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When you sell a vehicle to a private party and they sign the title are you responsible for the vehicle yet?
Wiki User
∙ 13y ago
It depends. If you have sold the vehicle to the "Buyer" and you have a security interest or "Lien" against it, then yes. The "Buyer" is responsible. If they decide not to pay, then you will have to take them to court to remove their name from the title.
Wiki User
∙ 13y ago
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When someone assumes your finance payments are you no longer responsible for the vehicle?
IF you transfer the title and loan out of your name you are not responsible. IF NOT, and they don't make the payments, or have insurance on it, YOU are responsible for all aspects of the vehicle as you still OWN it. the name on the title & loan is the responsible party.
Do I pay taxes on a used car purchase from a private party?
Sales Taxes - most places - yes....collected when you register/title vehicle.
If someone buys a vehicle from a private party and is making payment to said party how does he get tags on the vehicle?
The private party needs to pony up and give you a title with a lien that has his name on it. Then, when he is paid off, he would give you a paid in full receipt where you could go remove the lien from title. The lien protects him from the possibility that you would sell the car without giving him what he is owed AND removes his liability should the car be involved in an accident.
Who holds title of a private party sale while still making payments?
The private seller holds the title until paid in full, he should transfer the title to private buyers name and place a lien on title then the title will be mailed back to the private seller and once vehicle is paid the seller signs off on the lien and mails the title to the buyer. A contract/bill of sale should be signed by both parties to the payment agreement established for the protection of both parties.
Can a private party get a vehicle title as collateral on a private loan?
In short, yes. You just have to sign a legal agreement that the person that currently owns the car is willing to put up the title of the car as collateral for the private loan. Make sure the person who has the loan possesses the title and has filed a lien with the Department of Motor Vehicles. *Always consult an attorney for legal matters.
Can you title a salvaged vehicle in Illinois?
Yes you can but the title will say salvage. A salvage title in Illinois means it has been stolen or wrecked and has not yet been inspected or otherwise cleared by the state. You cannot drive or as a private party, own a salvage vehicle. If you do own one, you must contact a Illinois Secretary of State Police Vehicle Inspection Station to start the process to obtain a rebuilt title.
Where do you check for clear title on a car when buying from a private party?
Carfax
If you purchased a vehicle in Georgia several days ago from a private party and paid cash for it but did not sign name or date or the odo yet on the title and it broke down is it his problem or mine?
Are you the purcher? If so I would say, that it is your proublem. The seller has no controll of your signing the title. You do that to get your new title. That is not the responsibility of the seller. Did the vehicle come with a warranty or was it as is?
What happens when a vehicle is purchased outright from a private seller and the title has a third party lien and the vehicle gets repossessed?
VICTIM buyer has to pay off the leinholder to get car. And/or sue con seller. Leinholder WILL get their money. GOOD LUCK...
How do I found out who owns a vehicle that I owned at one time?
That would be confidential information the the motor vehicle department controls in each state. The only way one would have this information is if it was retained when the vehicle was sold via private party, when the title is signed off by the owner.
Purchasing a vehicle privatley with a lien?
If you accept a vehicle title that has a lien placed on it you become responsible for settling that lien
When buying a vehicle from private seller do you need some type of receipt to show that you paid for the vehicle?
The title would be your receipt.
