I was thinking about taking out a loan. Should I have the loan pay the relative or the dealership?
2006-12-11 14:58:18 · 4 answers · asked by Caribou2 1 in Cars & Transportation ➔ Buying & Selling
You are talking about a Private Sale, this is where one consumer sells a car to another consumer, as opposed to a dealer sale. The fact this is a relative does not matter, the process should be exactly the same even if you bought the car from a stranger.
Are you getting a loan from a local bank. If so they will help you through the process.
Is the car owned free of any loans?
Does the seller have a clear title in thier posession?
Is there an outstanding balance on the car? If so the seller will need a payoff letter from the lender.
How much are you paying for the car?
You tell the bank what you want to buy and for how much, give them all the info above. OK if all is approved.
You will meet the seller at the bank. If they own the car with no loan, they will bring the title. They will sign it at the bank and the banker will notarize the title if needed and give the seller a certified check for the sale amount.
If the seller owes money, the loan payoff amount will be sent to the lender and if there is extra that amount will be given to the seller. The seller will sign a bill of sale.
2006-12-11 17:11:49 · answer #1 · answered by Gatsby216 7 · 0⤊ 0⤋
If you are buying it straight from your relative, you pay them. If they have already sold it to a dealership, there is nothing you can do. You must pay the dealership.
If your relative still has the car, they have to transfer the title to your name.
2006-12-11 23:11:15 · answer #2 · answered by airmcnair06 3 · 0⤊ 0⤋
The loan check should be made out to whoever you are actually buying the car from.
2006-12-11 23:10:17 · answer #3 · answered by Papa John 6 · 0⤊ 0⤋
go to a notary
2006-12-12 01:34:09 · answer #4 · answered by Bobby W 1 · 0⤊ 0⤋