Proper way to purchase vehicle from private party seller that still owes to lender/b
Jul 25, 2007, 09:49 AM
#1
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Proper way to purchase vehicle from private party seller that still owes to lender/b
Any tips on buying a car from a private party seller that still owes his lender/bank?
Since the pinkslip/title is held by the sellers lender/bank, how do I make sure the seller doesnt run off with my cash? since the seller is moving overseas....
Since the pinkslip/title is held by the sellers lender/bank, how do I make sure the seller doesnt run off with my cash? since the seller is moving overseas....
Jul 25, 2007, 09:58 AM
#2
pay sellers bank directly, they will transfer title to you. Any overage beyond the payoff figure is a profit for the seller is this is the case, as agreed upon by you and the seller...
Sale price = x
Payoff = y
Bank gets x+y and returns the diff. b/n y and x to the seller. Just draft a simple sales contract or the bank may have a sales transfer form already prepared...
Sale price = x
Payoff = y
Bank gets x+y and returns the diff. b/n y and x to the seller. Just draft a simple sales contract or the bank may have a sales transfer form already prepared...
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