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Loren, Attorney
Category: Legal
Satisfied Customers: 34028
Experience:  30 years experience representing clients.
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I am considering purchasing a vehicle in which the owner

Customer Question

I am considering purchasing a vehicle in which the owner still has a loan balance. He is suggesting that we go to the bank together, I pay off the loan, and he has the bank send me the title. I have had too many experiences in which Others have tried to take advantage of me in business transactions and normally recognize the intent and don't allow this to happen.
Is this a unreasonable and/or dangerous way to handle the transaction. It seems to involve a lot of trust on my part and I'm not interested in trusting anyone, period. I thought you if I had him sign a legal document of the terms. It would protect my interests, but I'm not looking to have to fight over this transaction even with a legal document signed by both parties.
The car is in Florida and I'm in NJ and would consider having the vehicle shipped to me, which would throw another wrench in process. Assuming I am really interested in this car, what is the correct legal way to handle this transaction?
Thank you in advance for your advice, Dan Naphys
Submitted: 1 year ago.
Category: Legal
Expert:  Loren replied 1 year ago.

Good Morning. I am Loren, a licensed attorney, and I look forward to assisting you.

It is a difficult situation. Especially, with a a car which is coming form out of state.

You can set up an escrow for the balance with a bank or attorney to withhold payment until the title is turned over to you.

Otherwise, you will want a contract which allows your attorney fees in the even of breach and also which selects NJ as the choice of venue and gives you a confession of judgment (so you can accept service for the seller).