Paying Off Finance to buy a Second Hand Car but no Blue Book ?

[fulhamster]

I am confused, and very wary.

 

We have agreed to buy a 3-year old car, however we are confused by how the dealer wants to resolve the outstanding finance.

Told that we need to pay the amount to the finance company, who will give a guarantee that the outstanding sum has been fully paid.

But then that it will take 2-3 weeks for the company to release the blue book.

The idea is that when this happens, we pay the remainder of the selling price and then we get the car and the blue book.

 

Our concern is that, in the interim period between us paying the finance and the book being released, the current owner could change his mind, and keep the car as there is no longer any finance.

 

We thought that the finance company would release the blue book immediately on receiving payment.

 

What have other TVF members done when in the same situation ??

 

Thanks for any advice

 

 

 

[KhaoYai]

You should take possession of the car as soon as you pay the finance company and pay any balance to the curent owner at the same  time. Don't worry about the Blue Book, the finance company won't trick you on that but doing it as you suggest, leaves the current owner able to de-fraud you, as you have recognised.

[fulhamster]

7 minutes ago, KhaoYai said:

You should take possession of the car as soon as you pay the finance company and pay any balance to the curent owner at the same  time. Don't worry about the Blue Book, the finance company won't trick you on that but doing it as you suggest, leaves the current owner able to de-fraud you, as you have recognised.

Thank You, that is exactly as I thought it should be.

[The Hammer2021]

Plus invoice receipts, documents of contract...all home made but signed and Photographs of all parties signing and exchanging monies, contracts and documents etc..That's what smart Thais do.

[seedy]

Finance company holds the Blue book

Satisfy them and you are home free.

Refuse to let this take 2 weeks. If they insist - walk

Many cars for sale.

Our last new car we got the Blue book in 5 working days

[Kwasaki]

8 hours ago, fulhamster said:

Thank You, that is exactly as I thought it should be.

The car Blue book will be in finance companies hands, if all the correct paperwork is done to show you will be the cars next owner just check at the finance company office before you pay and get receipt.

The finance company then releases the book to DLT where your name is put in the book and sent to your home address.

That's what happen to us.

 

Edited November 10, 2021 by Kwasaki