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5/10/2010 7:43:50 PM
Your proposed plan may not be enough. First, if the current owner owes money to the bank for car payment, he is technically the owner, the bank is. As such, the bank must consent to transfer ownership to you, the current "owner" cannot do it himself even if he wants to. If it is a lease car, you cannot transfer ownership ever.
It is best to contact the lender of the car loan to make arrangements. Please note, however, the lender will probably not approve such a deal between you and the current owner.
If fully paid off to the bank, the owner and you can enter into a written contract of course.
It is best to contact the lender of the car loan to make arrangements. Please note, however, the lender will probably not approve such a deal between you and the current owner.
If fully paid off to the bank, the owner and you can enter into a written contract of course.
