I am seriously considering purchasing a 1965 Mustang Fastback from a private seller on craigslist. He owes $3000 on the vehicle. I myself will have to take out a loan to pay for said car. The title to the car is held by the same institution that will be lending me the money. The situation is somewhat further complicated because this institution has no local branches to sit down with a representative and the current payer on the car to do the necessary paperwork. Compounding the issue is the fact that I live in a different state, 200 miles from the car’s location.
Bottom line, I would like to know how to go about this to achieve these objectives:
– My money goes to the rightful person or institution
– I get the proper paperwork to take possession of the vehicle
– The seller is legally compelled and bound to sign the title over to me when I have paid my loan
– I minimize my trips to and from the car’s location
This is my first ever car purchase (worry not, I own another reliable car) so please let me know if I have my facts wrong about the process. Provided these circumstances are not completely heinous and indicative of a potentially bad situation for me, I would like to move forward with my purchase.
OMG…did I really just read that?
Everything here sounds like a unique twist on the typical craigslist scam. If you can’t get a trustworthy, third-party local to sort out this complete Charlie Foxtrot, run like hell. I see nothing worth pursuing in your letter…and not just because I think Fox Mustangs are better than any Pony Car from the 1960s.
And FWIW, needing a loan to buy a classic money pit is a horrible idea. And that’s putting it mildly! If you can’t afford it now, how on earth can you afford the repairs that will come sooner rather than later? Everything can and will go bad, even the new parts you put on could be defective…it happens all the time!
Come on, Son! Even if the craigslist seller is on the level, you have to pass this one up until your savings account matches your passion for antique vehicles.
(Offline Update from Walt: In the end I decided to pass on the car. Too much money and too much of a hassle for what was being offered. I read TTAC daily and enjoy your articles, so keep up the good work!)
Send your queries to sajeev@thetruthaboutcars.