No, it's not enough.
- You need to get ID from the seller and verify they actually own it.
- You need to contact the bank that holds the title, confirm it's for the trailer you are buying, confirm the outstanding balance on the loan, and ask about the necessary steps to transfer ownership.
- Only make the payment to the bank holding the title directly in order to pay it off. Do not give money to the seller unless the bank loan balance is paid off and you followed the bank's procedures to the letter. Period.
- Inspect the trailer before you buy.
- Avoid cash so there's a paper trail and you aren't robbed.
- Draft a sales agreement / bill of sale with the trailer details and VIN and make sure you both sign it.
No, it's not enough.
* You need to get ID from the seller and verify they actually own it.
* You need to contact the bank that holds the title, confirm it's for the trailer you are buying, confirm the outstanding balance on the loan, and ask about the necessary steps to transfer ownership.
* Only make the payment to the bank holding the title directly in order to pay it off. Do not give money to the seller unless the bank loan balance is paid off and you followed the bank's procedures to the letter. Period.
* Inspect the trailer before you buy.
* Avoid cash so there's a paper trail and you aren't robbed.
* Draft a sales agreement / bill of sale with the trailer details and VIN and make sure you both sign it.
AND go to the local police department to verify the VIN and the seller are who they say they are. Although this may already be a thing in most states(it is in mine), but a VIN check by the local PD will tell you everything about the trailer
AND go to the local police department to verify the VIN and the seller are who they say they are. Although this may already be a thing in most states(it is in mine), but a VIN check by the local PD will tell you everything about the trailer
All that and confirm what - if any- taxes are owed and to what government office/s. (Some states tax vehicles. I believe those taxes are paid to the states themselves? Idk, I live in a state where they don't tax vehicles.) Good luck with your possible purchase!
All that and confirm what - if any- taxes are owed and to what government office/s. (Some states tax vehicles. I believe those taxes are paid to the states themselves? Idk, I live in a state where they don't tax vehicles.)
Good luck with your possible purchase!
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