Advice? - Buying Someone's Leased Tacoma

[Humbaba]

I just looked at a very clean and well maintained '01 Tacoma Ext cab 4x4 which is exactly the truck I'm looking for (down to the silver color). It has only 26k miles on it and we agreed on $17,000 (TRD, SR5, V6, Auto, premium sound, bucket seats, ...). I feel good about the deal and the guy who's selling it (young guy, brought his mom along because she was visiting). CARFAX checks out fine. Since he's leasing it he doesn't hold the title, and as such he needs to pay off the truck with the money he'll get from me, and then the leasing company (Toyota in this case) transfers the title to me (as I understand it). This takes a few days, and of course the concern lies in turning over $17k and not leaving the deal with title in hand. I trust my judgement of the seller's character, but want to know the specifics of how this kind of a deal works (which he's also figuring out). Can any of you folks help me out? I'm in California, BTW. ...and very happy to be getting a Tacoma

Thanks

[anmrivera]

Go through Toyota Financial. If you go to a dealer they usually have a financial couslor there. Just do it to cover your arse! I am sure the OK bomber looked innocent to! No one takes care of you except yourself!

[anonymousguy]

Just have the check made out to Toyota finance and the guy who is selling.
Be sure and get a 30 day payoff from Toyota. include the VIN number on the check and instruct the seller to sign it and send it to Toyota. Voila! If it is a cashier's check you should get the keys from him the day you give him the check.

[hobie411]

I had to sell a leased Tacoma once. It's not unlike buying a car that has a lien against it from a bank. It's not like the seller can hand you the title if the bank has it. Just make sure you get a notarized bill of sale, make copies of all your transaction documents, and it would probably be a good idea to contact Toyota Financial Services to make sure they know what's going on. I've never had any trouble dealing with Toyota Financial.

[anonymousguy]

I was in the car business for several years...as long as you have the check payee line show whoever AND whoever, it then takes two endorsemnents to cash the check. That plus the VIN number will protect you completely. A notarized bill of sale from a guy who doesn't have the title to the truck won't do you much good. An unnotarized bill of sale will make just as much sense.

Hope this helps,
sorry for stepping anyone's toes...

Kev

[Humbaba]

Thanks a lot guys. Very helpful indeed!