Question about buying a used car

[TNPanther]

This week I found a used car on Craigslist that I really like. The price looks good and the car seems well taken care of. However there is one small problem.

The seller says his credit union still has a lien on the car because he hasn't finished paying off his car note. So basically the bank possesses the title, and I will be paying the bank the remainder of what's owed on the car. He claims that once the remainder of the loan is paid off, the bank will electronically forward me the title. He also says the bank is willing to give me a notarized bill of sale.

Is this normal or sketchy? I am almost tempted to say forget it and walk away.

[Mrs Pantherfan]

the only used cars I have every bought are from dealerships..you get a warranty...

 

try looking for the same car elsewhere...I personally would be weary of that deal...that's just me though

[Moose Hoover]

It's normal when going through a local credit union...just make sure you sign the paperwork at the credit union with both parties in front of a notary.

[Pejorative Miscreant]

2 hours ago, Moose Hoover said:

It's normal when going through a local credit union...just make sure you sign the paperwork at the credit union with both parties in front of a notary.

This. Any transaction without full understanding and agreement should not be done. If the CU is not involved formally run away. I would personally not bother and move on but if it's a sweet deal and the price is right i understand the predicament. 

[Bob NC]

Happens all day every day.  Tons of folks out there sell cars that they haven't paid off yet.

[Kevin Greene]

Don't do it. I wouldn't assume his loan unless you go into the bank and they agree to transfer everything to your name. Otherwise get your own loan and meet him at his bank to pay off his loan and the title will be reissued to your bank and once you pay it off they will sign off on the title and hand it to you. Craigslist is full of scammers, proceed with extreme caution.

[stankowalski]

http://news.yahoo.com/video/off-duty-york-police-officer-180719261.html

 

[TNPanther]

I ended up going through his bank and bought the car. They gave me a notarized bill of sale and letter guaranteeing the physical delivery of the title with a notary stamp. The title is registered to me through the state of GA; they just have to mail me a physical copy.

The car is an 08 Acura TL Type S with the rare 6-speed manual, and it was a pretty good deal, so I am definitely excited. Thanks for the advice everyone.

[Anybodyhome]

Wait....... it's a 2008 and it wasn't paid for? 

[CamMoon]

It's normal. You  could even go to the CU and deal directly with them. People do this because a repo will kill your credit.