Muscle Car Loan Question

[dbdragracing]

I went through Woodside credit to finance my 1970 Ford Mustang Mach 1 this week (great people to deal with by the way). I am purchasing the car from a local guy that informed me last night that he will only take cash for the car due to tax reasons. Now for my question...the finance company informed me yesterday that my check was in the mail and I would recieve it Monday...will this check be in my name so I can cash it and give the money to the guy? They are shipping the check to me. Please let me know what you think....or Im going to worry about it all weekend. Thanks for any help.

 

[Platonic Solid]

I went through Woodside credit to finance my 1970 Ford Mustang Mach 1 this week (great people to deal with by the way).

Is this an unsecured personal loan or will they be holding the title? If the lender is going to hold the title, I would expect the check to be made out to the current owner. (prior opinion based on logical guess, not personal experience) Otherwise the check should be made out to you.

... I am purchasing the car from a local guy that informed me last night that he will only take cash for the car due to tax reasons...

Is this a private party sale? Since when does the seller pay sales tax? I'll bet he's just insecure about giving you the car for a check that may or may be legitimate. If that's the case, just give him the name of the creditor the day before you pick it up so he can verify that all is kosher.

 

[dbdragracing]

It is a private sale and the guy knows me. The creditor will be holding the title. The guy is afraid that if $10K shows up in his bank account that it will put him in a higher tax bracket....he is in a landscaping business. I talked to a friend at the bank today and she said that as long as he signed the check she could give me cash in hand. Hopefully this will work for him. Later.