im asking this question to help my best friend,my friend want to sell his car w/c is under installment payment in the bank. he cant afford the monthly amortization. now theres prospective buyer in our area w/c really interested in the car... guys, could you help us what is the procedure in selling pre owned car? do we need to talk to the bank and introduce the new buyer? is there papers involve or document... THANKS IN ADVANCE...
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Tsikoteer
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January 30th, 2010 05:12 PM #1
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Одна из черт возьми
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February 2nd, 2010 06:27 PM #2ano ang agreement? yung buyer ang magtutuloy ng payment?
- if the answer here is yes, then the bank woudl have to sign some papers with the new buyer.
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Running on Empty...
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February 2nd, 2010 06:54 PM #3You can also do this:
1. Obtain the pay-off amount from the bank.
2. Execute the Deed of Sale
3. Meet with the buyer at the Bank to do the pay-off and work on the release of the papers.
4. Give car to buyer upon payment with undertaking for the docs (release of Chattel Mortgage, original CR, OR, etc.) to follow upon release by the Bank (takes a few days usually).
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