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Faust
Wakeboarder.Commie
Joined: 20 May 2005
Posts: 1496
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 Posted: Jul 20, 2009 4:00 pm Post subject: Used car purchase |
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So I want to buy this car from this guy for 6000... but he still has a 5000 loan to pay off, and can't pay it off until I give him the money.
What would be the 'safest' way to carry out this transaction? Thanks |
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YELLOWMOBIUS
Addict
Joined: 25 Apr 2004
Posts: 776
City: da region
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| Posted: Jul 20, 2009 4:05 pm Post subject: |
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| travel with him to the credit union or bank and have them hand over the title to you? make sure you make a bill of sale and have someone sign it from the bank. |
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Faust
Wakeboarder.Commie
Joined: 20 May 2005
Posts: 1496
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| Posted: Jul 20, 2009 4:09 pm Post subject: |
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| He said he got the loan online from wachovia... I'm kinda starting to think I'm just gonna back out of this one... |
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skinny99
Outlaw
Joined: 27 Jun 2009
Posts: 119
City: Deland
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| Posted: Jul 20, 2009 4:20 pm Post subject: |
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Have him call Wachovia they know how to handle it! It is not as scary as it seems!
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Just trying to find my piece of the pie!  |
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htownbdr
Wakeboarder.Commie
Joined: 14 Jan 2003
Posts: 1460
City: Austin
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| Posted: Jul 20, 2009 4:22 pm Post subject: |
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| Get his loan number and you make the 5000 check payable to his lien holder. Then you make a check payable to him for the additional 1000. |
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htownbdr
Wakeboarder.Commie
Joined: 14 Jan 2003
Posts: 1460
City: Austin
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| Posted: Jul 20, 2009 4:23 pm Post subject: |
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| Get his loan number and you make the 5000 check payable to his lien holder. Then you make a check payable to him for the additional 1000. |
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Faust
Wakeboarder.Commie
Joined: 20 May 2005
Posts: 1496
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| Posted: Jul 20, 2009 4:45 pm Post subject: |
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| How do I arrange to get the title though? I am worried I'll pay off the loan, and then the guy gets the title and refuses to give it to me once his car is all paid off. |
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taitrt
Soul Rider
Joined: 11 May 2009
Posts: 413
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| Posted: Jul 20, 2009 6:24 pm Post subject: |
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This is a super common thing... just go to a Wachovia and talk to them, they will be able to handle it very easily.
Edit: Don't talk to a teller, talk to the person that stands in the middle of the floor at the floating desk thing. |
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Magic
Outlaw
Joined: 27 Jan 2003
Posts: 240
City: Seattle
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| Posted: Jul 20, 2009 8:43 pm Post subject: |
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| taitrt wrote: | This is a super common thing... just go to a Wachovia and talk to them, they will be able to handle it very easily.
Edit: Don't talk to a teller, talk to the person that stands in the middle of the floor at the floating desk thing. |
Yep
And don't expect that the bank has the title on hand. They may need to satisfy the loan, close it out and then send you the title. I did something like this with a boat few years back, took a little while for the title to show up.
Document everything, but ya buying something used this like when the seller does not own it is a pain.
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