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purchasing a vehicle from a private citizen who has money still owed on the vehicle. For instance...They are owe $20,000 and they are selling it for $20,000 but you offer $16,000. If they accept the $16,000 how does that play out as far as getting the title and them paying off the balance? I'm sure you can see the conundrum that this situation pose. What caution do you feel should be adhere to?
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Re: How would you proceed in
dont know how it works where you are...but where i am...you wouldnt be able to sell a car that the bank still owns. -
Re: How would you proceed in
The company holding the loan will have to sign off on it. The transaction will more than likely have to take place at said place and the money owed will pay off at that time. If they owe more than what you offer, it nah gonna work.
Hey, did you know there is a car forum now?
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Re: How would you proceed in
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Nanook</div><div class="ubbcode-body">The company holding the loan will have to sign off on it. The transaction will more than likely have to take place at said place and the money owed will pay off at that time. If they owe more than what you offer, it nah gonna work.
Hey, did you know there is a car forum now? </div></div>
no sah...i've been in and out so i'm sure i'm missing nuff tings.Comment
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Re: How would you proceed in
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Nanook</div><div class="ubbcode-body">The company holding the loan will have to sign off on it. The transaction will more than likely have to take place at said place and the money owed will pay off at that time. If they owe more than what you offer, it nah gonna work.
Hey, did you know there is a car forum now? </div></div>
or is this something for the financial forum
When its hot in the jungle of peace I go swimming in the ocean of love.....Comment
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Re: How would you proceed in
car forum.. we talk about financing and leasing of cars there tooIf you don't fight for what you deserve, you deserve what you get.
We are > Fossil Fuels --- Bill McKibben 350.orgComment
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Re: How would you proceed in
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: BIGGAHVIEW.</div><div class="ubbcode-body">purchasing a vehicle from a private citizen who has money still owed on the vehicle. For instance...They are owe $20,000 and they are selling it for $20,000 but you offer $16,000. If they accept the $16,000 how does that play out as far as getting the title and them paying off the balance? I'm sure you can see the conundrum that this situation pose. What caution do you feel should be adhere to? </div></div>
First of all you wouldnt pay THEM,the money,you would pay the finance company the check,as for the $4000 difference,you would have to make sure you get a check from them for that amount,and you both go to the office of the finance company and settle the bill.
The seller sounds stupid to be selling a vehicle for less than he owes,he obviously has negative equity on the vehichle,so to cover yourself,if you like the vehicle tell him that you are prepared to pay the $16000 as long as he pays the balance,that should be the only option on the table,..he takes it or you walk.Comment
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When its hot in the jungle of peace I go swimming in the ocean of love.....Comment
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Re: How would you proceed in
you demand a copy of the title and it will list the holders of the liens. then you settle the liens. Otherwise you cannot get finance for it. since the finance company will want to hold the first lien on it.<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: BIGGAHVIEW.</div><div class="ubbcode-body">purchasing a vehicle from a private citizen who has money still owed on the vehicle. For instance...They are owe $20,000 and they are selling it for $20,000 but you offer $16,000. If they accept the $16,000 how does that play out as far as getting the title and them paying off the balance? I'm sure you can see the conundrum that this situation pose. What caution do you feel should be adhere to? </div></div>Comment
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Re: How would you proceed in
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Dr.Dudd</div><div class="ubbcode-body">you demand a copy of the title and it will list the holders of the liens. then you settle the liens. Otherwise you cannot get finance for it. since the finance company will want to hold the first lien on it.<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: BIGGAHVIEW.</div><div class="ubbcode-body">purchasing a vehicle from a private citizen who has money still owed on the vehicle. For instance...They are owe $20,000 and they are selling it for $20,000 but you offer $16,000. If they accept the $16,000 how does that play out as far as getting the title and them paying off the balance? I'm sure you can see the conundrum that this situation pose. What caution do you feel should be adhere to? </div></div> </div></div>
and if the person is paying cash for the vehicle?
The jist is the buyer would need a clear title to register the car no?If you don't fight for what you deserve, you deserve what you get.
We are > Fossil Fuels --- Bill McKibben 350.orgComment
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Re: How would you proceed in
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RichD</div><div class="ubbcode-body"> Here is an aritcle talking about this very topic </div></div>
WOW sounds like a lot of work..the problems that these action can pose can be unforgiving..it these day and age I cannot trust not even God himself.. lol..
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Re: How would you proceed in
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Killa_Tilla</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Dr.Dudd</div><div class="ubbcode-body">you demand a copy of the title and it will list the holders of the liens. then you settle the liens. Otherwise you cannot get finance for it. since the finance company will want to hold the first lien on it.<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: BIGGAHVIEW.</div><div class="ubbcode-body">purchasing a vehicle from a private citizen who has money still owed on the vehicle. For instance...They are owe $20,000 and they are selling it for $20,000 but you offer $16,000. If they accept the $16,000 how does that play out as far as getting the title and them paying off the balance? I'm sure you can see the conundrum that this situation pose. What caution do you feel should be adhere to? </div></div> </div></div>
and if the person is paying cash for the vehicle?
The jist is the buyer would need a clear title to register the car no? </div></div> I would pay cash or certify check..title need to be in hand before I pony up any clout.Comment
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Re: How would you proceed in
The car can be only be registered if the lien holder agrees, , but the lien will still be on it. And they are unlikely to agree. Since a lien against property is suppose to be settled before ownership of property is changed.<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Killa_Tilla</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Dr.Dudd</div><div class="ubbcode-body">you demand a copy of the title and it will list the holders of the liens. then you settle the liens. Otherwise you cannot get finance for it. since the finance company will want to hold the first lien on it.<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: BIGGAHVIEW.</div><div class="ubbcode-body">purchasing a vehicle from a private citizen who has money still owed on the vehicle. For instance...They are owe $20,000 and they are selling it for $20,000 but you offer $16,000. If they accept the $16,000 how does that play out as far as getting the title and them paying off the balance? I'm sure you can see the conundrum that this situation pose. What caution do you feel should be adhere to? </div></div> </div></div>
and if the person is paying cash for the vehicle?
The jist is the buyer would need a clear title to register the car no? </div></div>Comment
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Re: How would you proceed in
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Natral</div><div class="ubbcode-body">The seller sounds stupid to be selling a vehicle for less than he owes,...... </div></div>
Sounds like he is in serious financial dooo duh, and just wants to reduce his liabilities as much as possible, even if it means he has to offset the difference. Afterall, $4K is ah lot less dan $20KComment
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