buckeyepip

I have an agreement to buy a GT3 and just found out that the title has a lien on it. Its a small payoff amount so it shouldn't be a big deal but I just want to protect myself as i've never bought a car in this manner. I was thinking best option is for him to payoff the loan and get title in hand before I hand over any cash. I would be ok with giving him a small deposit $500 to hold the car for me until he has the title in hand. That way, he knows i'm serious and not backing out of the deal. Is that a fair agreement? Please advise. Thanks.

mike1111

As long as he has the funds to pay it off shouldn't be an issue.. $500 deposit wouldn't sound too serious if I were selling..

LVDell

I've sold and bought many cars where liens were involved. Talk to his bank and the arrangements are that YOU pay the lien amount and balance of sale to seller or the better way is to pay FULL amount to bank and they send you title and the seller the overpayment.

FYI, I bought my 7GT3 from a seller that still had a lein of almost 85k. I sent that to the bank and they sent me the title. No worries at all as the banks do this all the time.

buckeyepip

OK. Thanks for the advise. Didn't think it would be a big deal but wasn't sure on all the safest options.

Gofishracing

cool to know