- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Buying A Vehicle From A Owner That Is Financing.
Posted on 8/7/18 at 7:03 pm to hugo_boss
Posted on 8/7/18 at 7:03 pm to hugo_boss
quote:
he will use my money plus additional personal money to pay off the loan and then laugh at how gullible you are and you will get screwed out of your money.
there FIFY
if he is financing then you buy it from the finance company NOT HIM, because its the finance company who really owns it not him. he will be involved because he has to go to finance company to sign off on the paperwork.
unless the finance company does the deal with you, your gonna get screwed. unless you trust this guy so much, that after he has your money free and clear, and has the truck paid off, he will be a man of his word, and sign it over to you, chances are slim to none that ever happens.
0
Posted on 8/7/18 at 7:10 pm to hugo_boss
Yeah don’t do it unless you get something from the bank
Posted on 8/7/18 at 7:11 pm to achenator
Thanks for the responses. I was already skeptical but I now I think I'll just walk away. It was a great deal but there's just too much risk. I was thinking of getting a contract notarized but the process if he didn't pay up isn't worth the headache.
Posted on 8/7/18 at 7:24 pm to Golfer
quote:
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.
I don't remember all the specifics but he and her made some phone calls to square it away. He seemed pretty ok with the situation.
Posted on 8/7/18 at 7:42 pm to N2cars
quote:
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.
wtf? - the title will not go to him.... Dude go to the bank with him where he has it financed. Handle the transaction there. They will ask for additional funds from the seller if the amount your purchasing the unit for doesn’t satisfy the lien.
This is not an abnormal request. This is very common and the bank will take care of it. Just make sure to go to his bank where he has the loan and do the transaction. The bank will handle it from there.
Take it from someone who is in this line of business.
This post was edited on 8/7/18 at 7:44 pm
Posted on 8/7/18 at 7:44 pm to 777Tiger
quote:
they own the vehicle until you've satisfied that lien
false
Posted on 8/7/18 at 7:47 pm to hugo_boss
quote:
Thanks for the responses. I was already skeptical but I now I think I'll just walk away. It was a great deal but there's just too much risk.
There’s absolutely no risk if you do the transaction at the bank where the lien is held and verify payoff at the time of purchase.
This post was edited on 8/7/18 at 7:57 pm
Posted on 8/7/18 at 7:50 pm to Golfer
quote:
There’s absolutely no risk if you do the transaction at the bank where the lien is held.
Exactly, no risk at all. Anyone saying it’s a risk have no clue what they are talking about.
Posted on 8/7/18 at 7:54 pm to N2cars
Jesus, I can't believe how difficult you all make this sound.
Party A, go to your bank. Tell them you want to buy this car and finance it (even if you plan to pay cash). Let your banker handle the paperwork between them and Party B's bank.
When Party A's bank pays Party B's bank, it will only be with transfer of title and Party A's bank will hold the title until Party A pays them the full loan amount.
Pay off the loan, get your clear title. Party A"s bank assumed all liability, not Party A.
How fricking hard is that?
Party A, go to your bank. Tell them you want to buy this car and finance it (even if you plan to pay cash). Let your banker handle the paperwork between them and Party B's bank.
When Party A's bank pays Party B's bank, it will only be with transfer of title and Party A's bank will hold the title until Party A pays them the full loan amount.
Pay off the loan, get your clear title. Party A"s bank assumed all liability, not Party A.
How fricking hard is that?
Posted on 8/7/18 at 7:56 pm to bubbz
quote:
Exactly, no risk at all. Anyone saying it’s a risk have no clue what they are talking about.
OP is making it sound as if this guy is asking for a check from him to go satisfy the lien and then give him the car, which is risky obviously.
Posted on 8/7/18 at 7:57 pm to hugo_boss
This isn't complicated.
Go to bank, pay them what's owed on the vehicle and give him the difference.
Go to bank, pay them what's owed on the vehicle and give him the difference.
Posted on 8/7/18 at 8:04 pm to wildtigercat93
Right.
Counting on someone you dont know to pay off a car that they are upside down in and then give you the title is bit unusual.
It can be done, but it is a bit more complicated since they dont have title in hand.
Counting on someone you dont know to pay off a car that they are upside down in and then give you the title is bit unusual.
It can be done, but it is a bit more complicated since they dont have title in hand.
Posted on 8/7/18 at 8:05 pm to magildachunks
The title is still going to come to him, in his name.
Posted on 8/7/18 at 8:38 pm to jbgleason
quote:
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.
That happened to a guy that I worked with in the 90's, and people came to our office, and repossessed the car.
Posted on 8/7/18 at 8:54 pm to achenator
quote:
contact his bank and see if they will help. maybe you can pay them directly
He said the seller has to pay the bank money on top of what he pays. Even if he pays for the car, it isn't his until the bank is paid off. This is a horrible deal to get yourself into. RUN
Posted on 8/7/18 at 8:57 pm to sabanisarustedspoke
quote:What if they go into the bank together and each pay their share at the same time?
He said the seller has to pay the bank money on top of what he pays. Even if he pays for the car, it isn't his until the bank is paid off. This is a horrible deal to get yourself into. RUN
Posted on 8/7/18 at 8:59 pm to achenator
quote:
Buying A Vehicle From A Owner That Is Financing.
quote:
He said the seller has to pay the bank money on top of what he pays. Even if he pays for the car, it isn't his until the bank is paid off. This is a horrible deal to get yourself into. RUN
What if they go into the bank together and each pay their share at the same time?
I think the problem is neither he nor seller has the money to pay off the loan so they'll be going to the bank together for the next 24 mos?
Posted on 8/7/18 at 9:25 pm to hugo_boss
Go to a good title company and let them handle everything. Seller will have to deposit certified funds in the title company's escrow account and they handle paying off the loan and getting you the title.
Posted on 8/7/18 at 9:42 pm to hugo_boss
This is pretty common with most individuals with newer models. Rarely does anyone have a title out right. Just go with him to his bank to map out a transfer of funds. His bank will administer the transfer with a bill of sale.
Posted on 8/7/18 at 9:47 pm to achenator
As one of the guys said that is in the business, yes that would work.
I think the thing everyone is saying is to make sure the OP actually gets the title.
If the OP gives the seller a check and the seller uses that check with other funds to pay off the vehicle, then without other paperwork involved, the title will go to the seller. Then the OP would have to trust that the seller would sign over the title to him.
I think the thing everyone is saying is to make sure the OP actually gets the title.
If the OP gives the seller a check and the seller uses that check with other funds to pay off the vehicle, then without other paperwork involved, the title will go to the seller. Then the OP would have to trust that the seller would sign over the title to him.
Page 2 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News