URGENT! Should I go forward with this purchase?

I am planing to purchase a used 2007 honda accord ex v4, only has 13000 miles, the car is definitely in nice condition, my mechanic checked it out already and gave me a green light. The price is $14500, I think it is best deal around.

Now the question comes from how to make transaction.

The car owner is under loan with HSBC bank, he owes $18000 still, he agrees to sell me the car at $14500. He said he will get my money and add up his to pay off the loan first, then the bank will send him the title in 10 days, by then, he will meet with me at DMV to make title transfer.

I definitely don't feel comfortable with this, I suggest him:

1. Try to borrow some money from his relatives (he is a Filipino), buy back the car, then make deal with me.
he rejected the idea, said he tried, however he just couldn;t get that much money.

2. Try to talk to the bank make a loan transfer, or we both bring the money to the bank, at bank, I should be entitled the car title, in 10 days, bank send me the title directly without go through him.
He said he talked to bank, however, bank rejected the idea, because the loan is under his name.

This is what the seller suggested:
I give him the money, he will pay off the loan, and after bank send him the title, he will transfer it to me at DMV. He even suggested me to draft a written agreement, get it notarized, so say he will do what he should do.


My concerns are:

What should I do? Is he playing some sorts of games here? If I insist to take the car with me when I give him the money and let him sign the agreement. May I take his car and drive away legally? I am in ca.

does any one have the similar experiences before, please do share and inform.

thank you all in advance!

所有跟帖： 

• 一手交錢,一手交貨(TITLE) -TBz- ♂ (97 bytes) () 03/20/2009 postreply 00:17:16

• 我也覺得這樣不妥，特別是從私人手裏買。 -amei50- ♀ (188 bytes) () 03/20/2009 postreply 03:27:16

• Don't listen to the banker. They just want him to pay off the lo -Grant- ♂ (0 bytes) () 03/20/2009 postreply 07:53:46

• I feel fishy about this -xxhhwxc- ♂ (191 bytes) () 03/20/2009 postreply 08:25:51

• Yeah, this is the way to do -internuts- ♂ (116 bytes) () 03/20/2009 postreply 09:37:18

• 回複：Yeah, this is the way to do -syn- ♀ (270 bytes) () 03/20/2009 postreply 12:41:54

• Changing the creditor means refinancing. -Grant- ♂ (46 bytes) () 03/20/2009 postreply 13:40:06

• IIRC, the seller's lien bank was wellsfargo -internuts- ♂ (437 bytes) () 03/20/2009 postreply 19:59:57

• 回複：UPDATE -syn- ♀ (332 bytes) () 03/20/2009 postreply 11:16:59

• Don't listen to the seller -gosensgo- ♂ (169 bytes) () 03/20/2009 postreply 11:40:14

• 回複：Don't listen to the seller -syn- ♀ (307 bytes) () 03/20/2009 postreply 12:08:10