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Buying Transaction on a Leased Car

Discussion in 'Ferrari Discussion (not model specific)' started by Shark01, Apr 14, 2013.

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  1. Shark01

    Shark01 F1 Veteran

    Jun 25, 2005
    6,489
    #1 Shark01, Apr 14, 2013
    An individual seller has a car for sale. He says its leased so Putnum has the title. How complicated would this buying transaction be? Would he have to pay off the lease and receive the title first?
     
  2. mikeyr

    mikeyr Formula 3

    Jun 17, 2004
    2,154
    Santa Barbara, CA.
    Full Name:
    Mike Rambour
    #2 mikeyr, Apr 15, 2013
    same as a any bank holding title, seller pays that off first and then you get title. If the seller needs your money to pay it off first then you can meet at the bank or in this case leasing office and you pay the car off and get the title. This is done daily by hundreds of people in the U.s., super easy process.

    Now, if the car is out of state the process of timing the transactions is a tiny bit more complicated but still done daily.
     
  3. Formula Uno

    Formula Uno F1 Veteran

    Oct 8, 2008
    6,659
    New York City
    #3 Formula Uno, Apr 15, 2013
    I had a similar situation but Putnam owed it outright.
    No problems at all with transaction and the were very reputable.
     
  4. GuyIncognito

    GuyIncognito Nine Time F1 World Champ
    Silver Subscribed

    Jun 30, 2007
    99,964
    #4 GuyIncognito, Apr 15, 2013
    escrow (?)
     

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