What if i bought a car which is still under finance (not my name)? Can I resell it?

I bought a car from someone. He didn't tell me about the car is under finance . I have successfully registered the car with RTA under my name and now I'd like to resell it, here is a few questions:





1. Do I have to notify the bank? But I just bought the car from trading post, I have lost the contact of previous owner.





2. What will happen if the previous owner not paying the installment?





3. Will the car be towed because the ex-owner not paying the finance?





P.S. I found it under finance because I tried to sell it to dealer and they told me so.





THANK YOU FOR ANSWERING!!

What if i bought a car which is still under finance (not my name)? Can I resell it?
It was not his to sell And there for not yours to sell.The finance has to sign off for it to be sold.Yes they can take it back for nun payment.Try to fine the finance co. tell them what happen maybe they will let you make the payments
Reply:Do you have the title in your name? If not I would think not.
Reply:yes but you are better off selling it to car max cause they pay off your balance for you and give you a check for what is left after the balance has been paid. You get the check the same day.

I live in Illinois and my car's finance company is in Michigan, will my reposses car go to Michigan or stay?

I'm behind on my car payments and the finance company is trying to reposses my car, if they take it before I pay it off, will my car stay in Illinois where I live or go to Michigan where the finance company is? Will I have to pay the balance to get the car back? How long (in the state of Illinois) will they allow me to come up with the money? Please serious inquires only!

I live in Illinois and my car's finance company is in Michigan, will my reposses car go to Michigan or stay?
I think you meant 'serious answers', but anyways....





Only your finance company knows where the car is going to end up. Even though they are in Michigan, they probably have a partnership with an Illinois based tow company and/or storage facility.





How long you have to come up with the money depends on the terms of your agreement, so I suggest you read the paperwork you signed when you bought the car.





In order to get the car back, you will need to pay the balance of what you owe, plus any towing and storage fees if the finance company agrees to give you the car back.


Note - Since you breached the contract by not paying, they do not have to sell you the car back. If they do not, you will have to buy it back at auction if you want the same car.....and you probably won't be able to finance that since you would have a repo on your credit history.





Good luck.
Reply:It will be sold where you are...

How to finance a new construction home?

I need to know how to go about financing a home that i want to build I own a lot free and clear in city limits and have a home plan that i would like Now i need to start preparing my finance and i don't know where to start Please help

How to finance a new construction home?
Talk to lenders about construction loans. They are specifically designed for your needs.
Reply:If your construction is complete, you will need to finance long term financing. It's possible the lender you used for construction draws would be able to help you. Otherwise I suggest you check with several local lenders to see what programs they offer and how they might suit your financial situation the best.
Reply:All-In-One Construction loan. It converts to a fixed loan after you obtain your CO. (Certificate of Occupancy)
Reply:A long term loan from a bank. You will need to back up loan with something or someone.

Which is the best University in USA for Masters in finance or accounting?

I want to be specialized in finance or accounting, so that I want to study in MSc in finance or accounting but not MBA. Most of renowned business schools of USA offer MBA not MSc in finance.I want to known which universitys are top and excellent in MSc in finace or related subjects in the USA.

Which is the best University in USA for Masters in finance or accounting?
I don't know about national rankings but i do know that the University of Toledo has a Master's of Science in Accounting program. It's been shown that it helps increase the possibility of passing the sections of the CPA exam. Of course that could be possible with any Master's Accounting Program.

Do you need experience in TV, movies and music to work in finance at major companies?

I know if you want to be the CEO or president of a record label like Sony BMG or Universal or the same for a movie studios and tv networks but do you need experience in these fields if you want to work in finance? I would like to some day become the CFO of a major company like the above mentioned.

Do you need experience in TV, movies and music to work in finance at major companies?
Experience in TV, movies and music is not a common background for senior management of these companies. Let's look at a few of them:





Time Warner- Chairman Richard Parsons: was CEO of Dime Savings Bank. John Martin, the company's CFO was an equity analyst at ABN AMRO.





CBS-Sumner Redstone, the Chairman, is a Harvard law graduate.Les Moonves, the CEO came from Warner Brothers Television. Fred Reynolds, the CFO came out of Westinghouse Electric.








In my view, the CFO of an entertainment company should have a primary focus on capital structure and financing decisions as well as access to capital. A finance background is more appropriate for reporting to shareholders, especially public company experience.

tanning

Id like to buy and rent out houses under a coporation, could I get a bank to help finance the house? Partially

I could pay a down payment, but would they finance the rest under a corporation? Like I said I could finance 50% of the house and need financing for the rest. My half of the equity, they could use for collateral.

Id like to buy and rent out houses under a coporation, could I get a bank to help finance the house? Partially
It can be done, but you probably don't want to.


With 50% down, your LLC could probably get something similar to a hard money loan. High interest rate and short term. If your LLC has established credit it would help, but even then your rate will probably much higher than if your get the loan in your name and then just transfer the property into the LLC.
Reply:Yes and No.


I would start out as a LLC. (limited liability corporation)


Banks normally want you to personally be responsible for the loan as it is a new corporation.


See Donald Trump.

I want to know about the higher studies as a continuation after MBA Finance?

Actually am looking forwad to a course which i can do as a continuation to MBA Finance. A sort of higher studies in the same finance field.

I want to know about the higher studies as a continuation after MBA Finance?
?......an "executive class" offered by the same school.