1999 Vette'

[MDF4]

[FONT=&quot]I have an opportunity to buy a 1999 Corvette Stingray. The seller is a neighbor and he is asking $ 3000.00 which is way under the current market value. The Vet’ has 24,900 miles on the clock, always serviced and current registration. He drives this a couple times a month but he’s getting way up in the years and his wife wants it gone.[/FONT]
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[FONT=&quot]Her’s the rub; this was a lease car that terminated in 2004 and the residual was 15K and he paid that an took ownership…but, he never re-registered the car into his name. I was all set to write him a check and after looking at the title it’s still listed to the leasing company as the owner. I asked why he never registered it and his comment was…”I bought it, it’s mine.” In his defense, he is somewhat eccentric and an absolutely brilliant physics professor so I don’t know how to proceed from here. My best guess there would a massive penalty for not re-registering the car and paying the CA sales tax so I don’t know what to do.[/FONT]
[FONT=&quot]One thing for sure, I don’t want to open the hornets’ nest with the CA DMV and get him in trouble.[/FONT]
[FONT=&quot]Anyone have any experience in this situation?[/FONT]

 

[ZGrand]

I would go by the DMV and ask them a hypothetical question, with no specifics. They should be able to tell you the procedure. $3K for a low mileage Vette would be worth the hassle.

 

[Onomea]

This looks helpful: This is How to Buy a Car Without a Title in the United States — Dirt Legal

 

[The Big D]

$3K for a ‘99 Corvette?

That is almost impossible .

That said, if it starts that is an absolute steal.

Be safe.

 

[Bald1]

Just tell him to get a Lien release from lease company.

 

[ladder13]

A basket case vette is worth more that $3G’s.

 

[s&wchad]

Just tell him to get a Lien release from lease company.

This /\/\/\

He probably received one after paying it off. See if he can find it.
I'd buy a 24 year old Vette with 24,900 miles on the spot for $3K.

 

[Breakaway500]

The drive train alone sells for $5-7K.

If the title says the lease company owns it..they do. If he bought out the lease there should be paperwork to support that claim.Never heard of a buyout unsupported by paperwork.

Be very careful...ask yourself why would any legit seller offer you a $14-16k discount on a $19k car? (or anything for that matter..)

 

[LoadedRound]

Vehicle titles can be tricky. All this will vary state to state.

One thing for sure. Whatever your situation, they've seen it before .

Your DMV should be able to help you sort it out. As far as the property taxes that could be due. Here the Sheriff's office collects property taxes and they might be helpful, but that's in Kentucky.

If you have a friend in the car business, they may be able to help. They deal with title issues all they time.

There could also be sales tax due from the lease buyout.

I would be very hesitant to hand over the cash until I was sure I could get a clear title.

Good Luck

 

[IAM Rand]

If it was another state I might give it a thumbs up. I would just have the owner get a notarized letter that he is the owner and is selling it to you. BUT, this is Cali and I can only imagine the hoops that you will have to jump through and the cost associated.

 

[Skeet 028]

Buy the sucker while you can...can't get a clear title part it out. There is no way you can come out aloser. If the guy is buying tags it must be in his name Avis ain't paying...and there had to be a quit claim or something filed somewhere

 

[SteveA]

Around here I'd just do a quiet title action. Kansas law allows the seller to transfer title in a set number of days. If they fail to do so, then the transaction is void and they have to refund all money paid plus interest. Also seller could be hammered with consumer protection act penalties.

 

[MDF4]

Okay, to clarify.
He has the title showing 15K paid in full from the leasing company.
The problem is he has to re-register the car and pay the sales tax and other various Cali fee's which he did not do. The car has been registered every year and the registration shows the leasing company and his name on the tag slip.
He is somewhat eccentric and, like I said, the wife wants it gone. It is a deal and he's giving me first chance at it and she is being nice so guess the next thing is to contact the DMV and find out what the late fee's, fines, sales tax fines etc..etc will be.

 

[Onomea]

Maybe he can legally provide you with his proxy to act on his behalf to re-register the car, pay taxes and other fees due, and finally transfer title again from him to you. He signs one paper provided by attorney (and notary) while he sits in his house, then you go out and take care of all the details...

 

[ACORN]

Buy it and sort out the details later

 

[mrchick]

If the car was registered every year, why would there be late fees?

 

[MDF4]

If the car was registered every year, why would there be late fees?

Not joshing you...everything that is CA state related comes with a penalty for exceeding the time limit allowed for hundreds of different types of transactions. Why are we still here you ask?...my bride of many years will not leave as long as our children, grandchildren are here. I'm thinking what the heck!...the grand kids are adults now. I'll stop there
I'm going to visit the DMV which will mostly be a two hour adventure.

 

[mrchick]

Not joshing you...everything that is CA state related comes with a penalty for exceeding the time limit allowed for hundreds of different types of transactions. Why are we still here you ask?...my bride of many years will not leave as long as our children, grandchildren are here. I'm thinking what the heck!...the grand kids are adults now. I'll stop there
I'm going to visit the DMV which will mostly be a two hour adventure.

We just sold several vehicles as part of my father’s estate in CA some of them had old titles that had not been correctly updated over the years. He had been paying the yearly fees though. We were able to get it all corrected without penalties. We did have to pay the standard fee for the corrected title. Good luck.

 

[ladder13]

You know what the car is worth. Subtract fees. BIN

Forgot to ask, coupe or vert?

 

[arjay]

If he’s like the old people I’ve been dealing with the last several years he’s forgetful lol. He probably has the title somewhere but has forgotten about it
He pays the registration every year and keeps the plates current and he’s been insuring it all of this time,right?
You may just need a replacement title is all.