So I finally found a seller of Focus 2.0 HB and we agreed on the price but here's the catch:
- The car is a company car loan and it has a remaining balance of 80K due by September
What the seller wants:
- I pay the seller in full, Seller will give me a receipt of payment.
- I get the car but no orig CR/OR and deed of sale yet. The seller will pay the remaining balance on the loan and will turn over a deed of sale/OR/CR after it is released in maybe 2 weeks time
- So you see I am assuming a great risk by trusting the seller that he will turn over the documents or pay the loan
What I offered the seller instead:
- I give him 80k initially for him to pay off the remaining loan balance, i get the car
- Once the orig OR/CR and deed of sale is released then I pay the remaining amount of the car in full
- The seller does not want to go this route as it is a greater risk on his end according to him
What do you think can be a good compromise so this deal can push thru? Or If I agree to the seller's condition, what protection / assurance can I have that he will turn over the orig OR/CR?
Hoping some kind souls can help me out
