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Thread: Buying a vehicle

  1. #1
    Silver Member
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    Jan 2012
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    Question Buying a vehicle

    Hi everyone, I'm purchasing a vehicle from a private person cash, they still owe money to the bank. The question is how do I protect myself when settling the bank? Basically I have to pay the settlement to the bank and pay the difference to the owner. What's the best way to do it and protect myself?
    ---There is no traffic at the extra mile---

  2. #2
    Gold Member Phil Cooper's Avatar
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    Nov 2010
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    Get written receipt "in full and final settlement" from the bank.

    And the same from the seller!

  3. #3
    Silver Member
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    May 2010
    Thanked 61 Times in 52 Posts
    you would have a purchase & sale agreement.Upon paying the bank's portion directly to the bank reading the balance from the settlement letter that the bank issues which should reflect vehicle vin number etc, i get the seller to immediately send a mail to the bank requesting that the bank courier the registration documents to myself.i also take possession of the vehicle once i've done the EFT for the balance to seller's account.
    Last edited by flaker; 24-Sep-13 at 08:59 AM.

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