If you want to acquire another car, this is with high cost connected. Most people therefore resort to a car financing back. But there is also the possibility to buy or rent a car take over, which is already financed by the previous owner. However, there are a few things to keep in mind so you don’t overpay.
It is not always easy to find the right car for you. Often dream car associated with high costs, which then usually still have to be financed or leased. Away from the complete funding there is also the possibility that an already existing contract is taken over – provided the right contractual partner is found here. The contractual partner must subsequently agree to all further steps so that such a contract overwritten may be.
Everything must be set out in writing
If you want to buy a car already financed, this must first be done with the responsible bank or the car dealership, through which the financing will be arranged. Only if a written confirmation of the bank is present, one should get involved in the purchase. This consent in professional circles also referred to as release and can usually be very uncomplicated may be obtained, provided that all parties are in agreement. In this write the bank – the release – should state exactly how much is left to pay. Often, a higher final installment is due, which is residual value and the still to be paid monthly amounts is composed.
An info-video about all the documents needed for a car registration
Was the release issued, the contract be transferred to the new buyer. After the settle the remaining sum he should then also be considered the owner of the vehicle. The vehicle title must therefore be sent to the new buyer by the bank after payment. With many offers this holds the vehicle registration document to the end.
After signing the contract, the buyer has two options to secure his dream car for the long term.
The payment of the installments
In this case, the new buyer takes over the normal monthly rates, previously agreed with the old buyer. New negotiations usually can not be done here, so the new buyer should agree with the monthly rates.
The payment of the total sum
In this case, the buyer waives the payment of the monthly installments and directly repays the entire outstanding sum. Thus no further interest accrues and the vehicle title goes directly into the hands of the new owner.
As a matter of principle, it should be carefully weighed up what kind of step is made. If the necessary money is already in possession, the pay the total sum in any case preferable!
Accurate review of the offer
Before one financing of a cars if you take over, you should check the offer carefully. It may be that the car is no longer worth as much as the to settling total.
a detailed personal inspection of the car and possible flaws is also essential if you do not want to pay too much. If the financing sum more than the actual value of the car, you can discuss with the previous owner the agreement meet, that he difference amount paid. However, even this must necessarily in writing held and this is only in the rarest cases pulled through by the previous owner. Most of the time, the previous owner wants to get rid of his vehicle as quickly and easily as possible, so that additional payments usually not well received.