Legal Question in Business Law in Nevada

used auto purchase

I want to buy a collector car thats in Nevada.The owner used the car as collateral for the loan [Wells Fargo] to buy the car.He cannot satisfy the loan without the money form my purchase. How do I protect myself and insure he will send the title after I pay?


Asked on 2/01/08, 10:40 am

1 Answer from Attorneys
Paul Malikowski Malikowski Law Offices, Ltd.

Re: used auto purchase

One way might be to obtain a limited Power of Attorney from the Seller, authorizing you or your agent to pay off the lien in exchange for the endorsed title. Any extra consideration could be remitted by Wells Fargo back to the Seller when all funds clear. You may also want a Bill of Sale to document this transaction, Your attorney can explain further.

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Answered on 2/01/08, 2:14 pm


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