BUYING A CAR WHEN THERE’S A LOAN ON IT
Posted by Tom Martino at 1:02 pm 49 Comments Print
So what do you do if you are buying a car and the seller owes money on it?
What NOT to do is to give the seller the money and hope he pays it off and transfers it to you.
Here are the best ways to do it:
- Make out a check payable to both the lender (or lien holder) and the seller. Take possession of the car, along with a bill of sale. Have the title mailed back to you. Then he signs it over to you. THIS STILL HAS SOME RISKS.
- Go to a bank where you have an account and ask them to help you. If they are doing a loan on the car, they know how to get all the proper paperwork. If you are not getting a loan, they still know the procedure and will often help you out.
- If it is a local lender, go to their offices with the seller and let them close the deal.
- The idea is to be relatively sure you are going to get the title after you pay for the car. When money is owed, never pay the seller directly.
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