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Message
Buying A Vehicle From A Owner That Is Financing.
Posted on 8/7/18 at 6:12 pm
Posted on 8/7/18 at 6:12 pm
Guy is trying to sell me a vehicle but says he still owes money on it. He says he will use my money plus additional personal money to pay off the loan and then I would get the title. Seems kind of shady to me. Does anyone have experience with this? Would the loan travel with the car or the person? How did you protect yourself?
18
Posted on 8/7/18 at 6:13 pm to hugo_boss
contact his bank and see if they will help. maybe you can pay them directly
Posted on 8/7/18 at 6:14 pm to hugo_boss
It's super shady.
The loan is secured by the vehicle.
I'm a problem finder though, hopefully a problem solver will be along soon to help.
The loan is secured by the vehicle.
I'm a problem finder though, hopefully a problem solver will be along soon to help.
Posted on 8/7/18 at 6:15 pm to hugo_boss
Go with him to his bank and speak to the financial rep personally
Posted on 8/7/18 at 6:15 pm to hugo_boss
(no message)
This post was edited on 8/7/18 at 6:20 pm
Posted on 8/7/18 at 6:16 pm to themasterpater
quote:
The loan is stuck to him, not really tied to the car. Only differnece is once you get the title, the bank can’t repossess the car from him in an effort to pay off what he owes if he failed to pay.
You're not getting the title from the bank without paying off the loan.
Posted on 8/7/18 at 6:17 pm to themasterpater
Good luck getting the title without the loan getting paid off. Who do you think currently has the title?
ETA The loan is 1000% tied to the car.
ETA The loan is 1000% tied to the car.
This post was edited on 8/7/18 at 6:18 pm
Posted on 8/7/18 at 6:17 pm to hugo_boss
You can’t buy another vehicle?
This sounds trailer parky.
This sounds trailer parky.
Posted on 8/7/18 at 6:19 pm to hugo_boss
Just do the transaction at the bank where he has the loan.
The bank isn't going to have the title there anyways unless it's a small-location institution. They'll end up mailing it to you in a few weeks.
The bank isn't going to have the title there anyways unless it's a small-location institution. They'll end up mailing it to you in a few weeks.
Posted on 8/7/18 at 6:20 pm to hugo_boss
Run
Posted on 8/7/18 at 6:20 pm to hugo_boss
Set up an escrow account to handle the purchase. If the seller won’t agree, your getting scammed.
Posted on 8/7/18 at 6:21 pm to themasterpater
quote:
The loan is stuck to him, not really tied to the car. Only differnece is once you get the title, the bank can’t repossess the car from him in an effort to pay off what he owes if he failed to pay.
**TrumpWrongGIF**
If the vehicle has a loan on it then the bank will be listed as a lien holder on the title. That means he can't transfer the title without their permission. If the guy is wanting you to take the car and drive it without a title (or registration) in your name. frick THAT. What will happen is you will pay him, he will smoke or shoot up your money and not pay the bank. The bank will try to repo the car, find he doesn't have it and you will be on the hook. They can take the car but he will probably report it stolen first. Just don't do this.
Now if the bank will transfer the loan to you, then you can pay him some money and take over the remainder of the loan. The bank will have the title and registration put in your name (with them on it as a lien holder) and he is out of the equation. In many instances, when people are all fricked up and upside down on a loan, you may not have to do anything other than take over the note. That allows him to just walk away.
Posted on 8/7/18 at 6:22 pm to Tyga Woods
quote:
Run
I've bought and sold vehicles private party with a lien. It's not complicated if handled correctly.
Posted on 8/7/18 at 6:23 pm to slackster
quote:
It's super shady.
It could be. An ex sold a fairly new Corolla on CL and still owed 5k. The guy buying it realized it was just the situation and took a chance. She paid off Toyota and he received the title in 5 days.
I wouldn't go that route with just anyone though.
Posted on 8/7/18 at 6:24 pm to hugo_boss
quote:
Guy is trying to sell me a vehicle but says he still owes money on it. He says he will use my money plus additional personal money to pay off the loan and then I would get the title. Seems kind of shady to me. Does anyone have experience with this? Would the loan travel with the car or the person? How did you protect yourself?
I'd imagine that this isn't the first time this situation has occurred. Have a conversation with an auto title company, his lender, a bank you trust, YOUR LENDER, etc. to get some advice.
Under no circumstances do you hand him cash or a check and just trust him to get it right. If you do that, best case is you have a new car. Worst case, he walks off with your money. There are varying degrees of frickedupitude between those extremes.
This seems like exactly the type of transaction an escrow account is made to facilitate while protecting both sides if this is going to be a cash transaction on your end. Speak to a professional if you're unsure of what's happening. If you're planning to finance your end of it, speak to whoever is going to lend you the money and I'm sure they'll be able to handle your end of it. They're going to require the title to the car lien-free as collateral against your loan, so they'll make sure everything's square and they get that clear title if they're going to lend you money.
This post was edited on 8/7/18 at 6:41 pm
Posted on 8/7/18 at 6:25 pm to LSUintheNW
I sold a vehicle with a lien on it to another private party. Their loan officer called me, called my lender, and added two documents to the transaction for which I agreed to be held liable should I not pay the loan off within 7 days of the transaction. Title was mailed to the new lender/owner a week or so after that.
Posted on 8/7/18 at 6:26 pm to slackster
quote:Here’s one for your HOF:
I'm a problem finder though
Posted on 8/7/18 at 6:28 pm to Golfer
quote:banks do this all the time. they know what they are doing
I sold a vehicle with a lien on it to another private party. Their loan officer called me, called my lender, and added two documents to the transaction for which I agreed to be held liable should I not pay the loan off within 7 days of the transaction. Title was mailed to the new lender/owner a week or so after that.
Posted on 8/7/18 at 6:35 pm to hugo_boss
quote:
Guy is trying to sell me a vehicle but says he still owes money on it. He says he will use my money plus additional personal money to pay off the loan and then I would get the title. Seems kind of shady to me. Does anyone have experience with this? Would the loan travel with the car or the person? How did you protect yourself?
you can't get the title until the lien is clear, if you're financing, your bank will pay off the lien and they own the vehicle until you've satisfied that lien
Posted on 8/7/18 at 6:43 pm to hugo_boss
The bank isn't going to let you assume the loan.
He's upside down on this deal and while there's a way to do it, I would pass.
If you really must have this car, go to the bank with him. Have him pay the difference with what you give him to pay off the loan
Have the bank officer do a motorized bill if sale with you as the buyer. The title will still come to him, but at least you would have recourse to get it from him.
It is a PITA so I would pass.
There are other ways, like using an escrow service, that would work as well.
He's upside down on this deal and while there's a way to do it, I would pass.
If you really must have this car, go to the bank with him. Have him pay the difference with what you give him to pay off the loan
Have the bank officer do a motorized bill if sale with you as the buyer. The title will still come to him, but at least you would have recourse to get it from him.
It is a PITA so I would pass.
There are other ways, like using an escrow service, that would work as well.
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