Selling Car under Loan
Seller want's to sell his car under loan but do not have sufficient cash to settle bank loan
The buyer has cash but he cannot simply handover the cash to seller with out transfer and bank will not release the clearance letter until they get cash
In this case, how can buyer safe gaurd himself legally? Can bank be involved and can a used car agent be involved please share the process? Thanks in advance.
Go to the bank which holds the loan against the car - pay the loan off with agreement with the bank - they will give you a letter provong that you have done this and then you go straight to the traffic police and change the ownership.... not ideal but if you both know where you stand it works a treat :) good luck
You the buyer will go together with the seller to the bank and request for settlement to the said car loan yhe bank will explain you what are things to do. If you both have understanding then that the time you have to pay the bankn and the rest of money you aggreed with the seller you have to give it to him. I hope this explain you will.
I think your idea is good, in this case i do not need to take over loan since I can pay cash and the guy can pass the same money back to bank and can get release letter in day or two
A used car dealer would charge 1000 AED for this service
buyer and sell will go to used car showroom, the buyer will pay money to used car, who will keep the car, and make paper work between buyer and seller, after the loan is cleared the seller will pass clearing paper to used car company who will transfer the car to the original buyer...
let me know if someone else would like to share or confirm this info? Thanks
THERE IS OPTION BUT CAR WILL BE IN UR NAME UNTILL U DO NOT FINISH ALL EMI'S. A CONTRACT AGGREEMENT BETWEEN U AND BUYER TRY TO ASK IN SALWA ROAD USED CAR SHOW ROOMS THEY WILL GUIDE , CAR WIL BE UNDER CUSTODY OF BUYER LEGALY.