Since these cars cost a substantial amount. Do you / can you check if there's a lean or loan on a formula car, when you're buying it used?
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Since these cars cost a substantial amount. Do you / can you check if there's a lean or loan on a formula car, when you're buying it used?
I don't know of any bank that would lend against a formula car short of something from a current professional series that had a value that could be easily established. While many likely borrow money for racing, I'd suggest it is usually secured by a house or other assets and it is unlikely that the formula car itself has any charge against it.
-Mark
Sure wouldn't hurt to ask/check. Get a bill of sale which includes a statement(s) that there are: no liens/encumberance/claims against it, that seller is the one and only owner....etc. May help you in future when you want to part with it.... After all these are "used" cars....could be dealing with a motley crew. Deal with someone "known"....to you... or the other car folks around....
Okie
Here's a relatively simple format I use to document transfer of legal ownership;
I, (sellers name) of (insert sellers address) hereby certify that I am the lawful owner of the vehicle listed below;
Year:
Make:
Model:
Chassis/VIN #
I confirm I have absolute authority to sell the vehicle listed and hereby acknowledge the receipt of $XX,XXX from (insert name of buyer) as full and final payment for the purchase of the said vehicle, sold in "AS IS” condition.
I do hereby grant, sell and transfer full ownership of this vehicle to (insert name of buyer) or his/her agent. I certify that this vehicle, at the time of sale, is free from all encumbrances, taxes, fees and liens and that, I (Seller) will defend and be held fully responsible for such lawful claims and demands with respect to the vehicle, if any.
Buyer accepts full liability for the vehicle, damages, and any third party liability incurred from the vehicle use as from date of pick up from sellers residence.
__________________________
Seller's Signature__________________________
Buyer's Signature________________
Date_________________
Date
Although a lien is unlikely, for the reasons previously stated, there are issues with stolen cars every once in a while.
In fact, just such a situation came up a month or two ago with a stolen Vee. The new owner had purchased it in good faith, but after he posted a celebratory photo on Facebook somebody recognized that the car had been stolen (along with another car and the trailer they were in) a few years earlier.
Mitigating that risk can be tricky, but inspecting the log book can help. If there's no log book, or the seller is cagey about the car's provenance, those can be red flags.
Jeff
If the car is stolen, a statement from the seller that it isn't doesn't do you a lot of good unless you want to pay a lawyer more than you're likely to recover. Except perhaps to absolve you from your own criminal liability.
Best go to DMV site and download any "acceptable" form, if your state/county/province has one. Had issues bringing in cars from out of state, on bill of sale, not from Florida. Had to go back to redo, using their form, to make Fl DMV/state happy....was a real hassle with estate sale/auction, after everyone died or went home...
Bob L.
200 views, 6 replies, and nobody has mentioned Jon Lewis?
This place is losing its edge. :)
At 21 years old, I talked Mom Agnif into going down to Chase Bank to cosign a personal loan at 18.5% to buy my first race car. Their security was that Mom Agnif would kick the crap out of me if I didn't make the payments.Quote:
Originally Posted by lowside67
I really wanted to go racing !
In '74, I went to my local bank with a copy of the current Autoweek ad section to take out a signature loan of $1500 for a Titan MK3 roller. Seemed like a good idea at the time. They made the loan, to my surprise! I've been hooked ever since! :tire:
Talk about a depreciating asset! I can just imagine the call to the bank on Monday morning ‘I wadded up the Van Diemen, do I still need to make the payments? You can pick it up anytime!Quote:
Originally Posted by T-Tom
Nevada can be picky on street cars as well, but more from a chain of custody perspective and I'd use their BoS form in that case, but my question is what concern is it of FL DMV if it's a non titled non registered race car?Quote:
Originally Posted by Bob L.
Probably none..... comment creep into other "car" issues....on my part....Quote:
Originally Posted by Joules5
Point: If going to effort to get a BoS, then try to do best job....I doubt state will ever come looking...but if someone does, get best defense for yourself! Not just a custody issue, rather legally acceptable, property ownership....
Bob L.
All the suggestions are good. ....but in my experience as a Landlord for over 30 years I have come to the conclusion that these are good for getting a judgment which might be collected if the party has real property in the same state as I am in. Anyone from another state is unlikely to ever pay up.
But I do always use a bill of sale to clarify the purchase agreement between the buyer and the seller.
Care to provide more info.Quote:
Originally Posted by John Nesbitt
For your reading enjoyment: https://www.apexspeed.com/forums/sho...eading-Edge-GPQuote:
Originally Posted by Jamolah