I found a good deal on 01 BMW 540i with a blown engine on CL today. I contacted the guy and he said the title is lost although he ordered another one (Not in yet). Only $1800 but I feel its a bit risky. He does have original pink slip. I was thinking a notarized bill of sale and me towing the car home would protect me pretty well. Any suggestions?

 

If he ordered another one, wait till it gets there. Buying a car without a title could leave you with a criminal felony of receiving stolen goods and/or auto theft. Seriously.

Even if he does legally own the car, do you know how easy it would be to take your money then file a police report for a stolen car?

You need that title. Period.

 

Info, notarized bill of sale, and address and ID info wouldnt protect me? The pink slip is also in his fathers name. Still shouldn't give some money down? Thanks

 

Is this really worth the risk?

 

I've sold on a pink slip before but craigslist is craigslist. Thanks for your advice I'm probably going to hold off

 

Best advice...don't do it!

 

I don't know the laws in PA, but here in Texas what you proposed is plenty of protection. Be very specific in the language you use in the bill of sale. It is not that difficult to get a bonded title here if the seller does not give you one. However with this particular sell I would offer the seller half up front and half once the title is delivered. Before I made this deal, however I would find out the process and costs involved with getting a bonded title in your state. Make certain you get the ID and preferably make a copy of it from the seller. Include language in your bill of sell that insures that their are no leans, taxes and he/she is authorized to sell the vehicle. You can call the DMV with the VIN and they can tell you these things on the phone. You can also call your local police to insure the vehicle is not stolen. As long as you do your homework, it is no big deal. I have purchased two vehicles without titles and never had any issues. Getting it notorized is even better. The only risk is that if you don't do your homework you could potentially lose the vehicle and any money's you gave for it. In an extreme case going to jail is not going to happen. You may have to through a little BS, but it's not going to happen as long as you follow these basic guidelines

 

PA might have the most difficult laws when it comes to titles and title transfers. I ultimately didnt purchase the vehicle due to the wait of the title or no proof there is a title on the way. I appreciate the response though