MidnightRising asked:
I am purchasing a used 2006 mustang with cash tomorrow. I live in California. My money is in the bank and I know I have to do something with the dmv..
I am purchasing a used 2006 mustang with cash tomorrow. I live in California. My money is in the bank and I know I have to do something with the dmv..
What do I have to do? I am not sure yet whether the car is paid off all the way or if the seller is still making payments. Please help.
Russell
{ 2 comments }
Dora
Firstly, you definitely want to be sure the title to the car is cleared. If there is a lien on the vehicle (money owed) the lender can repossess the car if that loan is not cleared.
Secondly, I would require the current owner to to obtain a “car fax” search on the car and have that available and given to you as part of the deal.
Thirdly, when the price is agreed to, the current owner is responsible for paying all sales tax associated with the transaction. One way to accomplish that that works out for both parties is to have the agreed upon amount deducted from the price of the sales tax that will be owed to the state when the deal is made.
Other than that, I hope you’ve found what you like are going to be happy with your car…….Good luck
Ray
1. It is best that you and the seller together go and visit with the lien holder.
2. In California the seller is responsible for having the vehicle smog checked.
3. You need to contact the California department of motor vehicle before you do anything.
4. If any of the above are not done prior to handing over your cash on a Saturday, you could be in for a rude awaking because many lien holders are not open on Saturdays.