my friend wants to sell me his car but he still owes money on it can he?
2007-11-26 11:46:14 · 10 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
yes, but you need to be careful. if he wants to sell you the car for less than he owes the bank, then your friend will have to come up with the balance owed to the bank before the bank will release the title to you. if he owes less than you are paying, then be sure you pay the bank directly...
2007-11-26 11:50:28 · answer #1 · answered by Kenny 3 · 0⤊ 1⤋
No, he cannot technically sell the car if there is a lien on it because he does not own it. You don't even want to get involved with this.
If he sells you the car that he does not own, you will not be able to register the vehicle, which means that you can't drive it legally.
A real friend wouldn't put you in that position. Make sure he has a clear title with no lien before you buy that car. I suggest looking elsewhere for a car.
2007-11-26 11:51:46 · answer #2 · answered by Stupid Flanders 7 · 1⤊ 1⤋
Who does he owe the money to? and how much, if your 50% payment will cover the debt go down and pay off the debt with him and leave with the title in your hand already signed over to you and cleared of any leins. The minalamalist contract your proposing will not be enforceable in a court of law, unless he has something to sue him for and a location where he won't run away with your money from.
2016-04-05 23:48:29 · answer #3 · answered by ? 4 · 0⤊ 0⤋
The question is can he sell you the car. Yes he can. Will you get title to the car. No not until the loan is paid off and the title is released to you. You can also apply at the loan company and take over his payments on the car. This is all depending on your credit worthiness and you have reached the age of at least 18
2007-11-26 12:41:41 · answer #4 · answered by Big Deal Maker 7 · 0⤊ 1⤋
IF YOU buy the car while he still owes money on it - you will then be legally required to pay all the money he owes.
So, you will have to pay him for the car and then pay out whatever he owes on the car on top of thaet if he does the wrong thing.
Dont risk it
2007-11-26 11:50:12 · answer #5 · answered by Kira 4 · 0⤊ 3⤋
Yes, he can still sell it to you. Go to the bank with him to ensure a lien release is given when he pays it off with your money.
2007-11-26 11:50:05 · answer #6 · answered by jay 7 · 1⤊ 1⤋
No, He doesnt own the title for the car. You would have to go through the lender that gave him the loan
2007-11-26 11:49:16 · answer #7 · answered by MikeyintheOC 5 · 0⤊ 1⤋
He needs to call and see what the payoff is and then at the very least sell it for more if he wants to make a profit?
2007-11-26 11:49:37 · answer #8 · answered by Anonymous · 1⤊ 1⤋
You need to contact the bank he has it financed through to find out what to do. They need to be "in the loop" as he does not technically "own" the car.
2007-11-26 11:50:50 · answer #9 · answered by Otto 7 · 0⤊ 1⤋
Nope. He must own it free and clear before he can sell it.
2007-11-26 11:49:56 · answer #10 · answered by Baker 4 · 1⤊ 1⤋