What will I need when I buy a car from a individual seller not a dealership?

What will I need when I buy a car from a individual seller not a dealership?

Obviously I'-ll need a license and the money, but will I need insurance info and everything? And what about monthly payments, will the seller forward me billing info? It can'-t just be you bought my car now go. I ask because I know someone selling a car for an affordable price for me and I'-ve never bought a car new, used, at a dealership, or independent seller before. This is literally the first time I'-ve ever even thought about it. I'-m in a situation where I don'-t have anyone else I could ask. Please help.


Buying a used car from a private seller is very different from buying a car from a dealer. Private sellers generally are not covered by the Federal Trade Commission's Used Car Rule and don't have to use the Used Car Buyers Guide. However, you can use the Guide's list of an auto's major systems as a shopping tool. You also can ask the seller if you can have a car inspection done by your mechanic.Private sales usually are not covered by the implied warranties of state law. That means a private sale probably will be on an "as is" basis, unless your purchase agreement with the seller specifically states otherwise. If you have a written contract, the seller must live up to the promises stated in the contract. The car also may be covered by a manufacturer's warranty or a separately purchased service contract. However, warranties and service contracts may not be transferable, and other limits or costs may apply. Before you buy the car, ask to review its warranty or service contract.Source(s):Fore More Information Visit.http://www.bobpulte.com


If you are buying from a private party, all you will need is a cash to pay for the car, in full, and a signed copy of the bill of sale.In exchange, you will receive a title to the car so that you can title and register it in your name. Some states require the title to be notarized.If you want to make monthly payments and buy from a private seller, you will need to qualify for a loan from a lender, which is typically a bank or credit union.Once you qualify for a loan, your lender will give you a cashiers check made out to the seller. The lender will also require you to put them as the lienholder in the title until you pay them back.Note that there are a lot of scams going on out there and many sellers will only accept cash. I never suggest carrying around thousands of dollars, so if this is the case with a seller, you may want to proposed that they meet you at your lender's place to do the transaction. That way, they know the check is legit and they can hand the title directly to your lienholder.Never get into a situation where you are 'taking over payments' on the sellers loan. It's a blatant breach of their contract, it's 100% illegal and, worst of all, if their lender finds out this happened, they will repossess the vehicle, leaving you with nothing.Even if their lender doesn't find out, once their loan is paid off, you don't have any rights to the vehicle or its equity. They can take the car back totally screw you. It's like you were renting the car from them.



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