Hello,
I am about to buy a car from a private seller (individual). The car is registered in Illinois. However, the car has a lean on it. The loan is from Chase bank, so Chase keeps the title of the car (in Texas).
How should I execute the transaction since the seller cannot sign up the title to my name in the moment of the sale. I called Chase and they told me that I will have to pay the car, they will send the title to the seller, hi will sign it and hand it to me along with the car one week after I pay Chase. What about if the seller does not pay his part of the loan, if there is a loan amount remaining after I pay the purchase price?
The seller also says that he will sigh a <bill of sale> at the time of the payment, but is it enough? Bill of sale is not even required by the Illinois DMV when transferring a title. The only thing that is required is the original title, signed by the seller.
I am worried about that kind of transactions. I do not want to end up paying somebody's loan and end up with nothing in my hands. I do not want to end up suing somebody over such trivial thing either.
What is the proper procedure in that kind of transactions, when the car has a lean on it and its to be paid by the buyer?
Thank you very much!
Happy holidays and happy new year!
Joe
Chicago, IllinoisWhat is the name of your state (only U.S. law)?
I am about to buy a car from a private seller (individual). The car is registered in Illinois. However, the car has a lean on it. The loan is from Chase bank, so Chase keeps the title of the car (in Texas).
How should I execute the transaction since the seller cannot sign up the title to my name in the moment of the sale. I called Chase and they told me that I will have to pay the car, they will send the title to the seller, hi will sign it and hand it to me along with the car one week after I pay Chase. What about if the seller does not pay his part of the loan, if there is a loan amount remaining after I pay the purchase price?
The seller also says that he will sigh a <bill of sale> at the time of the payment, but is it enough? Bill of sale is not even required by the Illinois DMV when transferring a title. The only thing that is required is the original title, signed by the seller.
I am worried about that kind of transactions. I do not want to end up paying somebody's loan and end up with nothing in my hands. I do not want to end up suing somebody over such trivial thing either.
What is the proper procedure in that kind of transactions, when the car has a lean on it and its to be paid by the buyer?
Thank you very much!
Happy holidays and happy new year!
Joe
Chicago, IllinoisWhat is the name of your state (only U.S. law)?