Legal Question in Banking Law in Georgia
I want to offer an opportunity to investors. I am a dealer. I would get him the financing to buy a car from me. I own the cars. I would sell it to them at a lower price so it has equity in it. Insurance registration with dmv the client would do that. Then I can help the client find a buyer for the car pay off the bank and transfer title to new buyer. Almost the equivalent of flipping a house but it's a car. Is that legal?
Asked on 10/23/13, 7:42 pm
1 Answer from Attorneys
Scott Riddle
Law Office of Scott B. Riddle, LLC
Maybe. Maybe not. You need a lawyer to review the whole story, not the few steps you chose to tell us. You post raises a few red flags, and there is much more to the story of why you don't just sell to the ultimate purchaser.
Answered on 10/24/13, 2:55 am
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