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Buying used car which shows loan on certificate of transfer?
25th June 2011
I am planning to buy used car whose certificate of title shows loan. Seller is second user and he says loan was taken and paid by first owner & he was able to register without any issues & he says car loan is tied with person and not vehicle. Can any one please advised wether I should buy such vehicle, will it cause any issue when selling it afterwards?
Posted in: Auction FAQ | | Comments (2)
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I recommend you do not buy the car. The car is the collateral for the loan and the lender will repo the car to make good on their agreement.
Comment by Christopher Kelly — June 25, 2011 @ 9:03 pm
Never buy a vehicle with a lien on it.
The seller is either a con-artist or the dumbest idiot in the world if he really believes the loan is tied to the person and not the car. What does he think happens when you default on a car loan? They repo the car because it was a collatoral for the loan!!!!!!!!!
Comment by STEWIE — June 25, 2011 @ 9:03 pm