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Can you sell a car that you still owe money on if the buyer takes over payments?
Wiki User
∙ 18y ago
Yes, if the lender approves of the transfer of the loan.
Wiki User
∙ 18y ago
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If one co-buyer does not have a job and deferring payments and not paying on time can the other co-buyer take him to small claims to gain control of the vehicle and take over the contract?
He could.. but he probably won't win. Being a co-signer means you agree to be responsible for the payments if the primary defaults. Co-signer knowingly agrees to these terms and takes the risk that he/she may have to actually pay up some day.
Should you give money back when you sell a vehicle if it breaks down after you sell it?
Legally speaking, you're not required to. The buyer takes the car as is. If you were as honest as you could be about the car's condition when the buyer was making his decision, then probably not; it's just the chance you take. A lot will depend on the nature of the transaction and your relationship with the buyer.
The buyer who purchases and takes ownership of another company's accounts receivable is called a?
The buyer who purchases and takes ownership of another company's accounts receivable is called a factor.
What happens when your car gets repossed?
It will most likely be resold ... the loan company paid for the car to whomever it was bought from. They need to recover the money they spent, and if selling that car again is what it takes, then they will take that approach. Some will say "that is selling the same car twice" ... no, not really - it was sold once and the buyer refused to make the payments. The car is owned by the company that loaned the money in the first place. They have bills to pay just like everyone else ... they loaned money out, and they need it paid back. It also could be sold at an auto auction ... for the amount that is still owed ... usually a cash sale for the full amount.
Contract for Deed?
Get StartedA Contract for Deed is commonly used by a Seller of property who is interested in acting as a lender to the purchaser of their property. Through a Contract for Deed, the Seller also acts as the financer for the Buyer. This option has pros and cons for both Buyer and Seller.The Seller does not receive the total sales price for the property at the time of executing the Contract, but rather receives payments pursuant to the terms of the Contract. The Seller does retain ownership of the property until the Contract terms are met. Since the Seller receives periodic payments, the Seller can view these payments as steady income. Since the Seller is the financer, the Seller receives the total purchase price plus accruing interest as set forth in the Contract. The Seller takes on certain risks should the Buyer default on payments making it necessary to pursue foreclosure proceedings.A Contract for Deed assists a new homebuyer with no credit history or poor credit history in obtaining financing to purchase a home. By not using the traditional financing method of a bank or credit union, the Buyer can build credit by financing through a Contract for Deed. The Buyer must be cautious when entering into a Contract for Deed to ensure that the Seller is the actual owner of the property and has authority to sell the property. The Buyer can contact the County Recorder for the county the property is located in to check the property records.
Why zero minus zero is zero?
If you have no money, and someone takes nothing away from you, you still have nothing :)
Do you have to pay for something you did not order?
You do not have to pay for it if you send it back immediately. You cannot keep or consume the item and then refuse to pay for it. This does not apply to the UK. If you have received an item that you had nothing to do with(did not ask for and did not pay for) then this is classed as the fault of the seller and this means the buyer can consume/keep/use without needing to pay for it. The seller will be stealing from any buyer if the seller takes any money from the buyer in these circumstances.
What is order process?
Process Order = Process an order. Order processing takes place after an order has been submitted by a Buyer. The process of submitting an order takes place in real time while the Buyer waits.
What are the consequences of a voluntary reposession if one is current on their payments but just tired of paying a 560 car note?
consequences?? you still have to pay the balance due after the lender sells it at auction. NOT good. options??? Better idea. SELL the car,get all you can and pay the difference then even if you have to borrow the money. It will be much cheaper than idea above and you will reduce the payments,still have good CR. takes a little time, work with the lender but a MUCH better idea. MERRY CHRISTMAS
Will having a lien prevent the purchase of a home?
Yes. A lien must be paid off before a property can be sold or mortgaged. In the case of a sale, the buyer's attorney will make certain the lien is paid from the proceeds of the sale before the buyer takes title.Yes. A lien must be paid off before a property can be sold or mortgaged. In the case of a sale, the buyer's attorney will make certain the lien is paid from the proceeds of the sale before the buyer takes title.Yes. A lien must be paid off before a property can be sold or mortgaged. In the case of a sale, the buyer's attorney will make certain the lien is paid from the proceeds of the sale before the buyer takes title.Yes. A lien must be paid off before a property can be sold or mortgaged. In the case of a sale, the buyer's attorney will make certain the lien is paid from the proceeds of the sale before the buyer takes title.
Which of these most nearly define caveat emptor?
Caveat emptor is Latin for "Let the buyer beware." It means that in a contract matter where one person is buying something from another person, the buyer has the responsibility to make sure what he is buying is in good shape. Once he takes delivery and the money changes hands, the buyer can't complain that the item purchased is not good, unless there has been some fraud or deception by the seller. This is why when buying houses, a buyer, does a title search, a survey a home inspection and things like that. The buyer has to be sure there are no problems with what he is buying.
How do I change ownerhip on a car?
sign off on the title then the buyer takes it to dmv so a new one will be issued If you are seller be sure to fill out the release of liability on back of Title, in case the new owners fail to transfer it to themselves. You will be liable for anything that happens. If you are buyer, take signed title to DMV and have money with you
