Buying a car that is currently being leased

[Street_Soldier]

So I want to purchase a car from a private seller who is currently leasing the car.

The car has a lein on it from TOYOTA CREDIT CANADA INC. since its currently under a lease.

The seller wants to buy out the car from Toyota and sell it to me right away.

I'm a total noob at this and it sounds pretty legit to me. What actions can I take to ensure that car is being bought out and the lein is removed prior to me purchasing the car? Are there any scams that start out like this?


Thanks

[rage2]

Go with the owner to Toyota, figure out the buyut amount, buy out the car from Toyota, and either you cut the guy a check or the other way around to cover the difference.

[Street_Soldier]

Is there any documentation I should request saying that the cars been bought out incase they forget to remove the lein?

[max_boost]

Originally posted by rage2
Go with the owner to Toyota, figure out the buyut amount, buy out the car from Toyota, and either you cut the guy a check or the other way around to cover the difference. I've sold all my leased cars this way or the other times the buyer trusts me because of my Beyond rep (Oh you are max_boost on Beyond, No problem) and just cuts the check directly to me.

[rage2]

Originally posted by Street_Soldier
Is there any documentation I should request saying that the cars been bought out incase they forget to remove the lein?
Uhh, ya, the buyout documents? lol

[schocker]

Originally posted by max_boost
I've sold all my leased cars this way or the other times the buyer trusts me because of my Beyond rep (Oh you are max_boost on Beyond, No problem) and just cuts the check directly to me.
Oh yeah, what about this!


ibcinya (23) Seller Negative 04/20/08 got upset cause my girl friend didnt like what he was selling

[TomcoPDR]

Originally posted by max_boost
I've sold all my leased cars this way or the other times the buyer trusts me because of my Beyond rep (Oh you are max_boost on Beyond, No problem) and just cuts the check directly to me.

Wonder if that'd work picking up females too :drama:

[Street_Soldier]

OK, so i got a similar situation.

So this car has a lien on it. Its held by "RBC ROYAL BANK OF CANADA". The seller of the vehicle probably got a car loan to buy the car.

Would it be the same as buying a leased car from the dealership? Sounds the same to me but I just want to be sure.

Just go with the guy to the bank as he pays off the debt. Ask for the loan re-payment document stating that the loan has been paid back in full and that the car no longer belongs to the bank?

Thanks again

[ROBOCOP]

Originally posted by Street_Soldier
OK, so i got a similar situation.

So this car has a lien on it. Its held by "RBC ROYAL BANK OF CANADA". The seller of the vehicle probably got a car loan to buy the car.

Would it be the same as buying a leased car from the dealership? Sounds the same to me but I just want to be sure.

Just go with the guy to the bank as he pays off the debt. Ask for the loan re-payment document stating that the loan has been paid back in full and that the car no longer belongs to the bank?

Thanks again

Yeah that's how you clear the lien. I don't know abour RBC but BMO likes to fhuck up lien titles. Tey don't take them off even though the car gets paid off and when the buyer does a lien check it shows as having a lien when it had already been paid off year ago.

[gulfstorm]

I guess I was too nice when I sold my Golf a while back (which was a lease).

1. Paid out my lease (credit card)
2. Got a check from a buyer for the asking price
3. Letter from VW Canada that vehicle has no leins on it
4. Paid off my credit card with the funds received from the buyer

Mind you I was always paranoid that the buyer would turn around and didn't want the vehicle in the end and i would be stuck with a whopping credit card bill. A deposit is a must!