Join Date: Feb 2006
Location: San Ramon, Calif
Ferrari Life Posts: 3,627
The much more essential issue is wheter the "seller" has the actual title.
buying out of state can be very dangerous. Two years ago I helped a person out of trouble who had purchased a 550 from a "dealer" in Fla.
The Purchaser wired the cash. 9 months later still no title! The dealer was only a consignment dealer, did not give the cash to the seller, and the title would not be released. A mess!
The best thing to do:
a) ask who holds the title.
b) if a bank, finance, company, etc., find out the contact for that finance company.
c) verify they hold the title.
d) agree on a price w/seller and then send the entire amount to finance company.
e) the finance co will then extinguish the note and send the difference of the selling price and the note directly to seller.
In this manner you are fully protected.
There is no other way to protect yourself.
If the seller will not cooperate on this, back away from it.
if you need a proper bill of sale to protect yourself, let me know.
Don't be excited to buy a problem.