Ok here's the deal
There is a car in Ohio for $8,500 for sale. I am in Minnesota.
I have my car for sale for $5,900. I spoke with the seller and we agreed to do a trade. My car + $3200 in cash for his car.
The problem is, he has a loan out on his car so the bank holds the title (he's in Ohio). He still owes about $6,000 i beleive.
Would his bank consider taking a $3200 payment + possibly "switching" titles (they take the title to my car for the remainder of the loan)? Or is this really not a possibility.
If not, how do we go about closing the deal? I know we can get a bill of sale or whatnot, but I essentially do not want to be left hanging with a car and no title at the end of the day. Any advice?
Thanks,
Rubens
There is a car in Ohio for $8,500 for sale. I am in Minnesota.
I have my car for sale for $5,900. I spoke with the seller and we agreed to do a trade. My car + $3200 in cash for his car.
The problem is, he has a loan out on his car so the bank holds the title (he's in Ohio). He still owes about $6,000 i beleive.
Would his bank consider taking a $3200 payment + possibly "switching" titles (they take the title to my car for the remainder of the loan)? Or is this really not a possibility.
If not, how do we go about closing the deal? I know we can get a bill of sale or whatnot, but I essentially do not want to be left hanging with a car and no title at the end of the day. Any advice?
Thanks,
Rubens