06 GT. 4000 miles.

I don't know if the seller has a loan against the car. He probably does since most people don't pay cash or pay the car off in 2 years or less. So assume he has a loan.

If I drive down to get the car how does this work? You would assume the loan should be paid off after he takes the money for the car, clearing the loan and freeing up the title. So does he take my money, go fix the title, then turn the title over to my bank (or me?)?

Thankyou.

 

ask your bank - they do that for a living.

 

probably a couple of different ways to do it.

if you buy the car definitely get a bill of sale.

then you take possesion of the car and you give him the money. he sends the payoff to his lender and they send him the title and he sends it to you and you send it to your lender.

it's possible your lender might want to send payment to his lender and then his lender could send the title to your lender...

but, i bet you get the title and send it to your lender.

 

First things first. Find out if there's a lien against the vehicle and, if so, who holds it.

If it's a bank, then it's easy. Seller tells the bank to send the title to a local branchwhere you can close the deal and get the title immediately.

If it's something else, say Ford Credit, then proceed with extreme caution because the title may not arrive for weeks. Best to get your own lender involved if such is the situation.

 

Go to whoever you think your financing will come from they will tell you how it's done.The onlymoney I would give him is a small deposit to bind him to selling you the car. You should also get a receipt for the deposit and list thecars Vin# on the receipt.