REVscene Automotive Forum - Situation with buying a car that isn't paid off yet

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Situation with buying a car that isn't paid off yet

So basically i saw an ad on craigslist, he was selling an frs for 15k. The person has not yet paid off the car yet. So I was just wondering how would I go about purchasing this car? He said that I would just pay it off for him then on the same day would go to an insurance place to lower the taxes and transfer the ownership there. I could also take over his payments for him but I want
to pay it all in cash. One thing though is that he can also say it never happened once we reach the insurance place, I really do not trust anyone on craigslist so guys please give me some tips.

I sold one of my first cars that way, it's not a sketchy process at all if their an honest person / have someone to drive with the seller the whole time. Go to the bank where the loan is, pay it off with the seller, go to insurance, drive home. One more step but a fairly straight forward process when I was the seller, buyer was happy. Definitely can't be done with one person though on your end, because doesn't matter how much you trust someone, people suck

If anything, would I be able to write a contract with the seller stating that he will transfer the ownership after I pay off his loan? Just incase anything shady happens

Why don't you just have the transaction done at where he owes the money? In this case like a Toyota dealership? This should be a simple process.

Ask who the leinholder is to the car.

It's likely Toyota Financial Services Canada, or the bank. Call them or make an appointment in advance to settle the sale. The hardest part is making the phone call, or taking the initiative to do so. Life is tough these days.

Quote:

Originally Posted by rentro (Post 8844926)

Is this you? https://vancouver.craigslist.ca/bnc/cto/6153793430.html

Quote:

I was going to purchase this 2013 Black Scion Fr-S from seller Brendan in the Vancouver area. It has ~70,000km, rear spoiler, and trd exhaust. Everything was set and we had agreed on a price of $12,500 after viewing it. I had the money taken out the next day from my bank account and then after ordering the car proof report for the car, I found out that there is actually still $17,000 owing to the Bank which was Toyota's financing department. Had I not done the car proof I would have been scammed into paying 12,500 PLUS the 17,000 dollars, as the owner never mentioned that he still had a balance of $17,000 owing. I took his word for it that it was an honest mistake, as he pretended he still wanted to go with the deal and would pay me the difference (he said he was planning on paying me $4500 to take the car) yet shortly after I was aware that he owed money on the car he no longer wanted to go through with the deal.

Please buyer be ware. If you will purchase this car (or any newer/expensive car) Please get yourself the car proof report to see if there is any liens and don't get caught paying off someone else's loan. Also if the car is relatively new request receipts and confirmation from the dealership that the car has actually been payed in full. I don't want to see anyone get ripped off for that much money as it almost happened to me.

Email me if you have any questions.

That scenario doesn't really make any sense. The guy couldn't have sold it if he didn't have the title. So you'd have to be pretty stupid to somehow get scammed like that

Anytime I've bought used cars I've gone to autoplan and started up the paper work and only handed over the cash after paperwork has been confirmed by the agent and signed by the seller

buying a car that the owner still finances is not sketchy at all.... just pay the loan place, TD auto finance would visit the TD Bank and get all the info etc and pay it to them and the rest can be paid to the owner of the vehicle

edit:

just saw the FRS car ad

no fucking shit you gotta check paperwork, 2013 isn't long at all and before buying you have to check paperwork on when he bought it and how much did he finance it for if it wasn't bought out..

this is just stupidity from the BUYERs part even though the seller was scummy. Why bring that much cash out so fast without seeing paperwork?!?

Quote:

Originally Posted by vitaminG (Post 8844972)

That scenario doesn't really make any sense. The guy couldn't have sold it if he didn't have the title

Title? What are you talking about?

"Titles are a US thing. Unless there is something I've been missing in 20 years of buying and selling cars in BC, all we have is a BC registration. If the car was bought (not leased) from a dealer, the regi will be in the owners name not the dealership's name. Meaning the owner is capable of selling the vehicle while still owing $ on the loan, the onus is on the buyer to run a lien check on the vehicle they're buying.

No need to be pedantic, you know what I mean when I say title. When I was financing my truck the registered owner was Chrysler financial. There is no way I could have sold it unless I'd paid it off and obtained the title in my name. Icbc will not allow you to sell a vehicle which you don't own

Sorry, didn't intend to sound pedantic.
If you lease the vehicle the registration is in the name of the company that issues the lease. If you buy the vehicle (even if you finance the purchase) you are the registered owner and can sell it.

No i wasn't the guy who posted the beware of scam ad, it was some other kid who offered too low and got too salty when his offer got rejected.

But I was just worried by the time I pay off his loan he may deny the fact that I paid him when we go to the insurance place ending up in a pretty bigass problem

I have never been in that situation. I would be nervous as well.

I wonder if the salty guy is just being a jerk to hurt the seller's chances of selling? Pretty low.

And yes in BC we don't have a title we have registration.

Again, just write out a simple contract. Also do a bank draft transfer so there's an obvious paper trail from you to him. If he turns around and doesn't sell you the car there's zero way he'd get away with it

I once bought a 5000 car.. it had a lien on it.
i went to the place of loan and completed the transaction (CIBC)

It's been awhile for me, but can you just get the Transfer papers and have it filled out in advance. Bring the forms with you to the bank/dealership pay it off and get him to sign his portion of the Transfer papers at the same time. Then you just bring the transfer papers to ICBC and they complete the rest.

This is what happened when i bought my car last time, the seller didn't even come with me to ICBC. Signed off the transfer papers at his place and off I went.