Washington Business Daily

How to arrange car payments with private owner?

I have very little down payment for car but can make payments. I've seen opportunities on Craigslist but I want to protect myself and handle this in best legal, cleanest way. How is this done?

Public Comments

1. Two options: 1) Get a loan from a bank. The bank sends a check to the owner, and then you pay the bank. 2) Negotiate with the seller, and make sure that everything is written down. You may also need to hire a lawyer to make sure the contract is legal, and covers everything you may have overlooked.
2. Get a bank loan. or, draw a contract, with yours and their signature. It seems like the liability will most likely be on him, since he has to trust that you make the payments. If youre talking about taking OVER payments from a private party......... Most financial institutions look down upon this. There is no contract, you and a buyer can create, with ANY Attorney, that will supercede the contract the original buyer has with the financial institution. The Leinholder will stay on title, along with the name of the original buyer. Your name cannot be added. All parking tickets will still goto the leinholder and buyer. You may be able to get insurance on the vechicle, but if the vehicle has GAP, chances are you will not be covered because your name is not on the original contract. Its a horrible Idea, for both you, and the owner.