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Car Buying Question - Title
Posted on 7/21/17 at 8:25 pm
Posted on 7/21/17 at 8:25 pm
Looking to buy a car for my wife's small business. Trying to leave out early in the AM. Car dealer in Texas wants certified funds. Not possible with banks closed on Sat.
Was thinking of just financing in my personal name, then paying the loan off with money from the business checking account.
Worried about the title. Can I put it in the business' name if I personally finance it?
Anyone else see any potential issues? Don't want to drive to Texas for nothing.
Was thinking of just financing in my personal name, then paying the loan off with money from the business checking account.
Worried about the title. Can I put it in the business' name if I personally finance it?
Anyone else see any potential issues? Don't want to drive to Texas for nothing.
9
Posted on 7/21/17 at 8:26 pm to Kreg Jennings
Call them and ask?
Posted on 7/21/17 at 8:27 pm to Honky Lips
Spoke to them earlier. Sales guy not responding to texts. Looking shady now.
Posted on 7/21/17 at 8:27 pm to Kreg Jennings
Advocare? Tummy wraps? What business?
Posted on 7/21/17 at 8:28 pm to ThatMakesSense
A transportation company
Posted on 7/21/17 at 8:29 pm to Honky Lips
I would bail
Posted on 7/21/17 at 8:29 pm to Kreg Jennings
quote:
Car dealer in Texas wants certified funds. Not possible with banks closed on Sat.
No it's not.
My bank is open on Saturdays as are many others.
Posted on 7/21/17 at 8:30 pm to pwejr88
Well, the community bank we use doesn't have Sat hours. No way to send a wire or get a cashier's check.
Posted on 7/21/17 at 8:37 pm to Kreg Jennings
Why can't the business finance the car? They will use your personal credit to get you the loan in the business name.
The only issue with you buying it and selling it to the company is paying sales tax twice.
The only issue with you buying it and selling it to the company is paying sales tax twice.
Posted on 7/21/17 at 8:37 pm to Kreg Jennings
Don't rush a major purchase. Call salesman in morning, explain problem and take care of that shite Monday. Will not hurt to wait two days.
I wouldn't co-mingle funds but have nothing to base that on, legally. I just don't like to rob Peter to pay Paul.
I wouldn't co-mingle funds but have nothing to base that on, legally. I just don't like to rob Peter to pay Paul.
This post was edited on 7/21/17 at 8:40 pm
Posted on 7/21/17 at 8:38 pm to Geauxtiga
That's what I'm gonna end up doing. Can't get the commercial insurance office on the line either. Closed on the weekends.
Was just trying to knock it out over the weekend so I could get back to my regular 9-5 on Mon.
Was just trying to knock it out over the weekend so I could get back to my regular 9-5 on Mon.
Posted on 7/21/17 at 8:39 pm to Kreg Jennings
You'll pay off your financing asap and get the title mailed to you, then put it in the name of whoever you want. What difference does a couple of months make?
The simple answer is no, you can't finance it on your personal credit with the title in someone else's name because then the bank doesn't have legal authority to repossess.
You say dealer is shady, they think you shady.
The simple answer is no, you can't finance it on your personal credit with the title in someone else's name because then the bank doesn't have legal authority to repossess.
You say dealer is shady, they think you shady.
Posted on 7/21/17 at 8:40 pm to Kreg Jennings
Well assume you can get a clear title in your name you would want to sell it to your wife's company at the same price. You will have to pay sales tax and registration. In order to avoid paying it twice I would consult with a notary or CPA.
Posted on 7/21/17 at 8:45 pm to Kreg Jennings
quote:Yeah I figured that, and don't blame you. If I were in your shoes I'd be pushing to do the same. I recently bought a car for daughter and know how it is easy to get wrapped up in the "I gotta get it now" mentality.
Was just trying to knock it out over the weekend so I could get back to my regular 9-5 on Mon.
I used to be the worst about being compulsive buying but have come a long ways over the yrs.
Remember THE number one rule in negotiating a vehicle purchase: ALWAYS be willing to walk away.
This post was edited on 7/21/17 at 8:47 pm
Posted on 7/21/17 at 8:56 pm to Geauxtiga
Oh I've looked high and low for months. Negotiated on this price via internet sales dept over the last couple of weeks.
Was waiting on a check for the previous car that was totaled from someone else's insurance company that was at fault.
Ready to buy the car for the price I worked out and move on. Will have to wait another few days I guess.
Was waiting on a check for the previous car that was totaled from someone else's insurance company that was at fault.
Ready to buy the car for the price I worked out and move on. Will have to wait another few days I guess.
Posted on 7/21/17 at 9:06 pm to Kreg Jennings
let dealer finance-MAKE SURE thee is a no Prepayment penalty
When you get home refinance.
IF you put it in business name and then transfer to personal you will have to pay sales taxes twice
When you get home refinance.
IF you put it in business name and then transfer to personal you will have to pay sales taxes twice
Posted on 7/21/17 at 9:12 pm to Kreg Jennings
I bought a used car in Texas on a quick deal where I did not have time to move enough money into my checking account.
Gave the dealership guy--who had never heard of me before that day--a personal check for about $25K on my Louisiana bank and told him, "Do not deposit this for two days, or I promise it will bounce, After that, I promise it will be good." It was after work, so they couldn't even call the bank to see if the account was legit.
I drove away in the car, Maybe it was white privilege or something, but they never hesitated.
Gave the dealership guy--who had never heard of me before that day--a personal check for about $25K on my Louisiana bank and told him, "Do not deposit this for two days, or I promise it will bounce, After that, I promise it will be good." It was after work, so they couldn't even call the bank to see if the account was legit.
I drove away in the car, Maybe it was white privilege or something, but they never hesitated.
Posted on 7/21/17 at 9:57 pm to Twenty 49
quote:
Maybe it was white privilege
Posted on 7/22/17 at 7:06 am to deeprig9
quote:
The simple answer is no, you can't finance it on your personal credit with the title in someone else's name because then the bank doesn't have legal authority to repossess.
Not completely true. If the business lacks credit (sounds like his does), he can fincance and title to the business name with a personal guarantee.
Whether or not that is a good idea is up to him.
Posted on 7/22/17 at 7:38 am to Kreg Jennings
Does your wife's business make an S-election? Basis basis basis.
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