan because I'd probably have to agree to pay the fees, and all of this is rather complicating. TIA for your suggestions.

PhilipMSPT

iTrader: (5)

Why not pay off the remaining balance yourself through financing, and take the title upon payment? Just have a contract between the seller that upon payment, the car is yours.

Upon payment of the remaining loan, you would have to give the title from the dealership to your financing institution. Before it gets transferred to the financial institution (bank), register the car. Sometimes, if you purchase a car through a bank, they will register the car for you (because they have the title). The bank will then have the title, and will keep it until you pay off the loan.

indelible

Yeah, I realized after I posted that I could just meet him at the dealership and just pay off the rest of the loan and get the title at that instant. Only problem is that it's 400 miles more out of the way.

edit: woot, 900th post

uncle_el

honestly, it sounds like more hassle than it's worth.

essentially, the guy doesn't own the car, since as you stated, the dealership is in possession of the title. it seems like it would be easier for him to sell the car to the dealership, and for you to buy it from the dealership.

what phillipmspt has suggested works... assuming you trust the guy, as the contract between the guy in utah and the inifiniti dealership is separate between the proposed contract between you and the guy in utah.

is the g35 in utah that much better than one you can find here?! it would seem easier and much less hassle to buy one here in california, then it is to do what you're proposing.

kingkong5

Since the seller in Utah does not officially hold the title to the car, he cannot "legally" sell it to you. If you buy it from him, you own nothing until you have the title in possession. That's what title means, that you have the right to ownership of that property.

The best way to not get burned is to make sure that title passes into your hands when payment is exchanged. Or go through some escrow service whereby the money is passed into a 3rd party (escrow), as well as title, and they make sure that everything is all good before the transaction is completed.

I'm assuming that the seller owes more to the bank than what you are paying for the car? It is in your best interest to meet him there, hand over your money, he comes up with the difference, you pick up the title, and you're good to go.

IANAL, YMMV, good luck,

indelible

KBB value on the car is 32,000. He's selling it for $31,400 and has about $5k worth of mods, nothing major, just springs, camber kit, control arms, and rims. It only has about 10,000 miles. The closest thing I can find here in CA is the essentially the same thing, just different color, and has 11,000 miles, selling for $31k +tax and such. But yeah, I guess I'll go for the one here in CA.

edit: just found out through carfax that the one here in CA has been leased to 3 people in the past, one of them only had it for a week. So I don't know, I guess I won't be getting a car.

vinh

iTrader: (8)

just be patient and you will find your true love