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Buying a car through a private sale??


cokedrvrbjw

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Im interrested in an escalade ext. from the old neighbor and ive never gone through a private sale before. He still owes some on his vehicle, which means he doesnt have the title...the lean holder does. Now will my bank give me a loan for the vehicle if he doesnt have the title...i assume they would just right the check to the lean holder...and whatever extra would go to him. Is that how it works? I live in ma...now i dont know how a plate transfer would work either. I plan to sell my truck to a local dealer who has showed interrest. So what should i plan on doing first. I was going to call the bank tomorrow and ask them...but im impatient and cant wait. thanks guys.

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So since he does not have the title, don't you deal with the lean holder, pay off what is owed on the vehicle. If your neighbour the money, he should pay off the lean holder so that the vehicle is his and the title is transferred to him. Then he can transfer the title to you through a bill of sale. Seems quite complicated though with him not completely owning the vehicle, you should make sure with your bank and with the lean holder. See how much is left of the vehicle, check his asking price and see the mark up he has on it and go from their. Are you going to keep those 22s for the EXt if you sell your SS.

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I would talk to the dealer that is interested in your truck. I'm not sure how sales tax works in MA, But maybe the dealer can do the payoff for the neighbor and then trade your truck against the Escalade. This way you should only have to pay tax on the difference in prices, and the dealer has all the papers to complete the deal. They can also get the payoff on the neighbors Truck fron the bank he has the loan with.

 

The dealer can then give the seller the difference between the selling price and the payoff, and then sell the Truck to you with your SS as a trade.

 

The dealer might even be able to set up financing for you at a lower rate that your own bank. It doesn't cost anything to ask. It might save you money on taxes.

 

Look at all of your options and add in a "convenience factor" for having the dealer do all the work and it might benefit you both in the end.

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AUTOGUY is a smart man ... that is how I work private sales as well ... I kick a 100 bucks to the dealer and he takes it from there ... no hassle just sign papers. And like he says you save a lot of money on taxes.

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When you pay him he will have to pay of the loan. You can still transfer the truck into your name without a title. And the plate all you need is your registration card and you can transfer it to your new truck. You might be able to get the dealership to take care of all of it for you.

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