Buying a car from friend who still have loan on that car

posted 2 years ago in Finances
Post # 31
Member
4878 posts
Honey bee

Moe1 :  Do not do this. I get it its hard to get a loan when you’re not a permanent resident. My husband ran into this when he first got here too. 

If you can afford $4k can you find a car around that price and pay for it outright? I think this is preferable to getting tied up in a car thats not paid off. Are you using it temporarily? Or are you staying here permanently? That makes a difference in my advice. 

 

Post # 32
Member
2778 posts
Sugar bee
  • Wedding: November 2013

Moe1 :  ok so to buy a car in the US you need to:

1. Get the title signed over to you in the appropriate box/line (depending on what state you live in).

2. Fill out the appropriate paperwork to have the title transferred to your name.

If this doesn’t happen YOU DON’T OWN THE CAR. You could be accused of having stolen said car, the bank could take it away from you, you cannot insure the car (and be driving around illegally), etc.

If you are arrested for any of these (or other) offenses you run the risk of having your student visa revoked. If you are arrested OR convicted of these crimes you will run the risk of not being able to have a tourist visa in the future. Or a permanent resident card. 

Still want to buy that car?

Post # 33
Member
3406 posts
Sugar bee
  • Wedding: June 2016

You can’t buy the car from him because he doesn’t own the car. 

The best thing for you to do would be to buy a car with the $4000 cash you have. Since you’re paying cash, a service like Carmax would work well (vs dealership). Look for something like a 2005 Toyota Corolla or Honda Civic. Those are cheap, reliable cars.

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