Question:
I want to a buy a car from someone who has a loan on it.
He said the title is in the bank.
I was in the car when my dad died. should i still want to drive or what?
What is the process we have to go in order for me to buy the car (I have the money and don't need a loan) ?
Does it make sense to sell my car?
I don't want to just give him the money without immediately getting the title.
Help...
Answers:
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He has to work that out with his bank. The proper technique would be for him to get his bank to release the car title and change the loan into a personal note. Meaning that it does not have any collateral and then he can sell you the car and then pay off the loan if he chooses.How much would a 2003 ferrari enzo cost?
You could also go with him to his bank and do it all together. Just make sure that you get a reciept either way. You never know and pay by check that way you have another proof of purchase.
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he will not get the title until the car is paid off. get a bill of sale from him and you go to the bank and pay off the car this way you have proof you were buying it. he has a temp title see if he will give you that also. but both of you have to wait on the bank..It depends, is the loan with the car or the owner?
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Normally when you get a bank loan the payee does not have to declare the car as sold to the bank, as the agreement sits with him and the bank.
If the car has finance from the garage he bought it from, then it's tied to the car, and must be cleared with the finance company before the car is sold.
It's a common thing to do, the normal method is for the new buyer to get a bankers draft made out for the loan amount payable to the bank. As it's a banker draft it's as good as cash in the bank eyes. Tell the bank to retain the draft until you give the go ahead to bank it. When you collect the car, have the old owner call the finance company, they will confirm they have received the draft, you then pay the remaining amount on the day.
Don't let the bank clear the money until you have the car. Your basically using the bankers draft as a way of saying to finance company "here's the money - but don't bank it until I say so".
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Go to the person's financial institution with him and deal with them - they own the car until it is paid for. If you are paying the loan off, then they will give you the title which you will need to take to the courthouse to transfer ownership. The only money the person selling the car will get is the difference in the selling price and what the payoff on the loan is. Everybody comes out this way. I have heard of people selling a car with a title in limbo and the results are always negative. If the person does not want to do this, then go find another car to buy.More Questions & Answers ...
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