at a whole in the wall used car lot, probably 15 cars max.. after picking out the car and negotiating the price which its a price of a thousand im going to give him 500 down . now my question is he said hed put his dealer plate on and carry it for 90 days what does that mean exactly?
2007-02-07 16:31:31 · 5 answers · asked by launchpad 2 in Cars & Transportation ➔ Buying & Selling
i just need to know when i pay him the other 500 will the registration be ok and how much more will i have to pay?
2007-02-07 16:43:09 · update #1
Something about this deal smells, to me. I'm not sure this is ethical, and MAY not even be legal. I would ask around if I were you.
Ask the motor vehicle dept.
2007-02-08 00:00:12 · answer #1 · answered by Trump 2020 7 · 0⤊ 0⤋
In my state this transaction would be illegal. A dealership is not allowed to let a customer run on his dealer plate. The reason he is letting you do this is that if you do not come and give him the other $500 he can come and take back the vehicle and keep your first $500 without having to go through the proper procedures he would have to under normal circumstances. The proper way for this deal to be done is for you to get the vehicle and a bill of sale and have to go and license the car now and you would have a contract with the car lot that you would pay the other $500 by a certain day and if you didn't the car could be repossessed.
2007-02-08 16:49:18 · answer #2 · answered by BJ 2 · 0⤊ 0⤋
that means that he is probably going to carry the additional $500 balance for 90 days. and at the end of the 90 days you either have to pay him the whole amount owed or he can have the vehicle back. which is why he is putting his dealer plate on it and not titling it in your name until he is payed in full. its not a bad thing as long as you get it in writing that you will get the car when paid in full and there wont be any other charges at the end of that time.
there's nothing illegal about carrying the note for you. its a small lot and your not talking about alot of money. what he is doing is more of a favor for you. again, just make sure there will be no other fee's and have it in writing that the car is yours after you pay up and your fine. its not much different than borrowing money from your parents or a friend or bank for that matter. the car is theirs until you pay them in full. try missing a note on a car or house and see what happens.
2007-02-08 00:45:12 · answer #3 · answered by ridgwayaz 2 · 0⤊ 0⤋
Sounds like there giving you 90 days to pay off the car. With his plate on it. It's still his car ,so they have no problems reposing it. Bad deal PASS.
2007-02-08 00:38:00 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Sounds fishy to me. They are basically giving you a 90 day test drive! Not too legal. I wouldn't risk 500.00 for a "test drive". You said it first..."a hole in the wall used car lot" I'd stay away from that hole!! IF it looks like a scam, walks like a scam, talks like a scam...then it is a scam!!!
2007-02-08 08:14:16 · answer #5 · answered by just me 6 · 0⤊ 0⤋