Quote:
Originally Posted by tenere
Planning to buy a Cayman that has theft recovery history but currently has a clean title.Anything I need to watch out for when buying from insurance& registering the car.Also the owner has Leon on it
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Please clarify - are you buying from an ins co or an individual? My assumption is you are saying you're buying from an individual and he has a loan on the car that must be paid off. And you're asking if there will be any issues getting ins.
If I have understood you correctly, the answer on ins is no, there shouldn't be issues. You have a clear title. Same with registering it.
The loan part is more complicated. If the loan is with a local bank, then you go with him to the bank. You provide the amount the two of you have agreed upon as the sale price and he provides the rest to pay off the loan. The bank hands over the title. You and the owner fill out the info on the title and you take the title. Look the title over carefully before writing any info on it. Make sure everything is done legibly, esp the mileage. DMVs look for any reason to cause you headaches.
IF the loan is with an out of town bank, then the only way you deal on this car is if he pays off the loan beforehand and has the title when you buy it. If you don't do it this way, you run a very high risk that you'll never see the title of the car, even if you have posession of the car. People cannot be trusted in today's world.
Have you run a CarFax on the car to be sure the title is clean or are you taking the owner's word?
Remember this: sellers are always full of promises and are willing to bend over backwards prior to the sale. After they have your money, not so much. Make them live up to everything you agree on BEFORE you give them your money.
Be careful, but good luck with your deal.