Buying a car without a title (receive title 2 weeks after)
I would like to know how best to legally protect myself. I am purchasing a car from a person who is currently leasing the vehicle with a buy-out option. The person intends to use my money to purchase the vehicle and then transfer the vehicle to me. The problem is that the title is with the dealership which has a lien on the car and I cannot get the title till after he purchases the vehicle from them. One consideration is a bill of sales contract- what must it say? Another option is to write a certified check payable only to the dealership- will this be enough to protect me or can I do more? Thanks.
Re: Buying a car without a title (receive title 2 weeks after)
This is a prescription for much future anguish–on your part. The “options” which you reference,i.e., a “bill of sale contract” or certified check payable only to the dealer offer no guarantee that you would ever receive clear title to the vehicle. If I were you, I would avoid this arrangement at all costs.
Michael E. Hendrickson
Attorney & Counsellor at Law
211 North Union Street Suite 100
Alexandria, 22314