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I was going to buy a car from a lady last year who said there was still a balance owed at the bank and I should pay it off, then it would take her bank some 10 days to get the title to her and she wanted to keep the car during that period also.
No way. She didn't seem especially smart and possibly sketchy. Having dealt with sketchy people in the past I try to avoid it. Once you pay off their car, they are free to keep it, or resell it with the title going to someone else. At that point you are only left to file in civil court to try to get your money back from a loser.
If I must do something like that I prefer to go through my bank with a loan so they work with the other party's bank and this doesn't happen. Then I can pay off my small loan and get the clear title.
The car I did buy (not my camaro) from a small dealer, I paid them cash so they could pay off the loan and gave them power of attorney to do the out of state registration and title work. I wouldn't do that again. One of the parties left the country and they took months and many calls to complete the dmv requirements. Also they lied about some inspections etc having been done already that actually weren't so I had to do them at my inconvenience and cost. This was also complicated that the local dmv wouldn't accept the missing inspection paperwork I had, it must go back to the seller with the whole "package" to be turned in by the seller.
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