Buying a private party car with a lien questions and process

[ken o]

Are you going to trade in your VW to the dealership with the S2000?

[762]

Well I could but based on the offers I got for the car I feel like I should take the autobahn offer because it was so good. If I drive the VW to Houston and they give me what carmax was gonna give me then the s2k would cost several thousand more. Not worth the tax break of the trade in.

[Sharpie]

He should never receive the title, it will go straight to you or the bank you get a loan from. After you pay off his loan, Honda will know it wasn't him and the title goes to you.

[OZMDD]

Why not ask Autobahn to handle the in/out, since they're buying your car? Offer to pay the guy a couple hundred to drive it up, buy him a plane ticket home, and you'll still come out ahead on the taxes saved since you can apply your "trade-in" to the taxable value AND let the dealer handle the title stuff. If he wants to sell the car, that should be a pretty reasonable request. He is the one trying to sell it, after all.

[cam76034]

When I bought my daughter's Escape earlier this year, the owner and I went to his bank together and paid off the note at which point the title was signed over to me. He actually dropped his price and paid the difference from his savings account to compensate for the inconvenience to me, the buyer. Cannot see how this should be any different.

[762]

Well it looks like a process has been set up if we decide to do it pvt party and not the in and out. Let me know what ya'll think of this.

1. Inspect-test drive car etc...
2. Goto bank and get two certified checks. One for American Honda Finance one for the seller.
3. Sign Bill of Sale
4. Both parties sign a letter for honda finance authorizing them to directly send title to me upon payoff using the enclosed certified check for the pay off amount.
5. Give seller the check for the difference between sale price and pay off amount.

I am still trying to figure out which TxDot paper needs to be filled out. I think because I have not bought a car all the options are giving me trouble.

[jrj512]

Sounds like a fine plan to me.

[CosmosMpower]

Why not ask Autobahn to handle the in/out, since they're buying your car? Offer to pay the guy a couple hundred to drive it up, buy him a plane ticket home, and you'll still come out ahead on the taxes saved since you can apply your "trade-in" to the taxable value AND let the dealer handle the title stuff. If he wants to sell the car, that should be a pretty reasonable request. He is the one trying to sell it, after all.

Sounds like a solid plan. Should have to pay very little sales tax this way on the S2K.

[762]

Autobahn won't do the in and out so I will just have to drive down there

[OZMDD]

Good luck.