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Help with out of state owner financing?

Discussion in 'Trucker Taxes and Truck Financing' started by roguedeadguy, Oct 25, 2011.

  1. Oct 25, 2011 #1
    roguedeadguy

    roguedeadguy Bobtail Member

    8
    1
    Sep 16, 2011
    Atlanta, GA
    0
    I'm in the middle of setting up my authority/purchasing my first truck and have run into a bit of a snag. I've setup owner financing with someone who's located out of state and now that I'm setting up my IRP, I'm being told that they will need a title that's registered in my state. Obviously it isn't, and he isn't comfortable putting the title in to my name since it isn't paid off.

    According to the person at the Georgia Department of Revenue, a leasing agreement won't suffice ; they would actually need an in state title. Is there any way around this?

    I inquired with the DOR agent about possibly putting the title in my name and then after we register it, recording the original owner's name as a lien holder but he didn't seem to understand my question and told me that I would no longer own it if I did that.

    With the amount of people that do owner financing, surely there is a way to do it without being limited to in state owners?

    Also to clarify, he will be flying in to wrap up everything and is bringing the title with him. He owns the truck outright.
     
    roguedeadguy, Oct 25, 2011
    roguedeadguy, Oct 25, 2011
    #1
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  3. Oct 26, 2011 #2
    RedForeman

    RedForeman Momentum Conservationist

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    Jan 30, 2011
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    If it's a loan, title it in your name with the owner as 1st lien holder. When you get the title in hand, you'll probably be expected to send it to the person holding the note. They'll hold it until the note is paid, then sign off on the title and return it to you. You can take that back to DOR and get the title reissued without the lien holder listed on it if you choose to.

    A lease would be titled in the name of the owner with you named as the lessee so you can register and insure. There's a way they do a lease title but I can't remember the details as it's been some years since I've had a leased vehicle in GA, and I don't have any copies to go by.

    See this page regarding non-commercial vehicles as the GA title process may be at least similar in your case. At least with that topic as a jumping-off point, the DOR folks may provide a better answer. You may not have a choice but to call them again, as the Form T-17 linked in that article is a bad link.
     
    RedForeman, Oct 26, 2011
    RedForeman, Oct 26, 2011
    #2
  4. Oct 26, 2011 #3
    roguedeadguy

    roguedeadguy Bobtail Member

    8
    1
    Sep 16, 2011
    Atlanta, GA
    0

    thanks for the help redforeman! I've been following your posts over the last few months and you've been a huge help, I'd love to buy you lunch and pick your brain if you're ever free.
     
    roguedeadguy, Oct 26, 2011
    roguedeadguy, Oct 26, 2011
    #3
  5. Oct 26, 2011 #4
    CondoCruiser

    CondoCruiser The Legend

    19,726
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    Apr 18, 2010
    Tennessee
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    You have to ask why he is he leasing his truck that way when he can sell it out right with bank financing to anyone.

    I would be real leary dealing with someone out of state from the legal stand point. It's hard to sue someone out of state. One missed payment and he might be hunting you down. That is probably his intentions to sell the truck several times.

    With a proper contract, there is nothing wrong with putting the title in your name and him listed as a lienholder. Him refusing is a red flag by itself.

    Is he wanting weekly or monthly payments? It makes a big difference when you want hometime.
     
    CondoCruiser, Oct 26, 2011
    CondoCruiser, Oct 26, 2011
    #4
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