Well.. I will buy the car nextweek.

Its 2002 S2k with 69k on it.

Everything is okay, but here is the thing.

The car is with lien on it, so the seller doesnt have title yet.

He wants to payoff the lien with my money, and when he gets the title, he will send the title to me.

He is nice guy(from s2ki), but I just wanna be more careful..

Can i just fill the bill of sale? or should I write the duplicate of title thing..?


Thanks in advance.

 

settle on a final price for the car.

find out how much the payoff balance on the car is and who the lienholder is.

cut one check to the lienholder for payoff and get the title from them.

cut another check for the remaining balance of the purchase price to him.

 

Oh.. and he said he will write down the price like.. $8k, so that I can save on taxes.

And he wants me to pay him as full cash, or cashier's check.

he also said if I pay to the lien holder directly, I have to pay whole amount of tax.

Is it true...?

 

the tax part, honestly i dunno

 

errr... if you tell someone here who it is they may be able to tell you if he has been good on deals past. edirtay's advice of 2 checks is the safest thing for you.

 

I seen a case like this on one of those TV court shows. Yes you will save cash on Taxes, but you will also go on paper as saying you paid X amount for the car. Should anything happen that you would need a refund or something, he can deny that you payed him whatever you claim to have paid him, and say look it says right here $8k

 

And never use cash, I allways leave a paper trail.

 

DMV REG 227

you will need the 227 form to be filled out by the seller, bank , and you plus you will need the bank notarize that form too with the stamp on it. YES you can still put as you bought it for $8K. you might also need the vehicle transfer / reassignment form.

 

this is how u do it...

you find ur own bank and get qualified for how much ever the car is....

the bankwill directly pay off the balance with seller's lien and give him the rest if there is

bank does all the paper work...

u pay sales tax afterwards

 

Thank you very much guys.

I really appreciate.


....and.. Is fob allow to go to meetings .....?




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