Hi
I am in the process of buying a car from this person, who still owes money to Honda Financial. He told me that on tuesday, we can go to the Honda dealership and pay them the balance and then they can sign over the title to the new owner, i.e, ME. However, i called Honda and they said Honda Financial is a totally different business form their Automobile business and i should contact them. Honda Financial doesnt seem to have an office around here and this process has to be done by phone then.
I dont want to pay the guy so he can pay off Honda Financial and i end up without the car and the money.
Any suggestion, Please help
2007-11-11 07:50:00 · 7 answers · asked by Aditya G 1 in Cars & Transportation ➔ Buying & Selling
The only correct answer is to call Honda Financial and ask them how to do it. That way, you will get the correct answer and not a bunch of guesses or "opinions".
2007-11-11 08:20:33 · answer #1 · answered by Otto 7 · 0⤊ 3⤋
This is tricky. You have to be able to verify the payoff balance of the loan, I don't mean what you are told. Also you need to verify there are no liens on the car. Is there a co-signer on the loan or the title? If so they have to
The dealer will not get involved in a private sale, why would they take the risk and time for nothing. They would deal with Honda Finance if you were buying a car from them.
I think you will need to pay an attorney for an hour of work.
The seller will sign a power of attorney to the attorney.
The attorney will check the payoff balance and who is listed on the title. Then the seller will sign of bill of sale saying if you payoff the loan, you own the car and that unitil you actually payoff the loan you can withdraw from the transaction.
You give the attorney a certifed check. He cashes, it make sure the funds are good.
The funds are sent to Honda finace. Now they have to make sure to send the title to the attorney, not the seller.
Seems complicated, but dealers take trades everyday that have loans.
a>
2007-11-11 08:28:18 · answer #2 · answered by Gatsby216 7 · 0⤊ 1⤋
My advice would be to hold off buying the car UNTIL he gets the title right in front of you. This is very risky! If he doesn't go through with the proper paper work, you will be unable to register the car in your name and worse, if he doesn't pay off his loan AFTER you buy the car, Honda Financial can repo the car right from your driveway and you would have paid for a car that wasn't yours to begin with. A bill of sale will not help you here. You NEED to have the title also.
2007-11-11 08:12:43 · answer #3 · answered by Zsasha 5 · 1⤊ 1⤋
It is a big hassle to buy a used car with a lien on the title. I recommend that you look for another car that has the clear title in the owner's hand.
If you really want that particular car, you should use an escrow service such as escrow.com to protect yourself from possible fraud.
2007-11-11 09:15:34 · answer #4 · answered by Nicholas N 4 · 0⤊ 1⤋
Simply obtain a signed Bill of Sale from the seller. Get a power of attorney for the title. Pay off his loan and obtain the title. The car is yours.
2007-11-11 08:17:30 · answer #5 · answered by Anonymous · 0⤊ 3⤋
WHEN HE HAS THE CLEAR TITLE IN HAND WITHOUT ANY LIENS ON IT, THEN START TALKING AND UNTIL THEN WATCH OUT AND DON'T GET RIPPED OFF.
2007-11-11 08:40:33 · answer #6 · answered by Anonymous · 0⤊ 2⤋
do not buy it period look for something else
2007-11-11 07:53:05 · answer #7 · answered by hermitofnorthdome 5 · 1⤊ 1⤋