rflynn1

I currently have a chance to trade my car for a car that I have always wanted. However, when I checked the carfax I saw that there was a reposession a few months back. The owner currently has the vehicle registered and has a title. Is there anybody out there that would be concerned by this? Thanks in advance.

i need a civic!

just tget it and either try and get the title or get a new one.

Fabrik8

How is the car for sale after repo if there is an active title and registration in another owner's name? if the car was repossessed, that usually means that there was/is a loan on the car, which usually means that the bank/lienholder actually has the title. Often if the owner pays the backbalance, etc., they can get the car back, so I'd really check into who the car is actually titled to and whether they have the power to sell it.

So it's possible that the owner got the car back after they settled up with the bank (after the repo) and that everything is legitimate. Worth checking into though, just for peace of mind. Anyone who wants to sell the car should gladly answer that question for you.

I would only buy the car if it is through a reputable dealer (if the owner isn't selling it themselves) and they can guarantee that the title can be transitioned quickly and easily. Otherwise walk away.

I guess what I'm saying is that you shouldn't get discouraged from buying it, but that you should make sure you can easily become the new owner..

rflynn1

Thats exactly what I needed to hear. Thanks alot. It is from an individual seller, and thats where my concern lies.

Fabrik8

If they have the title, and it's in their name, it's their car to sell.

If they still have an outstanding loan, the title is still probably in the bank's name and the seller will have to pay off their loan balance before they can get the title. Then they can sign it over to you.

So if they can show you the title, don't worry about anything else, and the repo stuff has been taken care of. Any other problems are their problems and not yours, and as long as you have the car and the title, the car is yours.

The whole deal is.. if you buy the car and aren't able to title it in your name, it isn't your car. It's as simple as that.

rflynn1

Thanks, I was just curious because the owner has been telling me for the past few days that the title is coming in the mail because he recently paid off his loan. However, I got a carfax today and I saw the fact that there was a repo and I wanted to know how concerned I should be. But, thanks alot man I appreciate it. I just hope I get it, for me its a trade I never would have thought could have happened.

Fabrik8

Oh, ok. So everything sounds fine as long as he's telling the truth. Tell him you're interested, put down a good faith deposit if you want, and tell him you'll be back when the title arrives.

If he's paid off the loan and the bank released the title, the repo doesn't matter at all and you don't even need to bring it up. As long as the owner has the title that's all that matters.

FairladyZTT

and MAKE SURE!!!! the title says No Leins.

Reloaded

Unless the person has title IN HAND and can give it to you SAME DAY fuck 'em and look for another car.

I know you're not going to listen and i'm going to LULZ when you come back here and tell us some sob story about how you traded for a car with no title because the guy promised to mail it to you.

EEK

if he has the title then you're fine

once your car is repo'd..most finance companies make you pay off the loan to get the car back from impound. sounds like its what happen to him.