What forms are needed to purchase a vehicle from an individual who is still making payments?
Full Question:
I would like to purchase a private party vehicle for which the owner is still making payments. Is a Bill of Sale agreement all I need? And, does it allow for me to not pay all at once (only pay the amount needed to have the title sent to her and then pay the balance when we do the title transfer)?
04/30/2007 |
Category: Automobiles |
State: Pennsylvania |
#3470
Answer:
The seller should have a notarized paid receipt (lien release) from the lienholder describing the vehicle, the name of the seller and the date and amount of the lien. The lien shown on the title must have been released by the lienholder. Once the lien is released, your terms of payment may be freely contracted with the seller.