Tips for buying a car still under bank loan

[BratPAQ]

My brother in law is planning to buy an Altis from someone who is still paying for it at the bank. It's an uber car and he plans to quit his job as a company driver and go full time uber driver with this car.

I once heard a story of someone selling a car that he is still paying at the bank. Then the 2nd owner sold it again to a 3rd buyer. That 3rd buyer is supposed to pay the monthly amortization of the car that's still under the 1st owners name. Then one day the 3rd owner disappeared with the car and the 1st owner is screwed because as far as the bank is concerned, the car is still under the 1st owners name.

With this story I'd like to inform my brother in law of the dangers and the steps he needs to do and documents he needs to have to avoid headaches like this. Although my brother in law is the buyer.

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[12vdc]

My brother in law is planning to buy an Altis from someone who is still paying for it at the bank. It's an uber car and he plans to quit his job as a company driver and go full time uber driver with this car.

I once heard a story of someone selling a car that he is still paying at the bank. Then the 2nd owner sold it again to a 3rd buyer. That 3rd buyer is supposed to pay the monthly amortization of the car that's still under the 1st owners name. Then one day the 3rd owner disappeared with the car and the 1st owner is screwed because as far as the bank is concerned, the car is still under the 1st owners name.

With this story I'd like to inform my brother in law of the dangers and the steps he needs to do and documents he needs to have to avoid headaches like this. Although my brother in law is the buyer.

Sent from my SM-N910C using Tapatalk

Deed of sale with assumption of mortgage, your brod n law needs to open bank account with the bank and re-write the contract.