Need some help advice with a car purchase

[turbojet427]

I have a buddy looking to buy a practically brand new 2012 Mustang GT out of state. He doesn't have the time to go see the car and doesn't want to drive it home in the winter. Reliable gave him a great quote. Now the tricky part.... He wants to finance the half the car. The current owner has it financed. He wants to buy it and get it shipped up to here in PA. How can he make this purchase and be protected? I have no idea.... Does anyone?

[92646]

Would it be possible to refinance the car with the bank that the current owner has the loan with? Pay whatever interest rates they offer as long as there is no prepayment penalty. Once the new owner gets the car then take the car and paperwork to his favorite bank and get a new loan if the rate and terms are better. Make sure you get full coverage insurance on the car while it is being transported.

[turbojet427]

Could try that. The bank said they have no offices in Pennsylvania though.

[Stefano]

I don't understand the issue. A local financing source can finance the car and handle the payoff balance to the other lender.

Or you can apply on line with JJ Best.

[Jim Ferron]

Go to your local bank, get a loan for the needed amount,

call the bank who already has a lien on the car, find out what the payoff is.

Don't pay the seller direct, make payment to the lienholding bank [with loan number]directly with the direction from both buyer and seller that the now lien free title will be mailed to the NEW owner not the old,, [if title is blank YOU sign sellers name,this way he never has possession of said title]

If there is a surplus [paying $30k guy owes $25k, surplus of $5K]send it separately to the seller or better yet his bank account.

If there is a shortfall [paying $30k guy owes $35K] speak with his bank before you pay and make sure the seller had made arrangement to clear the overage.