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?
This is a sticky one! Usually if a car is under finance it cannot be sold without the loan being paid out. I'm wondering if the previous owner paid it out after you bought it, if not I suggest you contact a solicitor and just ask where you stand as the man you purchased the car from has broken the law and perhaps there is a way around it but a solicitor will be able to tell you that and if so how it can be done. You can ring some solicitors for free advice. Good luck, I really hope you can sort it out!
Reply:I do not quite understand what you said, but basically you just changed the name on the title but the bank still has the LIEN. In other words, you could not sell the car cause officially the bank has LEGAL possession of the car. The person who sold it to you without notifying the bank "RIPPED" you off. What would happen is that you would have to pay off the loan to legally take possession of the car title.
You will have to notify bank. What would happen is that you got screwed. Tne bank would have the owner's info. Hopefully, there is not too much left to pay on the car to make it worth your while.
Next time, you can get the VIN number and check for a clear title. If you paid by check, maybe you can file a suit or something. You would have to talk to a lawyer about that.
Also remember, if you decide to pay the car off, FIND OUT who will be the title holder. Cause if you pay on it, it would be bad for you to go to the legality of having to find the guy to sign the title over. He could just come and repossess "his car" and leave you up the creek.
Reply:When you buy a car, one of the things you get is the title paper, with the seller's signature releasing his interest in the car. The title will show the seller as registered owner, and the bank as legal owner. The first thing you do is to talk to the bank, find out what the loan terms and current balance are, whether the loan is current, and whether they are okay on your assuming it -- and you do this before you give the seller any money. Now, you are on the hook for the original loan, which may cost you thousands of dollars to pay off. Talk to the DMV to find the seller, and the bank to see what can be done to clean up this mess. You can not legally sell the car without a valid title, and you do not have one.
Reply:You need to look at the title.The financial institutions name will be listed on that title for the car.If the title does in fact have a banks name in the leinholders section then the car is not legally yours.You must obtain a title for your car before you can assume anything
Reply:The bank still holds the title to the car. You do not own the car. If the previous owner did not pay off the bank when he sold you the car then he is guilty of fraud. You should have demanded the title when you purchased the car.
At this point I think you should go to the local sheriff's office and tell him your situation. I am surprised that you were able to register the car in your name without proof of ownership.
The only way you could possibly sell the car at this point is to pay off the bank and get the title in your name, however, you should have the previous owner to sign the title over to you.
Reply:You need proper paper work showing you bought the car and have it insured. You should have done the deal with the finance co to start with. You should get an attorney and still be prepared to lose the car.
Saturday, October 24, 2009
How to sell a car on finance?
Hi
My car is on Auto loan with a bank. Now I am trying to sell it privately after 7 months. When I advertise, do I have to state that the car is on Finance?
How to sell a car on finance?
you can do it either way just make sure you know what your payoff is. when you sell it you will need to go directly to the bank and get the title from them and if they are not close by, you should tell who ever is buying the vehicle it will take 2 weeks after you payoff the vehicle to get the title. best bet is to pay it off first, if that's not possible then, sell it, send the bank the money, give the car to the new owner and tell him/her as soon as you receive the title you will send it to him/her. but either way you will need to explain it at some point and you can even get the bank to send it directly to the new owner , just call them when its sold and ask how they want you to handle it. they are more than capable of giving the title directly to the new owner.
good luck!
ps you dont need to call the "ad agency" or the "lender" and ask permissionto sell your car ....its your car, you can do whatever you want with it. these poeple do not know what they are talking about.
once again i am left with the trouble of telling you the other answers are b.s. they dont know and shouldnt even give an answer with little or no merritt. its a real shame that people come here with whole hearted questions and get answers from teenagers and people that cannot guve sound advice.
listen to who ever you want but you should listen to someone that does this everyday for a living.
good luck!
Reply:You need not put it in the advertisement, but you really do need to find a way to satisfy the auto loan. This is a secured debt, and the car is collateral. Unless the debt is satisfied, you won't be able to give a clean title to the buyer. This will make most buyers run in fear (because the car will get repossesed if you default on the loan).
Reply:Nope, you might have to explain why you have to wait on the title to come after you pay it off but you do not have to disclose you have a loan on it.
Reply:Your best bet is be upfront and honest about this as if they do decide to buy, they will find out. Better sooner than later because later may cost you a sale. But if it's stated that the car is still owned by a bank, most buyers will know that they won't get the title or registration immediately as they would from a person who owns the car. You can tell them later, but you'll have to deal with the fallout and angry people have been known to do things they would not ordinarily do.
If they're really interested in buying the car and don't mind waiting, there's no harm. Be careful, do not allow anyone to test drive it without you and preferably a male companion in it.
Reply:it would be the honest thing to do.
Reply:Most states you have to disclose it , but not necessarily in a for sale ad , you could check with who you are doing the ad with and they will advise you . The buyer will try to talk you down to your payoff amount , hold your ground . good luck
Reply:Yes you do.
But before you advertise you must contact the finance company and seek their permission to sell the car.
Reply:YES, YOU WILL HAVE TO DISCLOSE THIS AS WELL AS ANY OTHER INFORMATION IN YOUR ADVERTISEMENT.
I WOULD ALSO RECOMMEND THAT YOU AS WELL CONTACT THE FINANCE COMPANY AND YOUR INSURANCE COMPANY JUST TO BE ON THE SAFE SIDE.
My car is on Auto loan with a bank. Now I am trying to sell it privately after 7 months. When I advertise, do I have to state that the car is on Finance?
How to sell a car on finance?
you can do it either way just make sure you know what your payoff is. when you sell it you will need to go directly to the bank and get the title from them and if they are not close by, you should tell who ever is buying the vehicle it will take 2 weeks after you payoff the vehicle to get the title. best bet is to pay it off first, if that's not possible then, sell it, send the bank the money, give the car to the new owner and tell him/her as soon as you receive the title you will send it to him/her. but either way you will need to explain it at some point and you can even get the bank to send it directly to the new owner , just call them when its sold and ask how they want you to handle it. they are more than capable of giving the title directly to the new owner.
good luck!
ps you dont need to call the "ad agency" or the "lender" and ask permissionto sell your car ....its your car, you can do whatever you want with it. these poeple do not know what they are talking about.
once again i am left with the trouble of telling you the other answers are b.s. they dont know and shouldnt even give an answer with little or no merritt. its a real shame that people come here with whole hearted questions and get answers from teenagers and people that cannot guve sound advice.
listen to who ever you want but you should listen to someone that does this everyday for a living.
good luck!
Reply:You need not put it in the advertisement, but you really do need to find a way to satisfy the auto loan. This is a secured debt, and the car is collateral. Unless the debt is satisfied, you won't be able to give a clean title to the buyer. This will make most buyers run in fear (because the car will get repossesed if you default on the loan).
Reply:Nope, you might have to explain why you have to wait on the title to come after you pay it off but you do not have to disclose you have a loan on it.
Reply:Your best bet is be upfront and honest about this as if they do decide to buy, they will find out. Better sooner than later because later may cost you a sale. But if it's stated that the car is still owned by a bank, most buyers will know that they won't get the title or registration immediately as they would from a person who owns the car. You can tell them later, but you'll have to deal with the fallout and angry people have been known to do things they would not ordinarily do.
If they're really interested in buying the car and don't mind waiting, there's no harm. Be careful, do not allow anyone to test drive it without you and preferably a male companion in it.
Reply:it would be the honest thing to do.
Reply:Most states you have to disclose it , but not necessarily in a for sale ad , you could check with who you are doing the ad with and they will advise you . The buyer will try to talk you down to your payoff amount , hold your ground . good luck
Reply:Yes you do.
But before you advertise you must contact the finance company and seek their permission to sell the car.
Reply:YES, YOU WILL HAVE TO DISCLOSE THIS AS WELL AS ANY OTHER INFORMATION IN YOUR ADVERTISEMENT.
I WOULD ALSO RECOMMEND THAT YOU AS WELL CONTACT THE FINANCE COMPANY AND YOUR INSURANCE COMPANY JUST TO BE ON THE SAFE SIDE.
What would be my career options for a degree in Business with a finance concentration?
I am starting back to school to get a Bachelor of Science Business Administration (BSBA) with a concentration in Finance. What would be my career options once I graduate?
What would be my career options for a degree in Business with a finance concentration?
Corporate consulting. At least once you have some real and successful on the job experiences to consult about!
Other than that, an entry level position with most companies that could lead to a climb up the corporate ladder to C.E.O.
Since it is a glass ceiling BREAK IT!
Good luck.
Reply:Corporate auditing is something that every large company has to have, especially in light of the Sarbanes-Oxley act that was the result of the Enron mess. With a background like you describe, you could work for any large company, but there are some that would really help you get out there and establish a reputation...then you could contract and write your own ticket. Nice work if you can get it. Good luck.
Reply:Look at ACN, IBM, EDS, Deloitte - all of these companies drool over candidates with that background. They will allow you to cut your teeth as a consultant and the sky is the limit for advancement and salary
Reply:You could go into fields such as a Credit analysts, Financial examiners, Financial Manager, Financial planner
Reply:corporate financial departments, banking, financial management in non-profits, brokerage companies, insurance companies, etc.
lily
What would be my career options for a degree in Business with a finance concentration?
Corporate consulting. At least once you have some real and successful on the job experiences to consult about!
Other than that, an entry level position with most companies that could lead to a climb up the corporate ladder to C.E.O.
Since it is a glass ceiling BREAK IT!
Good luck.
Reply:Corporate auditing is something that every large company has to have, especially in light of the Sarbanes-Oxley act that was the result of the Enron mess. With a background like you describe, you could work for any large company, but there are some that would really help you get out there and establish a reputation...then you could contract and write your own ticket. Nice work if you can get it. Good luck.
Reply:Look at ACN, IBM, EDS, Deloitte - all of these companies drool over candidates with that background. They will allow you to cut your teeth as a consultant and the sky is the limit for advancement and salary
Reply:You could go into fields such as a Credit analysts, Financial examiners, Financial Manager, Financial planner
Reply:corporate financial departments, banking, financial management in non-profits, brokerage companies, insurance companies, etc.
lily
What is a good public university in CA where i can get a finance/accounting business degree? im from MN?
i have completed 2 years at a private university in MN and i am looking to transfer to a nice college in California where i can get a business accounting or finance undergrad degree. It needs to be less than $20,000 for out-of-state tuition and i have a 2.9 gpa right now.
What is a good public university in CA where i can get a finance/accounting business degree? im from MN?
Even if you apply to a top CSU you need to get your GPA a lot higher. Cal poly slo, sdsu, chico, pomona, long beach are some of the better CSUs. As for UCs, all are great besides UCR.
I know SDSU is a very popular choice for people because of its location and business program. It's nationally ranked. But most UCs and CSUs are great. Just make sure to do some research.
And as far as tuition, and if that's a concern, defintely apply to a CSU because they are cheaper. I go to SDSU and my tuition is $18,000 and I'm a California resident. Im not sure you will find much luck finding a university out of state tuition under 20K. Try moving to cali and going to a JC for 2 years.
Reply:I certainly haven't looked at absolutely every public U in CA, but I can't imagine that any of them fail to offer a finance/accounting major. You're not restricted at all that way. But with a 2.9gpa, there's no way you can get in the University of California system. Your only shot is the Cal State system. Below that is Cal's community college system and you've already done that.
The Calstate system has 23 campuses, 450,000 students, and 46,000 faculty and staff. I'm sure you can get in there somewhere. Start here...
http://www.calstate.edu/
What is a good public university in CA where i can get a finance/accounting business degree? im from MN?
Even if you apply to a top CSU you need to get your GPA a lot higher. Cal poly slo, sdsu, chico, pomona, long beach are some of the better CSUs. As for UCs, all are great besides UCR.
I know SDSU is a very popular choice for people because of its location and business program. It's nationally ranked. But most UCs and CSUs are great. Just make sure to do some research.
And as far as tuition, and if that's a concern, defintely apply to a CSU because they are cheaper. I go to SDSU and my tuition is $18,000 and I'm a California resident. Im not sure you will find much luck finding a university out of state tuition under 20K. Try moving to cali and going to a JC for 2 years.
Reply:I certainly haven't looked at absolutely every public U in CA, but I can't imagine that any of them fail to offer a finance/accounting major. You're not restricted at all that way. But with a 2.9gpa, there's no way you can get in the University of California system. Your only shot is the Cal State system. Below that is Cal's community college system and you've already done that.
The Calstate system has 23 campuses, 450,000 students, and 46,000 faculty and staff. I'm sure you can get in there somewhere. Start here...
http://www.calstate.edu/
How long does a credit card need to be paid off to stop getting hit with finance charges?
So here's the next question in my credit-card cleanup.
I have a card that I just paid off, and it has an excellent APR on purchases. Now, I'm sure I should just ask the credit company, but why not pick the brains of the Yahoo! Answerers out there and see what you think?
How long do I need to have the card at $0 balance to stop getting hit with finance charges? The card I have charges on the average daily balance, which can be quite high in a month I've had a lot of activity, even if I paid off the last statement in full. I don't think my card has a "no charges on new purchases" clause but I can find out. It is a Chase Amazon.com Visa, signed up for it several years ago when the AP was a fixed 8.9%
What I'd like to do, though, is get the card to $0 balance and just continue to pay off in full monthly, to avoid finance charge. Or, is it too late for that now?
Thanks!
How long does a credit card need to be paid off to stop getting hit with finance charges?
as long as there's a balance you will be charged. If you have paid it off in full, there should be no charges on your next statement. Depends on when payment was made. You might be hit with one more charge, but after that there shouldn't be any.
Reply:Once the card is paid off you should not accrue anymore interest, except that was still outstanding past the closing date. The real sucky thing about the vanity cards, i.e. Amazon, Barnes %26amp; Nobles, etc., is that they use a two cycle method to calculate your finance charges. So they look at two months, not just one.
Nevertheless, if you paid the card in full by the due date, there shouldn't be anything new on it. If there is, then you will have to break down and give them a call to ask them to explain. ;)
Reply:Most credit cards charge interest on a 'two-cycle' average daily balance. This means if you had a balance any time in the last 2 months, your 'average balance' is more than zero. If you start with a zero balance and pay in full each month, interest is usually not charged.
Reply:Once you have a bal on AC past due date there is FC on bal and new purchases as long as there is an APR, have to pay 2 mths in full consecutively for FC to stop. tried to be breif in my ans. hope it helps. didn't want to write a Book.
Reply:There is no daily finance charge if the balance is paid off monthly. Daily finance charges are only on old balances carried forward, not for new purchases unless they are carried into the following month.
Reply:If your card has a $0 balance at the beginning of the month, regardless of your purchase volume (see exceptions below), if you pay off in full by your due date, you should not see any finance charges.
Exceptions...if you go over your limit, or if you make a "purchase" of a cash advance (either at an ATM, or with a convenience check) you will see fees. Most banks charge a fixed fee if you go over your limit, and cash advances accrue interest immediately, there is no grace period.
If you are seeing finance charges that you do not understand, by all means, call the customer service number on your statement or back of your card.
I have a card that I just paid off, and it has an excellent APR on purchases. Now, I'm sure I should just ask the credit company, but why not pick the brains of the Yahoo! Answerers out there and see what you think?
How long do I need to have the card at $0 balance to stop getting hit with finance charges? The card I have charges on the average daily balance, which can be quite high in a month I've had a lot of activity, even if I paid off the last statement in full. I don't think my card has a "no charges on new purchases" clause but I can find out. It is a Chase Amazon.com Visa, signed up for it several years ago when the AP was a fixed 8.9%
What I'd like to do, though, is get the card to $0 balance and just continue to pay off in full monthly, to avoid finance charge. Or, is it too late for that now?
Thanks!
How long does a credit card need to be paid off to stop getting hit with finance charges?
as long as there's a balance you will be charged. If you have paid it off in full, there should be no charges on your next statement. Depends on when payment was made. You might be hit with one more charge, but after that there shouldn't be any.
Reply:Once the card is paid off you should not accrue anymore interest, except that was still outstanding past the closing date. The real sucky thing about the vanity cards, i.e. Amazon, Barnes %26amp; Nobles, etc., is that they use a two cycle method to calculate your finance charges. So they look at two months, not just one.
Nevertheless, if you paid the card in full by the due date, there shouldn't be anything new on it. If there is, then you will have to break down and give them a call to ask them to explain. ;)
Reply:Most credit cards charge interest on a 'two-cycle' average daily balance. This means if you had a balance any time in the last 2 months, your 'average balance' is more than zero. If you start with a zero balance and pay in full each month, interest is usually not charged.
Reply:Once you have a bal on AC past due date there is FC on bal and new purchases as long as there is an APR, have to pay 2 mths in full consecutively for FC to stop. tried to be breif in my ans. hope it helps. didn't want to write a Book.
Reply:There is no daily finance charge if the balance is paid off monthly. Daily finance charges are only on old balances carried forward, not for new purchases unless they are carried into the following month.
Reply:If your card has a $0 balance at the beginning of the month, regardless of your purchase volume (see exceptions below), if you pay off in full by your due date, you should not see any finance charges.
Exceptions...if you go over your limit, or if you make a "purchase" of a cash advance (either at an ATM, or with a convenience check) you will see fees. Most banks charge a fixed fee if you go over your limit, and cash advances accrue interest immediately, there is no grace period.
If you are seeing finance charges that you do not understand, by all means, call the customer service number on your statement or back of your card.
Where can i get a nikon camera on finance?
i have all the equipment i need to go into business but i'm short of the camera.
Can anyone suggest where I can get this on finance with no deposit.
UK Only thanks x
Please don't suggest EBay as i cannot afford one unless it's on finance.
Where can i get a nikon camera on finance?
Buy one on a credit card and pay in monthly payments.
Reply:i belive jessops offer this service uk.check on line.hope this helps
Reply:Wait a minute ...
If you don't already have a camera, how did you learn your photography skills?
Usually a pro has all his cameras and lenses and has been working as a staffer or an assistant to a successful pro before they go into business for themselves.
You may want to rethink your business plan
Can anyone suggest where I can get this on finance with no deposit.
UK Only thanks x
Please don't suggest EBay as i cannot afford one unless it's on finance.
Where can i get a nikon camera on finance?
Buy one on a credit card and pay in monthly payments.
Reply:i belive jessops offer this service uk.check on line.hope this helps
Reply:Wait a minute ...
If you don't already have a camera, how did you learn your photography skills?
Usually a pro has all his cameras and lenses and has been working as a staffer or an assistant to a successful pro before they go into business for themselves.
You may want to rethink your business plan
Is it common in the Finance industry to have many officers?
I have a former colleague who tells me that in their company almost all of them are officers having at least Associate Vice President rank.
Is it common in the finance industry and what does it translate to other industries?
Is it common in the Finance industry to have many officers?
Not essentially so. The levels and number of people working in an organisation totally depends on the hierarchical structure that a company follows.
Reply:I have observed that in loan organ'z'ns such as banks, its usually the case that you would deal with a vice-president, (or assoc. vp). I think there is an obvious reason for this: the customer wants a final answer to his request for a loan and wouldn't expect 'the president' to come puffing down the stairs to approve it on the spot, suggesting that a v-p is the minimum rank to avoid insulting the customer. This would probably necessitate that others in the bank be equally bestowed even if they are just 'equally compensated' pencil pushers. As far as other industries, maybe it's kind of like skippers and airline pilots being 'captain.' (And chicken restaurant chain owners being colonels.)
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Is it common in the finance industry and what does it translate to other industries?
Is it common in the Finance industry to have many officers?
Not essentially so. The levels and number of people working in an organisation totally depends on the hierarchical structure that a company follows.
Reply:I have observed that in loan organ'z'ns such as banks, its usually the case that you would deal with a vice-president, (or assoc. vp). I think there is an obvious reason for this: the customer wants a final answer to his request for a loan and wouldn't expect 'the president' to come puffing down the stairs to approve it on the spot, suggesting that a v-p is the minimum rank to avoid insulting the customer. This would probably necessitate that others in the bank be equally bestowed even if they are just 'equally compensated' pencil pushers. As far as other industries, maybe it's kind of like skippers and airline pilots being 'captain.' (And chicken restaurant chain owners being colonels.)
myspaces.com
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