What do you guys think? It's not a bad price. Only problem is the guy wants it in CASH. Would you jump on it? Buddy told me to borrow enough, pay the guy, then take the title to my bank and refinance it back. So the bank would give me $19,000 back, take my title, and I'd make payments to the bank. Then I can repay everyone for the cash loan. It seems it can be done but I never heard of it before.

I want a AP2 but insurance is cheaper for AP1 not to mention at least 5k cheaper.

 

That's 2000 miles and a few grand cheaper than what I paid for mine.

Why won't the seller take a bank check? It's as good as cash.

 

My thoughts exaactly.

As for the car...I bought an '02 this past January for $21k and it had 10k miles on it. If the car is legit its a good deal.

CARFAX CARFAX CARFAX!

Some questions for the seller...

Is the car titled/registered to him?

If the answer to that is "NO", and he only wants cash then something is VERY fishy.

Craig

 

I dont know why he only wants cash. So he wont have to report it all to the IRS? The car looks perfect. I havent run a VIN yet. But all things being legit, I guess it's a good deal. If I can get enough bills. Too bad it's not berlina!

 

Those are good questions. Havent even thought of those.

 

IRS has nothing to do with it. The buyer is the one responsible for sales tax, and I am fairly sure you do not have to pay income tax on profit made from selling a used car.

As for my question regarding who possesses the title, this is very important. If someone else holds the title (another person or a bank/financial institution) and you pay him $19k cash for the car it is entirely up to him to pay off the lien on the vehicle which inturn releases the title to you. If he takes the money and runs you are screwed.

The reason he may be pushing for a cash deal is because any bank will only write a car loan if they know where the title is coming from. Even if you sign a bill of sale with him and hand him the cash you still need to get the physical title. In other words, there is absolutely NO reason for him to demand cash only if he's legit and still has a loan on the car.

If he does indeed own the car outright then make certain you see the title in person before handing over the cash, and I cannot express how important the Carfax report is. Many states also allow you to look up title and registration info on vehicles...all you need is the VIN...this will tell you who the car was last registered to and who holds the title to it (not to be confused with running someones license plate number...this uses the VIN).

Not trying to be a naysayer...just be cautious. I'd hate to see you show up with a briefcase full of "Benjamins" and get jacked for the money....could be a straight up hustle ya know.

Craig