Welcome to the forum! On your question, I don't see how the current owner can say that a '54 Olds car title is actually for the '34 pickup. That simply does not make sense - it's like taking the VIN plate off of a junkyard car that has a title and putting it on some entirely different vehicle, which is a Federal crime, I'm pretty sure. I'd stay away from that deal, or at the very least would visit your Colorado DMV and see what they say about the problems you'll face. You might be better off with a bill of sale and no title? Here's a link to the SEMA Action Network's Title Page for Colorado - http://www.bipac.net/semaga/TagTitleToolbox_CO.pdf Good luck on sorting out the details. Hope you find a way to make it work, but Caveat Emptor!!