not sure if anyone has any experience in this.
1. i found through a relative's acquaintance and am ready to buy over a used 370Z in full cash.
2. Seller still have outstanding loan of about 35k with a bank and is unable to clear the loan before he sell the car.
2a. He request that i clear the loan for him first, i can pay direct to the bank with purchase agreement signed by both parties. hes ok for me to withold his balance payment until the transfer is complete.
2b. He is ok to start the process to transfer on LTA end, but it wont go through unless the bank also effect the release to LTA, bank says will take about 1-2 days upon full payment.
2c. relative is not sure/ cant grantee this person's character.
Some risky scenario here;
1. He may run road after i clear the loan for him
2. Not sure how man in blue view such private agreement
3. i am ok to to seek my own legal recourse if thing go south, but the fees may not be worthwhile for this deal
i have called one of the site sponsors here, wasnt very helpful, she mentioned they are jus "facilitator", in short my interest wont be protected. Previously when i buy used cars i will jus buy ask for transfer on the spot, also will verify the shop indeed owns the car and not thru some 3rd party.
i am not desperate for this car as this wont be my primary car but i do have some personal sentiments to this model and this model is very few in the market now, its hard to find one with good condition n known background. i been searching for sometime.
Will you proceed ?