Taking over payments?
01-12-2008, 07:56 AM
#1
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Taking over payments?
How does it work? How do I go about the transaction?
For example, if the owner still owes 10K and I want to give him 9K cash, no need for payments, how would we do it? How will I get the title?
For example, if the owner still owes 10K and I want to give him 9K cash, no need for payments, how would we do it? How will I get the title?
01-12-2008, 09:15 AM
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You still need to payoff the Lienholder (Bank, lender) in order for you too receive the title.. If the balance is $10000.00 then you pay $9000.00 if that is the agreement, is he gonna pay the $1000.00 difference? Then if he is all you need is DMV forms 2-Form 262's Transfer Form, 2-Form 10-pak's release of liability.. You might need REG 227 or lein satisfied form...
What are you getting?
GL.
What are you getting?
GL.
01-12-2008, 11:16 AM
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Like dwnshft & xlr8 said. The bank needs there money. Once they get the money, they will give the pinkslip. So he would need to put the $1000 out of his pocket to pay off the loan so you can get your pinkslip. 
01-12-2008, 01:49 PM
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Originally Posted by S2Kmonkee,Jan 12 2008, 01:26 PM
might want to get a notarized note stating the agreedment between you guys just to be safe.
even if he is a friend... people get shady even for low amounts of cash
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