I'm bying a car from a private party. However, the car has an outstanding balance of $15,000 from the Toyota Financial Services. The seller told me that I have to issue a check for the balance amount to him, then he will make a written agreement that I'm buying his car for this amount. He will then issue a check to Toyota Financial for the full amount so that the pink slip will be mailed to him or to me.

My question is - is this the right way to do it? I don't want to be scammed. What is the proper procedure when buying a car which has outstanding balance?

He wants me to issue a check today as reservation or else he will give the car to whoever offers him a higher price.

I would appreciate any help you could give me.

Thank you!

Sounds like he is pressuring you.
I think I would find another car
I hope somebody replies with the exact procedure. I think something doesn't sound quite right here.

Thanks for your answer NOhelp4u. The owner is leaving the country in 2 weeks that's why he's in a hurry. Thanks.

He could give you until Friday or something.
Check with the notary and with a Toyota dealership and ask if that is how it works

What year is the car?

You should look the car up on here to see if he is over charging.

New Cars, Used Cars, Blue Book Prices & Car Values - Kelley Blue Book (http://www.kbb.com/)