Found a vehicle I want to buy, paying cash. Buyer still owes on his loan, however, and does not have title in hand.
How does one complete this transaction and minimize risk?
Certainly I'm not going to hand over the purchase price of the Car and hope I get the Car and the title at some point in the future.
I can take the car when I make payment, but what's to say that I'll ever see the title and that it will be clear?
I can pay the seller for what he owes on the loan, take the car, and hold the remainder of the payment back until the title comes in and is delivered.
Or we can try to arrange to get the title sent to the bank and pay it off when it comes in.
This has got to be a common situation - not everyone has the cash flow to pay off a loan before they sell a vehicle - how do people typically complete them?