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Old 07-07-2006, 02:24 AM   #1
subkid
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Member#: 47366
Join Date: Nov 2003
Default Closing a transaction on a whicle under the loan

Hi,

I guess this is more general then just classified, but I didn't find a better place to ask this question.

So say, I find a relatively new used Subaru vehicle, which still hasn't been paid off, and the loan is with the standard Subaru lender, Primus. How do I go about the transaction. To whom should I write a cheque, and how I make sure that the loan is paid of and that title is released (either to me or my lending institution)? Is it even possible to assume a loan from the old owner? ?

thanks
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Old 07-07-2006, 02:36 AM   #2
TCHWRX
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Member#: 118404
Join Date: Jun 2006
Chapter/Region: W. Canada
Location: Calgary, Alberta, Canada
Vehicle:
2006 Impreza WRX TR
WRB

Default

I did this with my car.
I bought the car from a private person in Oregon. He had the car financed via Subaru Finance US.
I paid off his loan directly to the bank and requested them to send the title and lean-release document to me, which they did not do. The B#$@# I spoke to from Subaru Finance was not working with me and not willing to help out at all.
When I finally found another number to call they were totally working with me.

I would NEVER EVER EVER pay of a person for a car and trust him to pay the bank. You will run a very very big risk that he runs of with the money. Even if you get the car you still risk that the bank will ask you to pay the loan, if he did not do it as agreed upon.

Hope this helps.

Tommy
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Old 07-07-2006, 09:25 AM   #3
Flexx999
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Member#: 36302
Join Date: May 2003
Chapter/Region: W. Canada
Location: St. Albert, Alberta
Vehicle:
2006 Big 16G WRX
Addicted to Blue

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As stated above.....make the cheque out to who ever holds the lean on it and get the paper work once its paid for stating that its free and clear.
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Old 07-07-2006, 12:18 PM   #4
fragment
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Join Date: Jul 2001
Chapter/Region: W. Canada
Location: Bugeye EJ207 - T3T04S
Vehicle:
2007 Wagon VF36

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If it makes the seller more comfortable, you can make the cheque payable to the seller AND the finance co. Then if there is anything left over from the loan payout, the finance co can settle it directly with the seller. A bigger problem is if the seller is asking for less than the payout of the loan.
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Old 07-08-2006, 12:49 AM   #5
Turkey
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Join Date: Aug 2003
Chapter/Region: W. Canada
Location: Cold Lake, Alberta
Vehicle:
2004 WRX Sedan
Java Black Pearl

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So is it smarter for the person leasing the car, for eg. to just get a loan, payout the lease and then sell the car?? Then there is insurance and registration changes to be made.

How is the car signed over in the case that fragment mentioned?
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Old 07-08-2006, 10:03 AM   #6
Rat Fink
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Chapter/Region: W. Canada
Location: Alberta, Canada
Vehicle:
2006 WRX Sedan
Rally Blue

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I think fragment is mentioning a case where the car is being financed. For example, my 06 WRX is for sale. It is being financed through GMAC. The buyer can make the certified cheque out to "My name, c/o GMAC". This way, I can't just cash the cheque and run off. it's gotta go to GMAC to pay the car off. Then they give you a letter of release which you can show the buyer, to let them know the car is free of leins and ready to go.
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Old 07-08-2006, 05:19 PM   #7
fragment
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Member Sales Rating: (3)
 
Member#: 8050
Join Date: Jul 2001
Chapter/Region: W. Canada
Location: Bugeye EJ207 - T3T04S
Vehicle:
2007 Wagon VF36

Default

I've sold two leased vehicles in the past. One was Toyota Finacing and the other was Chrysler Canada Finance. In both cases, I had the buyer make the cheque out to both the finance co and me. With the Toyota, I even got back a few hundred bucks.

BTW, this is how to get around milage penalties. Both were over the allowed milage at the end of the lease term, and I would have had to pay 30 cents a km. So I just sold them privately in the last month of the lease and paid the lease buyout.
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