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What is the process for buying a used car from a private party if the finance company holds the title?
Wiki User
∙ 13y ago
The process for purchasing a car when the finance company holds the title could vary according to where you live. In this particular state, the finance company has the right to approve or disapprove the sale if you are not paying off the loan or refinancing with another company. It also retains the right to repossess the car if you move out of state. I have no idea concerning the laws of other states or countries. So, if you live in this state and wish to continue financing with the same finance company, you will need the approval of both the seller and the finance company. The finance company will provide the appropriate forms for a fee. Next, you take those forms to the seller and get him to sign. You pay him the agreed amount. Then you take those forms to the department of motor vehicles and pay their fees.
Wiki User
∙ 13y ago
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