Hi, I'm about to buy a used car with a lien on it and I was wondering what the best way to go about it is. The seller is out of state: Oklahoma.
It seems really complicated, so I'll try to word it as best as I can.
Car Buying Price: 23K (It's a 34K car, good price!!)
Amount left to pay on car: 16K
Amount of loans I am getting: 10K:
Amount of cash I have on hand: 13K
My bank says they wont give me my 10K loan check unless they have confirmation that the amount to pay on the car is 10K or less. So I need to find a way to pay 6K to get the loan amount to 10K.
I think what I have to do is pay 6K to the bank that has their loan and get it down to 10K. Once I get it down to 10K, the bank will give me my check and the car exchange can go on as planned.
I'm just worried about paying 6K, and then the buyer not going through with it or me thinking I'm paying 6K to the bank when its really someone else. 6K is a lot of money to just toss around.
What would the legally best and 'quickest' way I can go about this? I'm out of a car (my last car got totaled, thats why I have so much cash on hand), and I need a new car quick. I just want to make sure I have all bases covered. Is there something I can have them sign guaranteeing everything will work out? Or some way I can make sure the bank/person Im paying is actually who I want it to go to? I have all text messages, emails, and voicemails saved from the buyer.
ps: I'm really attached to the car now. And for the price they gave it to me for, it's a hard deal to pass. It's about a thousand dollars cheaper than other places sell it for. I know its advised against, but I want to for sure go through with this. I just wanted to know if there was a way to protect myself instead of just putting my trust in them. Aka: Have her sign something saying that the money would go toward the lien to buy it and would refund me if I decided not to go through with it etc. I've talked to them on the phone and am friends with them on facebook now. It's a family and they seem like a really nice couple.
I mean I have all my emails and voicemails from them talking about me buying the car etc.