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Wisdom & Authority Title Solutions

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SERIOUS AUTO TITLE PROBLEMS: BUYING A VEHICLE WITHOUT A TITLE (SEGMENT 1)

Posted on April 24, 2015 at 4:09 PM










So you come across a nice vehicle that's for sale?  It seems to be what you want and the seller even gives you a deal that you simply can't refuse.  There's only one thing...., the seller doesn't have the title to the vehicle.  In this first segment in the Serious Auto Title Problems series; I will highlight the reasons why someone would  buy a vehicle without a title, red flags to watch out for when buying a vehicle without a title and the consequences of buying a vehicle without a title.


Reasons Why People Buy a Vehicle Without a Title:

  • The buyer believes that they received too  much of a great deal on the vehicle to pass it up.  They buy out of urgency and desperation.

  • The buyer may believe that the vehicle is for parts only.



Red Flags to Watch Out for When Buying a Vehicle Without a Title:

The following red flags are usually present in a situation when an individual buys a vehicle without a title:


  • The seller is selling the vehicle at an amount that is significantly lower than book value.

  • A sense of extreme urgency to sell the vehicle is shown by the seller.

  • The seller stresses a Bill of Sale is ALL YOU NEEDin order to get a title from the DMV or there's the case in which the seller may  not even give you a Bill of Sale at all.

  • The sellergives excuses why he can't give you a title to the vehicle; i.e. the title is lost, destroyed, he's waiting on the title from the dealer, bank, etc.

  • The seller can't or won't give you any legitimate proof that they are the actual owner of the vehicle.


Consequences of Buying a Vehicle Without a Title:


Regardless of how sweet the deal is for the vehicle that you want, if there is no title present, you will open the door to the following consequences:

  • DMV will reject your transaction because you lack a title or a properly assigned title to the vehicle.

  • There is the possibility that a lien is on the vehicle.  If the lienholder recovers the vehicle; you will encounter financial loss.

  • The vehicle could be stolen.

  • Salvage issues could be present on the record of the vehicle.



In essence, count the costs when considering buying a vehicle without a title.  Even if you have a reason to believe that the vehicle is not stolen, there is no lien present, salvage issues, etc. there is always the high possibility that delays and financial loss will occur.






















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Categories: BOUGHT A VEHICLE WITHOUT GETTING TITLE

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