Need advice - buying a used Bullitt

[Rambosupreme]

The paper work will take time since whoever has the title will need the loan paid in full before the title is released. This could take a week or two to receive the title. Call your DMV and see if you can have temp tags as you wait for the title and what is the process. As far as the seller it has to be clear the title has to be signed over to you. This is where it gets sketchy dince that person could hold the title and screw you lol. Not funny and not likely but a notarized bill of sale has to state the seller signs over the title when they receive it.

I am going to list out all key terms in the bill of sale and have it signed at the seller’s bank and use the bank official (who will collect the payoff) as a witness.
Maybe a bank officer can notarize the bill of sale.
I don’t know what else I can do to make sure it’s safe/secure :(
I have never dropped that much cash on anything in my life.

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[shogun32]

have never dropped that much cash on anything in my life.

Or get financing from a lender of your choosing and make it a bank to bank legal fight should something go sideways. This may also simplify the paperwork so it never actually goes to the seller but the previous bank sends the title to the receiving bank. Then in 40-60 days you pay off the entire loan in a lump-sum.

 

[Elp_jc]

you are god sent. Found a private seller local to my area

Awesome . Glad I could help.

As far as the sale, several things not mentioned before:
1. When you talk to the financial institution, make sure they have physical possession of the title. If yes, verify it's in the seller's name only, so you know you're dealing with the legitimate owner.
2. Many times the title is in a different location, so ask for the title to get transferred to the branch where the deal will take place, obviously before the deal date. That's the safest way to do it, since your #1 priority should be to get possession of both vehicle and title at the table.
3. Depending on your state, that might not be possible, which I wouldn't like at all. In that case, the only way I'd feel comfortable with that purchase would be something like Shogun suggested, to remove the risk from you, with the absolute minimum down payment possible.
4. If you can do the deal in exchange for the title and vehicle, show up with TWO cashier's checks from a major bank (you could do W/T too, but would have to be early in the day): one for the exact pay-off amount, and the other for the seller's portion, if any. If you negotiate the price down $500, the seller would get zero. But his price sounds really good, especially with a car with all options (including recaros), so I wouldn't even try to beat him down on price, but it's up to you. When the price is reasonable, which in this case is not only that, but great IMO, better to stay in good terms with him, for future questions and such.

Looks like you found a great car, brother. Hope all goes well, and you become part of the family . Good luck, and keep us posted.

 

[Rambosupreme]

1. When you talk to the financial institution, make sure they have physical possession of the title. If yes, verify it's in the seller's name only, so you know you're dealing with the legitimate owner.

It seems the lien is with Bank of America. Since we know how big banks work, they are going to take their sweet time to go through the process and most likely not entertain my special requests

2. Many times the title is in a different location, so ask for the title to get transferred to the branch where the deal will take place, obviously before the deal date. That's the safest way to do it, since your #1 priority should be to get possession of both vehicle and title at the table.

That is the safest and clean way to do it. I am hoping to at least get a BofA officer to sign witness on my Bill of Sale and also get it notarized by the Bank.

4. If you can do the deal in exchange for the title and vehicle, show up with TWO cashier's checks from a major bank (you could do W/T too, but would have to be early in the day): one for the exact pay-off amount, and the other for the seller's portion, if any. If you negotiate the price down $500, the seller would get zero. But his price sounds really good, especially with a car with all options (including recaros), so I wouldn't even try to beat him down on price, but it's up to you. When the price is reasonable, which in this case is not only that, but great IMO, better to stay in good terms with him, for future questions and such.

I just came from meeting the owner. There was just tiny room to negotiate..and it was $500. I come to find out he has few other mods/addons besides what came from Ford. Its got Ford Performance hood struts, which is nice. Then there is a Oil Separator from JLT, Steeda jack rails, then a high end tint. I know small small things. The owner is very passionate and its very well kept. So I just couldn't think of asking for anything lower than that.

So yes coming back to the payment etc. There won't be any payment to the seller. I am paying the agreed amount..and whatever few hundred difference is..the buyer pays it. Combined the payoff amount on the loan will be paid.
This means just one cashiers check from my bank. I will make sure I add the auto loan # and the Vin # in the cashier check notes section, so it has some form of tracking.

Plus all this will be called out in my bill of sale.

I am attaching a copy of my draft document (removed personal info).
If you get a chance do check it and let me know if anything sounds wrong.

 

[Elp_jc]

Document looks fine, and you should be fine with BofA. Also important is seller looked trustworthy to you. And since you're taking possession of the vehicle, you should be fine. Just remember you'll need a temporary tag, so ask your DMV what documents you need, and make sure you get them.

Finally, did you directly ask seller about oil consumption, engine tick, service issues, if car was involved in any kind of accident, etc? Many sellers don't volunteer such information... but if asked point blank, a private seller typically wouldn't lie to you, so ask very specific questions if you haven't done that already. By the way, I'd expand on the 'vehicle is in good operating condition' part, adding that seller guarantees vehicle wasn't involved in an accident under his ownership, and any other issue important to you that owner stated his car didn't have. Just to cover yourself better. Good luck.

 

[Bear_Stang]

The paper work will take time since whoever has the title will need the loan paid in full before the title is released. This could take a week or two to receive the title. Call your DMV and see if you can have temp tags as you wait for the title and what is the process. As far as the seller it has to be clear the title has to be signed over to you. This is where it gets sketchy dince that person could hold the title and screw you lol. Not funny and not likely but a notarized bill of sale has to state the seller signs over the title when they receive it.

If you really want to avoid being screwed, get a title office to act as escrow for the purchase. That way there is a 3rd party making sure the seller and the buyer are on the same page throughout the process. It will cost you some cash, but going the escrow route will make it harder for the seller to bait and then switch or bait and run.

 

[IceAge]

You can always google a persons name and sometimes it’s an eye opener lol.

 

[derklink]

I added language to the contract stating that the seller warrants that the car is accident free and has not been modified. Seller had no problem with that.

 

[Rambosupreme]

Document looks fine, and you should be fine with BofA. Also important is seller looked trustworthy to you. And since you're taking possession of the vehicle, you should be fine. Just remember you'll need a temporary tag, so ask your DMV what documents you need, and make sure you get them.

Finally, did you directly ask seller about oil consumption, engine tick, service issues, if car was involved in any kind of accident, etc? Many sellers don't volunteer such information... but if asked point blank, a private seller typically wouldn't lie to you, so ask very specific questions if you haven't done that already. By the way, I'd expand on the 'vehicle is in good operating condition' part, adding that seller guarantees vehicle wasn't involved in an accident under his ownership, and any other issue important to you that owner stated his car didn't have. Just to cover yourself better. Good luck.

I shared a copy of the draft with the seller to make sure he is good with it.

I added language to the contract stating that the seller warrants that the car is accident free and has not been modified. Seller had no problem with that.

Thank you. I will include this as it seems to be valuable.

So in the meantime I called my bank about getting a auto loan for portion of the purchase price. Wells Fargo said since this is dealing with a private seller they won’t do auto loan but it will be a personal loan.
When it’s processed as personal loan then WF won’t handle or hold the title which makes the process bit “useless”.
That means I am stuck with paying via cashier’s check.

 

[IceAge]

I shared a copy of the draft with the seller to make sure he is good with it.


Thank you. I will include this as it seems to be valuable.

So in the meantime I called my bank about getting a auto loan for portion of the purchase price. Wells Fargo said since this is dealing with a private seller they won’t do auto loan but it will be a personal loan.
When it’s processed as personal loan then WF won’t handle or hold the title which makes the process bit “useless”.
That means I am stuck with paying via cashier’s check.

I have sold motorcycles to other I did not know and the deal we make is they get to have my Motorcycle in exchange for me to get the Title until I sign over the title. I would tell the seller you have possession of the car once you mail the Certified Check and once he gets the title then he knows and you know its all good. And of course its parked and not used until you get the title and he keeps insurance on the car till ownership is finalized. Just an idea to run by him.

 

[Rambosupreme]

I have sold motorcycles to other I did not know and the deal we make is they get to have my Motorcycle in exchange for me to get the Title until I sign over the title. I would tell the seller you have possession of the car once you mail the Certified Check and once he gets the title then he knows and you know its all good. And of course its parked and not used until you get the title and he keeps insurance on the car till ownership is finalized. Just an idea to run by him.

I am not mailing any checks
We are meeting at Bank of America branch, doing the payoff followed by signing a notarized bill of sale. At that point I will get the keys, drive off with the car. Seller takes a Uber and go home.

at least that’s the plan. Rest is in the hands of the lord ;)

 

[IceAge]

I am not mailing any checks
We are meeting at Bank of America branch, doing the payoff followed by signing a notarized bill of sale. At that point I will get the keys, drive off with the car. Seller takes a Uber and go home.

at least that’s the plan. Rest is in the hands of the lord ;)

Awesome and be sure to go into the settings and have the Rev Matching on. This is a huge fun factor to the car snd ask the owner if it’s on and if not ask him to show you how to turn it on. And make sure he shows you the different drive modes which Sport IMO is the over all best and activate the exhaust note as well. Congrats on your purchase and I have a few as well

 

[derklink]

I am not mailing any checks
We are meeting at Bank of America branch, doing the payoff followed by signing a notarized bill of sale. At that point I will get the keys, drive off with the car. Seller takes a Uber and go home.

at least that’s the plan. Rest is in the hands of the lord ;)

Good luck, hope everything works out as planned!

 

[Elp_jc]

Yeah, sport exhaust mode is the best. Like a cousin of mine said, it growls. Ha ha. Normal sounds really good too, but sport is extra deep, muscular, yet refined.

I've bought and sold many motorcycles and cars privately, and never an issue. Most have been outright, but one purchase was like yours. With BofA, you shouldn't have any issues. The main hassle is obtaining a temporary tag; hope it's not a hassle for you. Good luck, and send pics and comments of the experience .

 

[Rambosupreme]

The main hassle is obtaining a temporary tag; hope it's not a hassle for you. Good luck, and send pics and comments of the experience .

This reminds me that I need to call our local tag office and get details on what is required to file for temporary tags while we wait for the title.
I did check online and it mentioned about bill of sale, driver license and a power of attorney form (which is a GA state dept of revenue's form), completed by the seller etc.
But I would still prefer to talk to a human and make sure everything is in order.

/fingerscrossed

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