turb0mike

Hey Everyone,

So I am still new to the forums but I just won an ebay bid for a 2006 E55 wagon with 32k original miles (pictured below) and I am running into a few issues with the whole transaction...

So after winning the bid for the car I forked over the $1,000 deposit required. I then proceeded to go to my local BoA branch where I filled out the loan application. I knew I wouldn't be getting the full amount due on the car (because they don't consider the rareness of the e55 wagon) so I have been shuffling some funds to make sure everything would work.

So this morning I was approved for a 5.49% loan for 60 months. I do believe this is a fair rate for a car that is from 2006. Any opinions?

That is the first question, however the MAIN issues arrives after my approval process and turning in a picture of the current title. The seller of this car bought this e55 amg wagon from an elderly gentleman who then suddenly passed away. The seller never filled out the title and turned it into the DMV (the transfer side on the back of the title is blank). I am assuming he did this to "flip" the car and avoid sales tax and registration. Here is my question... It seems like I NEED to (physically) have him on the title before I can move forward using an escrow service that is linked to the bank. Is this an accurate statement? Is there a way to prove proof of ownership without a name on the title? If I had 35k laying around I don't believe this would be an issues, but because I am financing through a bank I could see potential problems arising... When I mentioned him putting his name on the title he was hesitant and said his wife might get mad so I am looking for ANY advice.

I talked the seller (who is very friendly) and he said to contact the escrow service and tell them the situation. He bought the car and never drove it, thus is just transferring titles. He is not a dealer either, which makes this an even more interesting situation...

I do not wish to give up on this car because it is SUPER low miles and in immaculate condition. I believe I got a VERY good price on the car and would just like any input that you guys could share. I feel stuck at the moment and see the only real options as he 1) puts his name on the title or 2) I get my $1,000 deposit back and loose the chance to get this rare car... HELP!!!!!!!!

Thanks in advance!!!

-Mike

P.S. The bank is closed at the moment so just want to know what to expect tomorrow.

E55Freak

Is the title in the original owners name? If so, you may need a death certificate? I would not give this guy any money till he does something for you, sounds like he's trying to scam you? Something is fishy to me..don't get caught up with the car and get yourself screwed.

shardul

iTrader: (1)

Don't do it. Pass it up something else will come along. A scammer will alway tell you what you want to hear.

novae500

Get the $1,000 back and say you will pay on full or make something up. Sounds like he may be up to something

turb0mike

Well I met the guy and looked at the car. He isn't a scammer and has a good reputation on ebay. I haven't looked at the "terms and conditions" of the ebay but I assume he would have to have the title.

biggking

Deaths are SUPER tricky and are very hard to deal with. Don't forget that the car is still part of their "estate" and will need be subject to the executor before anything happens with the car. This could mean that there are heirs that will take the car, or if there is no one with any claims to the estate you could get the correct paperwork and get it done.

PASSS ON THIS DEAL, I am dealer and the last time I purchased a car like this it took me 18 months before I was able to title the car. DO NOT PURCHASE if the guy does not have the right paperwork even if he sounds "like a good guy".

HeissRod

At this point, I'd be thankful to get my $1,000 back.

P.S. Where is the picture?

biggking

Also, how the **** is your bank financing this car if the paperwork isn't straight? I smeeeellllssss someting fishy..

f8l ws6

Thats a rough situation. You really would have no recourse if anything went wrong in the transaction. I'm not sure how it works there but for my GTO, when I bought the car, I was given the title by the seller which I took to DMV and had signed over to me. After I had my new title in hand I then mailed it to the bank.

Problem is once this guy has the cash, it will be all up to you to hope that everything goes right at DMV. Because if it doesn't he will be nowhere to be found I guarantee. And you will only be able to go after the dead guy.....which good luck with that especially if he didn't sign it and the family can say you forged the signature. I really don't see why the guy can't put the car in his name. He can just write he paid 1000 bucks for it so it's not like tax will kill his profit.

viren.89

People get robbed for couple thousand bucks, and even people who have had reputation get greedy and rip off people.

Guy might sound good and all but why take the chance? Like you said you don't have 35k lying around and if things go awry you'd neither

have a car nor the money back.

Listen to the guys above ^^

allenjdmb

I'm sure this is a nice fellow. However, he can't legally sell you this car. Why? Because he doesn't own it.
This is first semester contracts/secured transactions stuff. Caveat: things are always unique in CA, but generally, individuals cannot avoid processing titles, even though dollars have changed hands. Dealers in most states can do this, but not individuals. I he has the appropriate signatures and docs, tell him to go get a fresh title in his name.
I would tell him you are ready to do business as soon as he has a negotiable title. I am shocked that no one at BofA has realized this. They are usually so difficult to deal with, someone must simply not have realized this.
I wouldn't give anyone a penny of money, nor an escrow service, without a negotiable title. Based on you facts, he does not have one.
Not legal advice, not counsel, no relationship. (sorry, lawyer stuff)....

HeissRod

This is not always the case anymore. Texas now has what they call a standard presumptive value. You pay tax on the purchase price of your car or the SPV, whichever is higher. In Texas, that value would be $23,475 and the taxes would be roughly $1,936.

f8l ws6

Yeah I've gotten a pile of those letters. It's hilarious what they think some of my junk is worth. Just write down why you got it so cheap and never hear back again. Car wasn't running, smashed up, burnt down etc.....

moosejaw

Geez
Come after you for tax on a vehicle that's been paid over and over again yet big corporations like Amazon and Starbucks get to avoid corporate taxes

E55Freak

Colorado does this as well.

groove66

well you could always have the old guy "sign" the title... If the seller has the title and release of liability still attached to title. At that point you would need at least a bill of sale from the old guy..

OR the current seller could get it in his name.. pay the fees and request duplicate title/transfer with another bill of sale and sell it to you..

and yes most likely he did it cause of CA tax which sounds similar to Texas. It is based of the value of the car..

Now if the old guy sent in the release of liability, he would of put the purchase price and that is the price the current seller would have to pay taxes on..

HeissRod

INORITE?! Just let me pay my tag fees and be done with it.

turb0mike

Thanks so much for all the responses!!! I think I am just going to tell the guy either you register the car in your name and sell it to me or I get my $1,000 back. And if I don't I will take legal action or something. He doesn't want a bad review on ebay so I am sure he will give me my 1k back... Here are pics of the car...

http://www.flickr.com/photos/52685867@N05/9431123210/http://www.flickr.com/photos/52685867@N05/9431123210/ by http://www.flickr.com/people/52685867@N05/, on Flickr
http://www.flickr.com/photos/52685867@N05/9428354885/http://www.flickr.com/photos/52685867@N05/9428354885/ by http://www.flickr.com/people/52685867@N05/, on Flickr
http://www.flickr.com/photos/52685867@N05/9431123110/http://www.flickr.com/photos/52685867@N05/9431123110/ by http://www.flickr.com/people/52685867@N05/, on Flickr
http://www.flickr.com/photos/52685867@N05/9428384075/http://www.flickr.com/photos/52685867@N05/9428384075/ by http://www.flickr.com/people/52685867@N05/, on Flickr

It is an absolutely gorgeous car and I went and drove it. PERFECT condition, so it isn't like this opportunity would come around again. Hopefully the guy will give in to getting the title in his name and doing a safe and secure transaction or else I won't do it. Also, He won't get the money until I know the bank is ok with this whole process.

turb0mike

I also need to check the terms and conditions of ebay cause technically this car is mine regardless if he has a good title or not right? It is his responsibility to provide me with the title in a clean manner. I will see if ebay has a 1 800 number or something. I don't want to let this one go hahahaha.

HeissRod

Oooohhhh....my kids would love those headrest monitors.

Toadster

on a side note - next time use http://www.penfed.org, rates are WAY better

jonnyc

BofA may have approved you but I highly doubt they will release a check if there is any question about the title.especially if they will be the lein holder on the title.
all that is needed is a signature from the person that is on the current title.even if none of the info/release is filled out,as long as the signature is there everything else can be filled out later.
if the car is from ca. I would call dmv,give them the vin and plate number,explain your situation and see what they show for the current state of the title.ask dmv what would be needed to complete the sale to see if it's even worth pursuing.

WHTEVO

Haha, i thought the exact same thing when i saw those. So what's the part numbers for these? Sorry to get off topic.

To the OP, i would pass on the car unless he has the paperwork you need, which he doesn't. The DMV's can be a big PITA. Once you go in without the correct stuff, they put it in the computer and note what is all needed for you to go back. Where did he get the car? The guy's family "should" have some sort of POA, or some other paperwork giving them the right to sell. Good luck.

AMG X

As hard as it can be for you to pass on temptation, you need to let this one go like others have already advised you.

He doesn't have any right to transfer the car to your name unless he has a clear and lien free title under his own name first. Why would you want to get yourself into a potential mess? Low and behold this could be part of the deceased gentleman's estate that belongs to more than just the "seller"

Being reputable on ebay is one thing, selling a car is another unless he was an actual car dealer.

AgSilver

When in doubt - - - Don't . . .