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Premium Member
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Discussion Starter #1 (Edited)
Here's the scenario, I live in Philly Pa the owner of this truck I want to purchase lives in Baltimore DC 150 miles away.

*he's leaving the Country (this weekend) for a new job overseas*.

Ford Motor Credit Co. has a lien on the Title because he still owes $39K. He said, he would accept my offer of $28K and he will put up the remaining $11K to sell the truck.
His suggestion is, I drive to DC and we both wire money to Ford Credit Co. to pay off the note, I then leave with the Truck and signed off Title (that still has a lien on it)!
Here's the thing...Ford Credit Co. said it could take 48 hrs to 10 days before the funds are recognized and only then will the lien papers for clearing the Title be mailed out to the address he no longer lives at for him to sign. And since he's no longer at the DC address, they will then be fowarded to his new address overseas to then return to me here in the US so I can get a clear Title... Keep in mind, he's outta the USA this weekend!

I'm having RED flags about going through with this transaction fearing he can withdraw his $11K payment before it is locked in by Ford Motor Credit Co. and he's outta the country!.
I'm then stuck with a Truck that has a $11K lien on the Title, and no way of fighting a person that's on the other side of the globe.

Since I'm dealing with $28K vs his 11K my suggestion will be to wire his money in my account and I'll send the full $39K payment to Ford Credit Co. and after 48 hrs to 10 days the lien papers will be mailed directly to me so i can get a clear Title here in Pa.

Is there any other way of safely doing this deal ?

PS as far as I know, no local Ford Credit Co. locations we can do this deal at, just a 1800#. Not sure if a local Ford dealer can rewrite the Title info.
 

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Registered
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I would bail and continue the search if i were you.;)

or have him mail in the 11k and once it clears mail in the remaining to get the title.
 

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Islander Moho Trash
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2,119 Posts
Use a escrow service.
 

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PB Administrator
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I didn't know you lived in Philly. I grew up just outside of Philly.

My suggestion would be to either use an escrow service, or to let him pay down his 11k first, let it go through and then deal with it from there.
 

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5149 1/2
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Find another truck. You already mentioned "red flag" which should be enough to make you go to the next truck. Plenty more trucks out there without the drama.
 

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It is what it is
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Do it through your bank, if you were getting a loan they would do a power of attorney, and pay FMC themselves. He would have to give your bank the 11k or he needs to have already paid FMC the 11k so that the balance reflects it. Power of attorney will let you title it without him there. Also some banks automatically notify the state when the lein is paid off. In that case you won't need any paper work from FMC.


The deal does seem shady, however, if he shows up at your bank with 11k, and you get a loan for the 28k (you can pay it off before you ever have a payment or have the bank put the money in escrow) then I would say you got a deal.
 

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Premium Member
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Discussion Starter #10
Do it through your bank, if you were getting a loan they would do a power of attorney, and pay FMC themselves. He would have to give your bank the 11k or he needs to have already paid FMC the 11k so that the balance reflects it. Power of attorney will let you title it without him there. Also some banks automatically notify the state when the lein is paid off. In that case you won't need any paper work from FMC.


The deal does seem shady, however, if he shows up at your bank with 11k, and you get a loan for the 28k (you can pay it off before you ever have a payment or have the bank put the money in escrow) then I would say you got a deal.
Hmmm interesting option...I have the cash, no loan needed.
I'll see how Wachovia would deal with this. Not to mention the Trucks owner, this should tell if he's legit or not.;)

Thanks for all the replies and suggestions...I'm definitely NOT doing it his way.
 

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Colts fan & Stoker owner
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Good luck and keep us updated.
 

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Discussion Starter #16 (Edited)
Thanks for the suggestrions...I am being very cautious!

My Wachovia stated they would NOT do power of attorney.

*Before I do anything he will need to give me POA over the vehicle, a simple notarized document giving me full assess to get a clean Title, lien papers etc. And also, a notarized bill of sale with a description of the transaction.

If I put his money into a escrow account that only has my name on it, it would be the same as thing as if his $11K was deposited in my checking account...that's the only (safe) way. Or, he makes his $11K payment to Ford Credit...I wait to get a conformation it's locked in and I then send in my payment > again having POA first.
Once the funds cleared, I in turn would send Ford Motor Credit payment and they will send me the Lien clearance papers and a clear Title so I could Title the vehicle in my state.

At this time I haven't brought my proposal to him...getting all my info straight first. Then it's either a yes or no from him.
 
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