I purchased a car from my brothers co-worker. We completed a bill of sale and completed the title however after paying him the 8,000 for the vehicle he was $600.00 short of paying off his loan with his bank. He told me last week he had a lien release in the mail so I can transfer the title and upon speaking with him again he still is $300.00 short and never mailed it. I verbally agreed to pay him an extra $50.00 because he just put new tabs on the car. Now he is saying he will not pay the loan off until I pay the $50.00, but I wont pay the $50.00 because I am worried he will not pay off the loan so I can get the lien release that I am waiting on as well as my bank that I have the loan with. Any advice on how to handle this at this point?
Is there any recoruse if he doesn't pay up? Could I pay off the loan for him, release the title somehow and take him to small claims court for that amount if he doesnt pay being we have a notarized bill of sale? Would it be wiese to alert my bank of this situation. The car needs to have the itle transfered asap. Thanks!
Is there any recoruse if he doesn't pay up? Could I pay off the loan for him, release the title somehow and take him to small claims court for that amount if he doesnt pay being we have a notarized bill of sale? Would it be wiese to alert my bank of this situation. The car needs to have the itle transfered asap. Thanks!