Comments on: Bought a used car from an individual, we did owner financing, put some money down and agreed to? http://buildingcreditbusiness.com/buying-selling/bought-a-used-car-from-an-individual-we-did-owner-financing-put-some-money-down-and-agreed-to/ Increase good credit business in smart ways Sun, 14 Nov 2010 15:51:35 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: trimagna http://buildingcreditbusiness.com/buying-selling/bought-a-used-car-from-an-individual-we-did-owner-financing-put-some-money-down-and-agreed-to/comment-page-1/#comment-204 trimagna Fri, 26 Jun 2009 07:50:43 +0000 http://buildingcreditbusiness.com/buying-selling/bought-a-used-car-from-an-individual-we-did-owner-financing-put-some-money-down-and-agreed-to/#comment-204 There are several variables and issues. 1) "As is" still requires that the vehicle serve its primary purpose, which is to function as a vehicle. 2) It is common for dealers and individuals to sell cars but not have a title in their possession at the time of sale. For an individual, a copy of the registration that shows they are the registered owner and the bill of sale should be enough to get your state's DMV to issue a new title. For dealers, they usually order the title BUT IT IS ISSUED in their name or the finance company's name. You get the title when you make the last payment. If you are still within days of the initial transaction, 1) write and mail a letter stating that the car is a lemon and you want to return it and cancel the deal. 2) get a local mechanic to perform an "eBay inspection". This typically costs $40. You need some evidence that the car had problems, especially problems that the dealer should have known about. 3) If they take back the car but stiff you for all or most of your initial payment, challenge them in small claims court to get the rest of your money. Good luck, - CarlD There are several variables and issues.

1) “As is” still requires that the vehicle serve its primary purpose, which is to function as a vehicle.

2) It is common for dealers and individuals to sell cars but not have a title in their possession at the time of sale.

For an individual, a copy of the registration that shows they are the registered owner and the bill of sale should be enough to get your state’s DMV to issue a new title.

For dealers, they usually order the title BUT IT IS ISSUED in their name or the finance company’s name. You get the title when you make the last payment.

If you are still within days of the initial transaction,

1) write and mail a letter stating that the car is a lemon and you want to return it and cancel the deal.

2) get a local mechanic to perform an “eBay inspection”. This typically costs $40. You need some evidence that the car had problems, especially problems that the dealer should have known about.

3) If they take back the car but stiff you for all or most of your initial payment, challenge them in small claims court to get the rest of your money.

Good luck,
– CarlD

]]> By: Scott H http://buildingcreditbusiness.com/buying-selling/bought-a-used-car-from-an-individual-we-did-owner-financing-put-some-money-down-and-agreed-to/comment-page-1/#comment-203 Scott H Wed, 24 Jun 2009 13:43:33 +0000 http://buildingcreditbusiness.com/buying-selling/bought-a-used-car-from-an-individual-we-did-owner-financing-put-some-money-down-and-agreed-to/#comment-203 Two latin words: caveat emptor - let the buyer beware. You should have done your homework before you agreed to this deal. You bought a used car "as-is", if it's a junker, then that's what you bought. You have no recourse based on the condition of the vehicle. However, you may have a case for fraud if he sold you a vehicle he didn't have a legal right to sell. I'd contact the police department, but most likely you will have to file a civil suit too get your money back. Good luck. Two latin words: caveat emptor – let the buyer beware. You should have done your homework before you agreed to this deal. You bought a used car “as-is”, if it’s a junker, then that’s what you bought. You have no recourse based on the condition of the vehicle. However, you may have a case for fraud if he sold you a vehicle he didn’t have a legal right to sell. I’d contact the police department, but most likely you will have to file a civil suit too get your money back. Good luck.

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