Post # 1
I am planning to buy my friend’s car which still has loan for 12k. (He bought it from dealer) I will buy that car for $4000 and rest of loan(8k) he will pay later(in one year). So now, he doesn’t have Title. What should I do this situation? It’s kinda complicated and I can’t get title until he pay all the rest.
Post # 2
Wait until he has paid out the loan and then buy the car. Do not buy a car that still has someone else’s loan on it, that’s a terrible idea. He needs clear title before he can give you clear title.
Post # 4
It’s not complicated, don’t buy it.
Post # 5
Moe1 : Nope don’t do it. If he defaults on the car you’ve paid for and are driving, it will get repossessed. You will then be out $4000 and it will cost you money to pursue that through the legal system.
Save yourself the headache and go buy a car that you can afford and that you can own outright or go through proper channels and get finance for a car that doesn’t involve trusting a friend to do the proper thing .
Post # 6
Wasn’t sure if the law was the same in the US but as
cmsgirl : says he defaults, your car is taken.
Post # 11
This is not how it works. You cannot buy a car without the original title.
Post # 12
Yeah I don’t think this is real. Why on earth would someone sell a car they still owe money on and still have the motivation to pay off the loan?
Post # 13
he cannot sign the title over to you if there is a lein on the vehicle or you will now be responsible
Post # 14
- Wedding: April 2017 - City, State
He legally can’t do what he’s trying to do. It won’t be able to be your car unless he pays it off first and signs the title over or signs the loan over to you with the title and you pay the rest of it off.
This is a terrible idea. Don’t do it.
Post # 15
The only way I could see where you could work something out would be to “rent” the car from him for a year and then when he pays off the loan in a year, he gives you the car. That said, if he decides not to pay the loan, then the car gets repossessed and you’re out your “rental” money and a car. I’m not sure if there is any way to draw up a contract to protect yourself in that case and I don’t know that it’d even be worth the hassle. You’re better off just buying a car outright from someone for $4k. I’m not sure why anyone would want to sell a car for $4k when they owe $12k anyway.