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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?
Thanks
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.
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