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Buying a car from someone who still owes on it... #203322 Jun 20, 10:34pm Jun 20, 10:34pm
Joined: Jun 2004
Posts: 2
Seattle, WA
JohnnyRad OP
New Member
2001 Toyota Celica GTS
JohnnyRad OP
New Member
2001 Toyota Celica GTS

Joined: Jun 2004
Posts: 2
Seattle, WA
Buying a car from someone who still owes on it...
Just a general question... and if its been discussed before I couldnt find it in a search, so sorry if this is a repost!

Eventually, hopefully sooner than later, I'll be buying a celica from someone... since it seems 9 out of 10 the people still owe on them, how does the whole title part work? What risks do you take in buying a car they still owe on? I'd jsut be worried about buying it, they don't bother to pay it off and don't bother to keep paying on the loan and next thing the car is being looked for for repossesion. Especially since Im thinking about buying an out of state car and having it shipped to me, it's not like i'd be there to make sure it was all good. WHats the standard protocol?

Re: Buying a car from someone who still owes on it... [Re: JohnnyRad] #203323 Jun 21, 7:24am Jun 21, 7:24am

A
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i think what ever the asking price is of the car...say $10,000...then if he still oahs the company $2,000...you still pay the $10,000...so he has to use some of the profit to pay off the rest of the car...so in the end the will $8,000 rather than $10,000 thumbsup

a little tricky...but i would just get one that is already payed off if it were me thumbsup

Re: Buying a car from someone who still owes on it... #203324 Jun 21, 9:07am Jun 21, 9:07am
Joined: Jan 2004
Posts: 5,129
Philadelphia, PA
Sultan
Speed Omen
2002 Toyota Celica GT
Sultan
Speed Omen
2002 Toyota Celica GT

Joined: Jan 2004
Posts: 5,129
Philadelphia, PA
exactly, if you can just buy one from somebody who's already paid it off... then these issues won't matter

Re: Buying a car from someone who still owes on it... [Re: Sultan] #203325 Jun 21, 8:17pm Jun 21, 8:17pm
Joined: May 2004
Posts: 8
Oregon
2000 Silver Toyota Celica
jeditaktics
New Member
2000 Toyota Celica
jeditaktics
2000 Silver Toyota Celica
New Member
2000 Toyota Celica

Joined: May 2004
Posts: 8
Oregon
if the car isnt payed off he cant sell it because the bank still has a hold on the car they own it as much as him you have to meet at the bank pay off the balance plus what ever extra he wants if theres a lot owed you can just take over the payments and give him nothing DO NOT GIVE ANY MONEY BEFORE THE TITLE IS IN YOUR HANDS youll regret it thumbsup

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