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.

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