When buying a used car froma private party where the seller has financed the car and does not have the pink slip and the buyer is paying cash how does the buyer protect himself?

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Most states have power of attorney forms just for specific cars that you can pick up at your local title/dmv office. The seller would list you or who ever you want as the power of attorney for the car and you would be able to transact title work on their behalf. You also need a bill of sale signed by both you & the seller. Find out who the car is financed with and see if they have a local brach. Sometimes the seller can call his branch & have the tilte sent to the branch & you could meet him there, pay the bank & get them to do the title transfer work. If there is no local branch get the finance companys phone #, the account# for the loan and call them to get payoff directions. Get a cashier check and mail the payoff directly to them with a letter signed by both you & the seller instructing them to send the title to you instead of the seller. With the POA above & the title you should be able to obtain a new title. if you have a relationship with a local bank or credit union you may want to follow up with them for additional info. JUST REMEMBER TO HAVE ALL DOCUMENTS NOTARIZED!!! And make sure all the douments list the VIN#, sellers name(s) EXACTLY as listed on the registration, your name as listed on your DL,and the date.

First answer by Lisalamarr. Last edit by Lisalamarr. Contributor trust: 37 [recommend contributor]. Question popularity: 7 [recommend question]

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