It sounds and smells bad because it is. A realtor once told me that even better than a great location is a great story. If you know the history of something and could put pictures and names to it to prove it's historical value and lineage, it's worth more money.
The same is true here. The kid is getting you to do all his legwork on a project he gave up on ages ago, and probably paid nearly nothing for. You're giving his unwanted project value. The more info, the more the price - especially to you. He's not someone you want to continue to deal with it. If you want the car, ask a friend to go over with cash. And when the kid starts going off about the (fake) history (probably using your name), tell him he doesn't care, it's just a nasty old project and this is what it's worth. Nothing more. See if you can get it that way, if not ......, Just walk away. Is it really worth paying this kid with your info AND your money?
Just my 2 cents