Question about buying atv.

[piccopower]

sorry if this is in the wrong thread but I'm not selling a atv so I just put it here....ok Is it possable to buy a atv from someone who still is paying on a atv??? I was thinking like pay for it and then they make the payoff and then get the title....or can it be done...any opinions please

[Dan229]

Yes and the best route to go is you go with this dude to the bank and you hand over the cash and you get the title right there after he signs it over. Also have a bill of sale made out before hand.

[piccopower]

ok but doesnt he have to send off for the title?...like he makes the pay off then they send him the title?

[ilpadrino113]

as he said about going to the bank with him, they will give him a receipt. that and a bill of sale and you'd be fine.

[fuddrucker]

Legally the the person can not sell you the ATV unless they have the title in their posession.

It works like this, example senario.......

You want to buy my ATV and I want to sell it to you but I am still making payments. Problem is, is that I don't own the ATV yet because I am still paying it off. The title holder (finance company) owns it. They have the title in their name because they paid for the ATV. They gave the money to the dealer or whoever. I then entered into a contract with them. I will give them so much cash over a specified amount of time. During that time they allow me to use the ATV. During this time, they still own the ATV until I pay them the cask back in full. Once that is done, they transfer ownership (title, pink slip) to me and the contract is over. Now I can do whatever I wish with said ATV.

Since the finance company has the title, the seller must get their permission to sell "their" ATV which is a hassle because they will want to do credit checks and everything on the new buyer. The seller can go to the finance company and pay off the balance and get a reciept saying that it has been paid in full but most likely they will still mail the title and then the seller signs that over to the buyer.

Yes, I have been through this before.

HTH.

...Fudd

[piccopower]

thanks fudd, that explained it down to a T