[manhattanproj]

i'm in the market for a used car. i have a question about the original owner financing the car. if he/she is financing the vehicle, how will i know/verify whether he has paid it off yet or not.

do you have your pink slip if you have not yet fully paid off the vehicle?

 

[krmathis]

You don't post your location, so its hard to be specific.
But here in Norway we have a public service where we by entering the registration number can see if there are any registered claims connected to the vehicle (car, motorcycle, ...).
Brønnøysundregistrene - Heftelser i motorvogn

Perhaps you find something similar in your area?

 

[Barry]

He/She would be able to give you a copy of the title. If the car is financed, the finance company would keep the title if the car is not paid off. Not sure if the "pink slip" is the same thing as the title.

 

[Jaska]

The seller should have any lien(s) on the vehicle removed prior to transferring the title to you. For any questions about whether there is a lien(s) on the vehicle, I imagine your state (California?) DMV could help you.

 

[Carmantom]

Quote:

Originally Posted by manhattanproj /img/forum/go_quote.gif i'm in the market for a used car. i have a question about the original owner financing the car. if he/she is financing the vehicle, how will i know/verify whether he has paid it off yet or not. do you have your pink slip if you have not yet fully paid off the vehicle?

If I am correct, during my stint as a hippie in California the titles were referred to as pink slips. They are indeed titles. I would imagine as in most states liens on vehicles are noted and held by finance companies until paid off.

 

[MrSlacker]

It all depends on what state the title is in. Title will always say if there is a LIEN on it. Lien will be stamped or printed somewhere on the front of the title. If title says that there is a lien, owner MUST provide you with a "Lien Release" letter from the financing company. If they do not have Lien Release, they are most likely trying to pay off the car with your money.

I am in the used car business so feel free to PM me if you have questions.

 

[Uncle Erik]

I think the OP is in San Francisco, right?

I would not trust the owner to make payments on the loan with your money. Either assume the loan or contact the lender to have it transferred to you.

If you pay the person who has the car, and he keeps your money and does not pay the lender, then you will lose the car. Legally, too. You would have a claim against the person who took your money, but no car.

So it's usually safest to contact the lender and offer to pay them directly. If the owner has equity in the car (the difference between what you're paying and what is owed) then you can give him that difference. If the owner insists that you give him the money and then he'll pay off the note, be very suspicious. A lot of people get burned that way.

 

[manhattanproj]

i am in sf, san francisco.

so if he has the title in hand, that means he has paid off the car.

 

[olblueyez]

Why are you trying to circumnavigate proper channels, why not just go to the bank and get a loan? Even if you pay the guy all his money then how do you know he will sign the title and give it to you?

 

[compuryan]

This is a little unrelated, but check the original manufacture date of the vehicle. Figure out which day of the week the car was manufactured. Cars assembled on Fridays and Mondays statistically have more problems with them. This is because not only are there more worker absences on these days, but the workers anticipate their paycheck and the weekend on Friday and often don't do their best work. On Mondays, workers are often dragging their feet in from the weekend, even possibly hung-over.

 

[olblueyez]

Quote:

Originally Posted by compuryan /img/forum/go_quote.gif This is a little unrelated, but check the original manufacture date of the vehicle. Figure out which day of the week the car was manufactured. Cars assembled on Fridays and Mondays statistically have more problems with them. This is because not only are there more worker absences on these days, but the workers anticipate their paycheck and the weekend on Friday and often don't do their best work. On Mondays, workers are often dragging their feet in from the weekend, even possibly hung-over.

Also go to New Cars, Used Cars, Car Reviews and Pricing - Edmunds.com and look up the TSB's (Technical Service Bulitens) and Recall notices. You will find this info for each model on the review tab at the bottom left under maintinence. 1st and 2nd year cars really blow and I highly recommend you try for a model that was out on the market for 3 or 4 years. Check out the TSB's and Recalls, you will see what im talking about.

 

[manhattanproj]

Quote:

Originally Posted by olblueyez /img/forum/go_quote.gif Why are you trying to circumnavigate proper channels, why not just go to the bank and get a loan? Even if you pay the guy all his money then how do you know he will sign the title and give it to you?

????????

 

[kansei]

If the car is financed, the person who drives (owns?) it does not possess the title. The title is with the finance company. Even if they have the title by some chance, the title has a "lien holder" section in which it will have information on who is holding the loan on it (as well as a place where the lien holder would sign off that the loan is paid off).

How to Check for Car Liens | eHow.com

 

[davidbrain]

Hi
This is davidbrain
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davidbrain
Used Cars

 

[ronnielee54]

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